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Freedom Bank Review

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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 and its headquarters are located in Huntingburg, Indiana. It manages assets of $401 million along with $350 million in deposits, ranking it as a small bank. Freedom Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4 stars out of 5, Freedom Bank is a good bank that gets the job done. Freedom Bank has a complete choice of banking products, including 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, Freedom Bank's most basic checking account does not have a monthly maintenance fee. Finding a bank with no-fee checking, in addition to a high interest rate savings account is the best bet for accruing the highest income from your deposits alongside convenient access to your funds.

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. Freedom Bank's CD rates are 1.10% and 2.52% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.95%. Given Freedom Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

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 in comparison to other U.S. banks. With no monthly fee, Freedom Bank is perfect for people who want a simple checking account. Freedom Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to locate a Freedom Bank ATM or eat the withdrawal fee.

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 branches in Indiana. It also offers access to mobile and web apps for easy access and banking on the go. Freedom Bank's mobile app lets you control your accounts by looking at account balances, sending and receiving money as well as accessing support representatives. Freedom Bank gets a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 with $401 million in assets and $350 million in deposits. It has an excellent Texas Ratio of 3.04%, suggesting that the bank is in terrific financial well-being and unlikely to fail. 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: 1.10% APY
  • 24 Month: 1.61% APY
  • 36 Month: 2.01% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.52% APY
$500 for all terms
Money Market Account 0.95% APY $1

Freedom Bank has 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 looking elsewhere 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 compared to the national average.

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Find a Freedom Bank Near Me

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

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