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Freedom Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Freedom Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Freedom Bank was founded in 1999 with its headquarters in Huntingburg, Indiana. It handles assets of $401 million along with $350 million in deposits, making it a small bank. Freedom Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4 out of 5 stars, Freedom Bank should be near the middle of the pack in your search for a bank. Freedom Bank offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Freedom Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for gaining the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.15%, Freedom Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.21% and the five-year CD has a rate of 2.52%, while its highest-yielding money market account earns at a rate of 1.36%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Freedom Bank's Savings Rates Compare

Freedom Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Freedom Bank has typically extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Freedom Bank unfortunately does not reimburse out-of-network ATM fees, meaning you'll have to search for a Freedom Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Freedom Bank is a brick-and-mortar bank, with four total bank locations in Indiana. With mobile and web apps, Freedom Bank makes mobile banking straightforward, even on the go. Freedom Bank's mobile app allows you to manage your accounts by reviewing current statements, sending and receiving money and accessing customer service. Freedom Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Freedom Bank is a small bank and has assets totaling $401 million and deposits totaling $350 million. Freedom Bank has an excellent Texas Ratio of 3.04%, indicating that the bank is in superb financial health and far from failure. Additionally, Freedom Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.04%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Freedom Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.21% APY
  • 24 Month: 1.71% APY
  • 36 Month: 2.12% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.52% APY
$500 for all terms
Money Market Accounts 1.36% APY 1.36% APY $10000 $15000

Freedom Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Freedom Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Freedom Bank's CD rates are fair as compared against the national average.

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Find a Freedom Bank Near Me

Freedom Bank has four physical locations across the U.S.

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