Loading
Tap on the profile icon to edit
your financial details.

Freedom Bank Review

Your Details Done
by Updated
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

Founded in 2008, Freedom Bank has assets totaling $382 million along with deposits totaling $328 million, making it a small bank. Freedom Bank, whose headquarters are in Maywood, New Jersey, 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 access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.2 stars out of 5, suggesting Freedom Bank is a great choice and should warrant serious consideration. Freedom Bank provides customers with the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Freedom Bank offers an option without a maintenance or monthly fee. Locating a bank with no-fee checking, in addition to a high interest rate savings account is the best option for returning the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Freedom Bank has a savings rate of 0.15%, which is fair as compared against the national average. Its one-year CD has a rate of 2.69% and the five-year CD earns at a rate of 2.35%, while its highest-yielding money market account earns at an APY of 0.75%. Given Freedom Bank's poor savings rate, you should think about looking at the competition to open savings accounts.

How Freedom Bank's Savings Rates Compare

Freedom Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

On average, Freedom Bank charges its customers extremely low fees compared to other U.S. banks. Freedom Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Freedom Bank refunds their out-of-network ATM fees (with conditions), making withdrawals a free and straightforward process.

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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

Freedom Bank is a brick-and-mortar bank, with three total branches in New Jersey. With mobile and web apps, Freedom Bank makes mobile banking straightforward, even on the go. Freedom Bank's mobile app lets you manage your funds by looking at account balances, transferring money and accessing customer service. Freedom Bank receives an exceptional consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Freedom Bank ranks as a small bank owning assets totaling $382 million as well as $328 million in deposits. It has an excellent Texas Ratio of 0.37%, signifying that Freedom Bank is in superb financial shape 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

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.

Back to Overview

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 0.25% APY $1
Certificates of Deposit
  • 12 Month: 2.69% APY
  • 24 Month: 2.30% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.35% APY
$1 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

Freedom Bank has several deposit products like 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 think about 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 in comparison to the average U.S. bank.

Back to Overview

Find a Freedom Bank Near Me

Freedom Bank has three locations in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure