Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Liberty Savings Bank Review

Andrew Omalley Andrew Omalley Last update:

Overview

Liberty Savings Bank has been around since 1889 and it is a community bank that is family-owned. The Ohio-based bank is very well respected and has a great offering. It provides a multitude of accounts for both personal use and business customers.

For individuals, Liberty Savings Bank offers the likes of checking, savings, and certificate of deposit (CD) accounts. It also has a number of mortgage options for people who are looking to buy a home.

The main focus of this review will be on Liberty Savings Bank’s High Yield Savings account. This is offered in association with SaveBetter and provides a huge savings rate to individuals. We will explore all aspects of this FDIC-insured account offering.

  • Great APY of 1.06%
  • Simple setup process
  • FDIC-insured bank
  • $1 required opening balance
  • No limit on transactions

Get my rate

Liberty Savings Bank Account Types

There are a number of different accounts available to individuals through Liberty Savings Bank. This includes checking accounts, savings accounts, and CDs. The focus of this review is on a special type of high yield savings product that Liberty Savings Bank has brought to the fore through its relationship with SaveBetter. You can learn about everything that this type of account has to offer.

High Yield Savings Account

The Liberty Savings Bank High Yield Savings account gives you an APY of 1.06%. This means that your interest will be compounded on a daily basis, and it will be credited on the final calendar day of the month. You will not find too many competitors that have competitive APY rates for a savings account.

The minimum opening deposit for this account is only $1 and there is currently no limit on transactions. Every deposit and withdrawal you make with this account will be completed between one and three business days.

Account Type Key Features
 

High Yield Savings Account

APY of 1.06%
  $1 Minimum Opening Deposit
  Interest Compounds Daily

Liberty Savings Bank APY

The focus of this review is on the Liberty Savings Bank High Yield Savings account. It offers an APY that is much larger than the national average, which is ideal for people who are looking to have their savings earning interest. 

Account 1 Year 3 Years 5 Years
High Yield Savings Account

 

1.06% 1.06% 1.06%

What is Liberty Savings Bank best for?

The Liberty Savings Bank High Yield Savings account is an ideal fit for those people who are looking to earn a decent level of interest on their savings. With most of the industry’s savings accounts offering APYs of little more than 0%, the Liberty Savings Bank High Yield Savings account is a refreshing change with its 1.06% APY.

It also has a minimum opening amount of just $1, which means that there is no barrier to entry in place preventing people from starting an account.

Get my rate

Overdraft Fees

You cannot go into overdraft through the Liberty Savings Bank High Yield Savings account.

Opening an account at Liberty Savings Bank

When you are setting up a Liberty Savings Bank High Yield Savings account, you will be creating this account through the SaveBetter platform. You will need to first create an account with SaveBetter. Then you will use this SaveBetter account in order to be able to get access to the featured Liberty Savings Bank products, such as the High Yield Savings account.

The process of signing up for a SaveBetter account is pretty simple, only taking a few minutes. You need to enter information like your full name, email address, and set a password. Then you will be able to add funds to your SaveBetter account and use them when setting up your Liberty Savings Bank High Yield Savings account. You can manage and track your savings through the SaveBetter dashboard.

Pros and Cons

Just like with any type of bank account offering, it is a good idea to weigh up the pros and cons of using a Liberty Savings Bank High Yield Savings account. The positives are fairly obvious. You have access to an APY that is much higher than the industry average. This allows you to get more out of your savings.

There is also a very low minimum opening deposit of just $1. There is also currently no limit on the transactions you can make through your Liberty Savings Bank High Yield Savings account. Finally, Liberty Savings Bank is a highly trusted community bank that is FDIC insured.

There are not really any cons associated with the Liberty Savings Bank High Yield Savings account. You really can’t find fault with this account option.

Pros Cons
Great APY of 1.06% Some clients find their customer service faulty
Low Required Opening Balance
Reputable Community Bank

Comparison to similar bank accounts

Liberty Savings Bank Bank of America TD Bank
APY: 1.06% (High Yield Savings Account)
APY: Up to 0.05% (Bank of America Advantage Savings)
APY: Up to 0.15% (TD Beyond Savings)
Minimum balance: $0 Minimum balance: $100 Minimum balance: $0
Benefits:

  • Great APY
  • Low opening deposit
  • Trusted bank
Benefits:

  • Thousands of branches
  • Easily avoided monthly fees
  • Low minimum required opening deposits
Benefits:

  • No minimum required account balance
  • Option for in-person banking
  • Good selection of accounts

Get my rate

Disclaimer: “Deposits in Liberty Savings Bank are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.”

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.