Freedom Bank Review

Overview

Freedom Bank was founded in 1999 with its headquarters in Huntingburg, Indiana. It handles assets of $580.5 million along with $470.6 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.

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

With a savings rate of 0.50%, Freedom Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 2.78% and the five-year CD has a rate of 2.98%, while its highest-yielding money market account earns at a rate of 4.07%. 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 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.

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.

Freedom Bank is a small bank and has assets totaling $580.5 million and deposits totaling $470.6 million. Freedom Bank has an excellent Texas Ratio of 4.15%, 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

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.

Products Offered

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.

Find a Freedom Bank Near Me

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