Liberty Savings Bank Review
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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
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.
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 |
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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.”