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Home Federal Bank of Tennessee Review

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Home Federal Bank of Tennessee Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1936, Home Federal Bank of Tennessee has assets totaling $2 billion as well as $2 billion in deposits, which makes the institution a large bank. Home Federal Bank of Tennessee, whose headquarters are in Knoxville, Tennessee, 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. With a score of 4.1 out of 5 stars, Home Federal Bank of Tennessee should be solidly in contention for your choice of bank. Home Federal Bank of Tennessee provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Home Federal Bank of Tennessee has a fair savings rate compared to the average savings account. The bank's standard checking product has a $2.00 monthly fee, which is not too high compared to other U.S. banks. Locating a bank with free checking as well as a high interest rate savings account is the best option for returning the most income on your deposits while having 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

3.6
SmartAsset Average: 3.5

Home Federal Bank of Tennessee has a savings rate of 0.20%, which is fair compared to other U.S. banks. Its one-year CD earns at a rate of 1.00% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account earns at an APY of 0.20%. Given Home Federal Bank of Tennessee's below average savings rate, you should consider looking at the competition to open savings accounts.

How Home Federal Bank of Tennessee's Savings Rates Compare

Home Federal Bank of Tennessee Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

On average, Home Federal Bank of Tennessee charges customers high fees compared to the average U.S. bank. At $2.00 per month, Home Federal Bank of Tennessee is not the best product for people who want a basic banking experience. Home Federal Bank of Tennessee doesn't refund out-of-network ATM charges, meaning you will need to search for a Home Federal Bank of Tennessee ATM or accept the withdrawal fee.

Monthly Fee $2.00 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

4.3
SmartAsset Average: 3.7

Home Federal Bank of Tennessee is a brick-and-mortar bank, with 23 total branches in Tennessee. It also offers access to mobile and web apps for simple access and banking on the go. Home Federal Bank of Tennessee gets high praise from customers for its online presence. Out of 97 ratings across iOS and Android platforms, the Home Federal Bank of Tennessee mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). Home Federal Bank of Tennessee's mobile app allows you to manage your finances by reviewing monthly statements, transferring money as well as accessing support representatives. Home Federal Bank of Tennessee receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
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

Home Federal Bank of Tennessee is a large bank owning $2 billion in assets as well as deposits totaling $2 billion. Home Federal Bank of Tennessee has an excellent Texas Ratio of 2.42%, denoting a minute chance of failure. Additionally, Home Federal Bank of Tennessee 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.

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Compare Home Federal Bank of Tennessee to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $50
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.25% APY
$500 for all terms
Money Market Account 0.2% APY $25000

Home Federal Bank of Tennessee has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Home Federal Bank of Tennessee 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. Home Federal Bank of Tennessee's CD rates are fair compared to the national average.

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Find a Home Federal Bank of Tennessee Near Me

Home Federal Bank of Tennessee has 23 locations across the U.S.

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