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Liberty Bank for Savings Review

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

Overview

Liberty Bank for Savings started in 1898 and is headquartered in Chicago, Illinois. It handles $836 million in assets and $634 million in deposits, making it a medium-size bank. Liberty Bank for Savings lacks premium access to support representatives, 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 offerings. Overall, Liberty Bank for Savings is a good bank that gets the job done, with a rating of 4.0 out of 5 stars from the SmartAsset team. Liberty Bank for Savings has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Liberty Bank for Savings has a fair savings rate; other popular banks have higher rates. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best bet for returning the most income on your deposits while having easy 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

3.2
SmartAsset Average: 3.5

With a savings rate of 0.01%, Liberty Bank for Savings ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.10% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Liberty Bank for Savings's Savings Rates Compare

Liberty Bank for Savings Savings 0.01 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Liberty Bank for Savings's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

3.8
SmartAsset Average: 3.7

Liberty Bank for Savings is a brick-and-mortar bank, with five total branches in Illinois. It also offers access to mobile and web apps for an easy mobile-banking experience. Liberty Bank for Savings receives fair marks from users for its mobile app. The Liberty Bank for Savings mobile app has an overall rating of 3.7 out of 5 (with 40 reviews on iOS and Android) compared to the national average of 3.8. You can use Liberty Bank for Savings's app to control your finances by reviewing current statements, transferring funds and reaching customer service. Liberty Bank for Savings gets a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Liberty Bank for Savings ranks as a medium-size bank owning $836 million in assets as well as deposits totaling $634 million. Its Texas Ratio is 0.99%, signifying a negligible likelihood of failure. Additionally, Liberty Bank for Savings 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 Liberty Bank for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $500
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 2.60% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.40% APY
  • 60 Month: 2.50% APY
$5000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Liberty Bank for Savings has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Liberty Bank for Savings 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. Liberty Bank for Savings's CD rates are fair in comparison to the average U.S. bank.

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Find a Liberty Bank for Savings Near Me

Liberty Bank for Savings has five physical locations across the U.S.

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