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Home Federal Savings Bank Review

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

Overview

Started in 1934, Home Federal Savings Bank has assets totaling $722 million and $640 million in deposits, making the institution a medium-size bank. Home Federal Savings Bank, whose headquarters are in Rochester, Minnesota, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4 out of 5 stars, Home Federal Savings Bank should be near the middle of the pack in your search for a bank. Home Federal Savings Bank offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Home Federal Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Home Federal Savings Bank's standard checking does not carry a monthly charge. Banks that offer no-fee checking and a high savings APY are the best bet for accruing the most income on your deposits while maintaining easy access to your money.

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

2.8
SmartAsset Average: 3.5

Home Federal Savings Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. Home Federal Savings Bank's one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 1.96%, while its highest-yielding money market account earns at an APY of 0.10%. Given Home Federal Savings Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Home Federal Savings Bank's Savings Rates Compare

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

5.0
SmartAsset Average: 4.4

Home Federal Savings Bank generally has extremely low fees in comparison to the national average. With no monthly fee, Home Federal Savings Bank's checking account is ideal for those who want an easy banking experience. For those who will need cash in a pinch, Home Federal Savings Bank is perfect because it charges no out-of-network ATM fees. Home Federal Savings Bank doesn't refund out-of-network ATM charges, which means you will need to find a Home Federal Savings Bank ATM or pay the fee.

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

3.4
SmartAsset Average: 3.7

Home Federal Savings Bank is a brick-and-mortar bank, with 14 total bank locations in Iowa and Minnesota. With mobile and web apps, Home Federal Savings Bank makes mobile banking straightforward, even on the go. Home Federal Savings Bank gets poor feedback from users for its mobile banking services. With 30 ratings across Apple and Android platforms, the Home Federal Savings Bank mobile app has an overall rating of 2.9 out of 5 (compared to the national average of 3.8). You can use Home Federal Savings Bank's app to control your funds by reviewing current statements, transferring money and reaching support representatives. Home Federal Savings Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.9/5
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 Savings Bank is currently a medium-size bank with assets totaling $722 million as well as $640 million in deposits. It has an excellent Texas Ratio of 2.79%, indicating a negligible chance of failure. Additionally, Home Federal Savings 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.

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Compare Home Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 1.66% APY
  • 60 Month: 1.96% APY
$10000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

Home Federal Savings Bank 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 Savings Bank does not have the best savings rate, which means you should think about 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. Home Federal Savings Bank's CD rates are fair compared to other U.S. banks.

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Find a Home Federal Savings Bank Near Me

Home Federal Savings Bank has 14 physical locations across the U.S.

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