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Home Federal Bank of Tennessee Review

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

Overview

Home Federal Bank of Tennessee started in 1936 and is headquartered in Knoxville, Tennessee. It handles $2 billion in assets as well as deposits totaling $2 billion, ranking it as a large bank. Home Federal Bank of Tennessee lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Home Federal Bank of Tennessee is a respectable bank that gets the job done, with a score of 4.1 out of 5 stars from our team. Home Federal Bank of Tennessee provides customers with a full 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 account has a $2.00 monthly fee, which is not too high compared to the average U.S. bank. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for accruing the most income from your deposits alongside easy 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 features a savings rate of 0.20%, which is poor as compared against the national average. Home Federal Bank of Tennessee's one-year and five-year term lengths CDs earn at a rate of 1.00% and 3.25%, respectively, while its highest-yielding money market account earns at a rate of 0.40%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

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

Home Federal Bank of Tennessee typically has high fees in comparison to the national average. At $2.00/month, Home Federal Bank of Tennessee is not ideal for people who want a simple checking account. Home Federal Bank of Tennessee unfortunately doesn't refund out-of-network ATM charges, which means you will need to find 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 bank locations in Tennessee. With mobile and web apps, Home Federal Bank of Tennessee makes mobile banking easy, even on the go. Home Federal Bank of Tennessee's online and mobile banking services receive high marks from users. The Home Federal Bank of Tennessee mobile app has been given a 4.6 out of 5 (out of 97 reviews on iOS and Android) compared to the national average of 3.8. Home Federal Bank of Tennessee's mobile app allows you to manage your finances by looking at monthly statements, transferring money as well as accessing support representatives. Home Federal Bank of Tennessee receives a superb consumer satisfaction score due to comparatively few complaints filed 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 and handles $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 2.42%, denoting that Home Federal Bank of Tennessee is in superb financial shape and unlikely to fail. 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: 2.75% APY
  • 48 Month: 2.75% APY
  • 60 Month: 3.25% APY
$500 for all terms
Money Market Accounts 0.4% APY 0.4% APY $10000 $15000

Home Federal Bank of Tennessee has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Home Federal Bank of Tennessee 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. Home Federal Bank of Tennessee's CD rates are fair compared to other U.S. banks.

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Find a Home Federal Bank of Tennessee Near Me

Home Federal Bank of Tennessee has 23 physical branches in the U.S.

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