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Home Federal Bank Corporation Review

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Home Federal Bank Corporation Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Home Federal Bank Corporation first started operating in 1920 and has its headquarters in Middlesboro, Kentucky. It handles $364 million in assets and $284 million in deposits, which makes it a small bank. Home Federal Bank Corporation lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated the bank 4.1 out of 5 stars, suggesting Home Federal Bank Corporation is a respectable bank that you should consider. Home Federal Bank Corporation has a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly charge. Using a bank with no-fee checking and a high savings APY is your best option for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.05%, Home Federal Bank Corporation ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 2.01%, respectively, while its highest-yielding money market account has a rate of 1.00%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Home Federal Bank Corporation's Savings Rates Compare

Home Federal Bank Corporation Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Home Federal Bank Corporation has typically low fees in comparison to other U.S. banks. Home Federal Bank Corporation's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, Home Federal Bank Corporation has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Home Federal Bank Corporation unfortunately doesn't refund out-of-network ATM charges, which means you'll need to find a Home Federal Bank Corporation ATM or pay the cost of withdrawal.

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

4.0
SmartAsset Average: 3.7

Home Federal Bank Corporation is a brick-and-mortar bank, with six total bank locations in Kentucky and Tennessee. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday, 8:00 a.m. to 5:00 p.m. ET; Tuesday through Thursday, 8:00 a.m. to 4:00 p.m. ET; Friday, and 8:00 a.m. to 6:00 p.m. ET. Home Federal Bank Corporation receives moderately satisfactory scores from users for its mobile app. The Home Federal Bank Corporation mobile app has been given a 4.1 out of 5 (with 39 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Home Federal Bank Corporation's app to manage your finances by looking at account balances, transferring money and accessing customer service. Home Federal Bank Corporation receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Home Federal Bank Corporation ranks as a small bank owning $364 million in assets and $284 million in deposits. Its Texas Ratio is 5.77%, suggesting that Home Federal Bank Corporation is in good financial condition and far from failure. Additionally, Home Federal Bank Corporation is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.77%
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 Home Federal Bank Corporation to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.70% APY
  • 60 Month: 2.01% APY
$2500 for all terms
Money Market Accounts 0.6% APY 1.0% APY $10000 $15000

Home Federal Bank Corporation has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Home Federal Bank Corporation does not have the best savings rate, which means you should consider taking a look 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. Home Federal Bank Corporation's CD rates are fair in comparison to the average U.S. bank.

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Find a Home Federal Bank Corporation Near Me

Home Federal Bank Corporation has six locations across the U.S.

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