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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 has assets of $836 million along with deposits totaling $634 million, which makes it a medium-size bank. Liberty Bank for Savings 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 apps. SmartAsset experts rated the bank 4 out of 5 stars, suggesting Liberty Bank for Savings is a good bank that you should consider. Liberty Bank for Savings has a full 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. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best option for returning the most income on your deposits alongside 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 compared to the average U.S. bank. Liberty Bank for Savings's CD rates are 0.80% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.01%. Given Liberty Bank for Savings's below average savings rate, you should think about taking a look at other banks for 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 bank locations in Illinois. With mobile and web apps, Liberty Bank for Savings makes account access convenient, even on the go. Liberty Bank for Savings gets average marks from users for its online presence. The Liberty Bank for Savings mobile app scored a 3.7 out of 5 (out of 40 reviews on Apple and Android) compared to the national average of 3.8. Liberty Bank for Savings's mobile app lets you control your funds by checking monthly statements, sending and receiving funds as well as accessing support representatives. Liberty Bank for Savings gets a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 with assets totaling $836 million and $634 million in deposits. Liberty Bank for Savings's Texas Ratio is 0.99%, denoting that Liberty Bank for Savings is in terrific financial health and unlikely to fail. 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: 0.80% APY
  • 24 Month: 2.60% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.40% APY
  • 60 Month: 2.50% APY
$5000 for all terms
Money Market Account 0.01% APY $2500

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 taking a look 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. Liberty Bank for Savings's CD rates are fair compared to the national average.

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Find a Liberty Bank for Savings Near Me

Liberty Bank for Savings has five branches across the U.S.

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