Liberty Savings Bank High-Yield Savings Account review

What we like about Liberty Savings Bank High-Yield Savings Account

Liberty Savings Bank prides itself on its community focus. In addition to FDIC insurance and no monthly fees, its High-Yield Savings account has a lot to like.

Industry-leading APY

With this savings account, earn up to 4.01% APY — a rate that’s almost ten times higher than the national average. If you’re looking for a secure place to park your cash and earn solid interest without the ups and downs of the stock market, Liberty Savings Bank is definitely worth considering.

Low opening deposit

Unlike other banks that may ask you to deposit a minimum of $100 or more to open a savings account, Liberty Savings — when opened through Raisin — only requires $1. This low barrier to entry makes it easy for anyone to start earning interest on their cash.

Manage all Raisin accounts in one place

If you have other accounts through the Raisin platform — such as a certificate of deposit or money market account — you can manage them all in the Raisin app, even if they’re offered through multiple banks. For context, Raisin isn’t a bank or credit union. It’s more like a digital “storefront” that lets financial institutions promote their deposit products.

Where it falls short

As with all savings accounts, the advertised APY is subject to change at any time and your account won’t come with an ATM card. You’ll also need to keep an eye out for these drawbacks.

Must apply through Raisin for higher rates

This account is offered through Liberty Savings Bank, but you’ll need to apply and manage your account through Raisin. This arrangement isn’t necessarily bad since Raisin is a secure platform, but it’s a nuance you should be aware of.

Though you could open a savings account directly on Liberty Savings Bank’s website, you won’t be able to earn as high an interest rate as you could using Raisin.

Only one way to access your cash

You’ll link a bank account when you apply, which is your only way to move money into and out of your account. It doesn’t support check deposits or ATM withdrawals. If you’re looking for an account with more deposit and withdrawal options, shop around for another high-yield savings account.

You also aren’t able to receive direct deposits, tax refunds and anything else that requires a routing number and account number. Instead, you must deposit that money into your linked bank account first and then move it into this one.

Customer reviews and ratings

Liberty Savings Bank is not accredited by the Better Business Bureau (BBB) but does have an A+ rating from the organization, which means it responds and handles customer complaints in a timely matter.

That said, the bank doesn’t currently have any customer reviews on its BBB profile, and we weren’t able to find a Trustpilot page to further gauge customer experiences. We did find a small number of Yelp reviews with an average of 2.7 stars out of 5, based on 13 of its branch locations. The sample size is too small to draw any conclusions about the bank, but it’s worth noting that a few negative reviews mentioned poor customer service and unexpected fees.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

Liberty Savings Bank HYSA through Raisin is not currently available on Finder

Have you considered SoFi Checking and Savings?

Earn up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on savings. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.

• Up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days
• $0 monthly or overdraft fees
• Get up to a $300 bonus with direct deposits of $5,000 or more
• Member FDIC



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