Liberty Savings Bank

The right bank can make a world of difference in your personal finances. But finding a good sofa can be like looking for a needle in a haystack. After all, hundreds of banks charge a torrent of fees while letting their customers’ deposits gather dust instead of earning interest.

If you want to find a bank that strikes a balance between low fees and reasonable interest rates, Liberty Savings Bank could be the way to go.

Let’s take a closer look at what Liberty Savings Bank has to offer. See how it compares to the best high-yield savings accounts here.

Liberty Savings Bank LogoOnline high-yield savings account with at least $1 A checking account with no monthly maintenance fees Physical branches can be found in Ohio, Florida and Colorado

Liberty Savings Bank Details

Liberty Savings Bank Savings Account

What is Liberty Savings Bank?

Liberty Savings Bank was originally founded in 1889 in Ohio. Initially, the bank filled a gap in the local community to make homeownership a reality for families in the area. Since then, the bank has grown to more than $637 million in assets.

Though the bank has grown, it still claims a small-town feel that prioritizes the customer experience. At Liberty Savings Bank, you will find a range of deposit products that serve as the hub for your financial management.

What does it offer?

Curious about what this bank has to offer you? Here’s what to expect when you work with Liberty Savings Bank.

Free checking accounts

Paying for the privilege of keeping your money in a checking account can be frustrating. But many major banks make it difficult to avoid paying a fee for the ability to easily spend money from a checking account.

That is not the case when you work at Liberty Savings Bank. Instead of paying a hefty monthly fee, you can enjoy free use of a valuable checking account. While there are a few checking accounts to choose from, the best option is probably the Big Interest Bundle. You don’t have to pay any monthly fees or maintain a minimum balance. But you earn a solid APY on some balances over $25,000.

Liberty Savings Bank Free checking account

However, you will not enjoy this account as much if you do not intend to keep more than $25,000 in the account. If you don’t meet that benchmark, you’ll only earn 0.05% APY on your money.

While not everyone can earn a significant amount of interest through this account, it is still free. If you want to use a checking account with no monthly fees, this is still an option worth considering.

Related: Best Free Checking Accounts

High-yield savings account

Liberty Savings Bank offers a competitive high-yield savings account.

It offers a great APY rate of 0.56% on balances starting at just $1.

This account has no monthly maintenance fees or minimum balance requirements. You get the full interest on your balance – no levels or other tricks.

Open a Liberty Savings Bank High Yield Savings Account here >>

Certificates of Deposit (CDs)

Through Liberty Savings Bank you can open a CD with a term of 6 to 62 months. The highest APYs are extremely competitive, but they do require a minimum deposit of $25,000.

Unfortunately, the high minimum for an attractive APY means you can find more useful savings opportunities elsewhere.

Related: Best Bank CD Rates

Are there any costs?

While you won’t find a monthly maintenance fee at Liberty Savings Bank, there are other fees to consider. Some of the fees to consider are:

Stop Payment Fee: $37 Rushed Debit Card Fee: $60
Dormant Account Fee: $15/month (after 6 months of no activity and less than $10,000 balance)
Overdraft Fee: $36

These are just the tip of the iceberg. A full list of Liberty Savings Bank charges can be found here.

How does Liberty Savings Bank compare?

If you’re looking for a place to put your savings but don’t have thousands of dollars to meet the minimum threshold for a reasonable APY, Liberty Savings Bank may not work for you. The good news is that there are banks that offer attractive APYs without such a large deposit.

Consider partnering with Discover Bank to score a reasonable APY on a high-yield savings account. If you’re looking for a free interest-bearing checking account, check out Chime.

How do I open an account?

You must open your account with Liberty Savings Bank online, by phone, or in person. There are eight physical locations in Ohio, Colorado and Florida. But you can dial in anywhere to set up your account.

Be prepared to provide personal information, such as your Social Security number and address. In addition, you must provide information about your current bank account to set up the first transfer.

Is it safe and secure?

Liberty Savings Bank is a member of the FDIC. That means the deposit accounts are insured up to $250,000. With that, you should feel comfortable storing your savings with this bank.

The privacy policy states that the bank will not share your personal information with any affiliated companies. However, your information may be shared with banking partners for shared marketing activities.

How do I contact Liberty Savings Bank?

To get in touch, call the Freedomline at 800-436-6300 or email

In addition, you can get in touch via Twitter @Liberty_Savings, Facebook @LibertySB or LinkedIn @liberty-savings-bank.

Is it worth it?

Liberty Savings Bank offers relatively attractive APYs. The downside is that you need to have a significant amount of cash to deposit at the bank to unlock the best rates. If you do have that money and want to keep it in a deposit account, Liberty Savings Bank may be the way to go.

Moreover, those looking for a free checking account option will not be disappointed with this bank. However, those looking to maximize their earned interest on a smaller amount of savings will find higher APYs elsewhere.

Features of Liberty Savings Bank

8 locations in Ohio, Colorado and Florida

Monday-Saturday, 8am-6pm (EST)

Web/Desktop Account Access

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