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Home Federal Savings Bank Review

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Home Federal Savings Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Home Federal Savings Bank first started operating in 1934 with headquarters in Rochester, Minnesota. Home Federal Savings Bank has $722 million in assets along with deposits totaling $640 million, which makes it a medium-size bank. Home Federal Savings Bank lacks premium access to customer service, 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 offerings. We ranked the bank at a 4 out of 5 stars, suggesting Home Federal Savings Bank is a good bank that you should consider. Home Federal Savings Bank offers a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Home Federal Savings Bank offers an option without a maintenance or monthly fee. Finding an institution with free checking and a high savings APY is the best option for returning the highest income from your deposits while maintaining convenient access to your funds.

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 0.01%, which is poor compared to other U.S. banks. Home Federal Savings Bank's one-year CD has a rate of 0.15% and the five-year CD has a rate of 1.86%, while its highest-yielding money market account earns at an APY of 0.10%. Given Home Federal Savings Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Home Federal Savings Bank's Savings Rates Compare

Home Federal Savings Bank Savings 0.01 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 average U.S. bank. Home Federal Savings Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who withdraw cash often, Home Federal Savings Bank is perfect because it has no out-of-network ATM fees. Home Federal Savings Bank doesn't refund out-of-network ATM fees, which means you will have to search for a Home Federal Savings Bank ATM or eat the withdrawal 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 branches in Iowa and Minnesota. It also offers access to mobile and web apps for easy access and banking on the go. Home Federal Savings Bank's online and mobile banking services receive mediocre scores from customers. The Home Federal Savings Bank mobile app rates a 2.9 out of 5 (with 30 ratings on Apple and Android) compared to the national average of 3.8. You can use Home Federal Savings Bank's mobile app to manage your accounts by reviewing account balances, sending and receiving money and reaching support representatives. Home Federal Savings Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 ranks as a medium-size bank with $722 million in assets as well as $640 million in deposits. Its Texas Ratio is 2.79%, indicating a minute 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 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.50% APY
  • 48 Month: 1.56% APY
  • 60 Month: 1.86% APY
$10000 for all terms
Money Market Account 0.05% APY $1000

Home Federal Savings 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. Home Federal Savings Bank 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 Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Home Federal Savings Bank Near Me

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

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