Liberty Savings Bank Review 2022

Liberty Savings Bank offers a variety of banking products and services. Learn how Liberty Savings Bank works to see if it's right for you.
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By Rebecca Lake

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Choosing the right bank matters when it comes to managing your money. While a big bank might seem like an obvious choice, there are some good reasons to consider a smaller community bank instead.

Liberty Savings Bank is a community bank that emphasizes customer satisfaction and commitment to quality. This Ohio-based bank offers a wide range of banking products and services, including personal deposit accounts, business accounts, and mortgages.

Our Liberty Savings Bank review offers a closer look at how this banking option works to help you decide if a community bank is right for you.

What Is Liberty Savings Bank?

Liberty Savings Bank is a community bank headquartered in Ohio. The bank was founded in 1889 as a building and loan association. Several mergers over the years have helped Liberty Savings Bank to solidify its banking footprint.

Today, Liberty Savings Bank offers its banking products and services primarily online, though there are a handful of branch locations in Florida. The company’s focus is on delivering value to its customers through a combination of small-town service and advanced technology.

Who Is a Liberty Savings Bank Account For?

You can open a Liberty Savings Bank account or start the mortgage application process over the phone or at a local service center if you live in Florida. You might consider banking with Liberty Savings Bank if you:

  • Are interested in doing business with a community bank versus a big bank.
  • Want access to a variety of banking products, including interest checking accounts.
  • Would like access to an extensive ATM network.
  • Are looking for checking accounts with no monthly fee requirements.
  • Need second chance checking.
  • Are shopping for a mortgage loan.
  • Want to find a new credit card option.
  • Are interested in opening business bank accounts.

If you want to be able to open bank accounts completely online, then Liberty Savings Bank probably won’t work for you. You do have to call or visit a financial service center to open new accounts. Once your accounts are open, however, you can manage them through online banking and mobile banking.

Compare Liberty Savings Bank to Other Banks

Liberty Savings Bank is one possibility you might consider when opening new bank accounts. But there are other online banking options that may be worth comparing.

Chime

Chime is not a bank, per se. But this fintech company does offer checking and savings accounts with access to 38,000+ ATMs. There are no minimum deposit fees, no monthly fees, and no hidden fees of any kind.

Varo Bank

Varo Bank offers online checking accounts and savings accounts with convenient mobile and online banking access. Varo also features a unique cash advance feature that allows you to borrow up to $100 against future deposits for a small fee.

SoFi Money

SoFi Money is a cash management account that combines features of checking and savings in one place. In addition to bank accounts, SoFi also offers loans and investing services.

See how Liberty Savings Bank stacks up against other banks and apps that offer checking, savings, and more.

What Accounts Does Liberty Savings Bank Offer?

Liberty Savings Bank offers three categories of banking products and services: Personal banking, business banking, and mortgages. Here’s more on how each account option works.

Personal Checking

Liberty Savings Bank has four checking account options to choose from:

  • Big Interest Gold Bundle
  • Big Interest Bundle
  • Free Checking
  • Clean Slate Checking

The Big Interest Gold Bundle is a premium option that combines both checking and savings. Here are the bundle’s key features:

  • No minimum balance requirement.
  • Earn interest on checking balances up to $25,000.
  • Add-on savings account that earns better-than-average rates on savings balances.
  • Identity theft protection, cell phone protection, cash back, plus additional rewards.
  • Free Liberty Mastercard debit card.
  • Free online and mobile banking access and free bill pay.
  • Free access To 55,000+ surcharge-free ATMs.
  • $4 monthly service fee.

The Big Interest Bundle is similar to the Big Interest Gold Bundle but it doesn’t have a monthly service fee. This bundle’s features and benefits include:

  • No minimum balance, and no monthly fee.
  • Earn 1.00% APY on checking balances up to $25,000.
  • Add-on Savings Account that earns 0.50% APY on savings balances.
  • Free Liberty Mastercard debit card.
  • Free online and mobile banking access and free bill pay.
  • Free access to 55,000+ surcharge-free ATMs.

Free Checking is a basic checking account that’s designed for paying bills and making purchases. This account has no minimum balance and no monthly fee. It comes with a Liberty Visa debit card, online and mobile banking access, and access to 55,000+ surcharge-free ATMs.

Clean Slate Checking is a second chance checking account that’s designed for people who may have had banking issues in the past. This account’s features include:

  • No-per check fee for processed checks.
  • $100.00 minimum deposit.
  • $10.00 monthly service fee.
  • FREE Liberty debit card.
  • Free online and mobile banking.
  • Unlimited check-writing.
  • Unlimited ATM transactions.
  • Access to 55,000 AllPoint surcharge-free ATMs.

All Liberty Savings Bank checking accounts are FDIC-insured.

Personal Savings

Liberty Savings Bank offers multiple ways to save money, including:

  • Convenience savings accounts
  • Holiday club savings
  • Certificates of deposit (CDs)

Convenience Savings accounts are a basic savings account option. These accounts earn interest and have a low minimum balance requirement. You can avoid the monthly service fee by meeting the minimum balance requirement. Compared to the savings account option you could get with the Big Interest Gold or Big Interest Bundles, the APY for this account is much lower.

Holiday Club savings accounts are designed specifically for holiday savings. You open the account and save money in it each month. There are no minimum balance requirements and no monthly fee. Interest is paid monthly and you can receive your balance automatically in October to help pay for holiday shopping.

CD accounts are designed to help you save for short- or long-term goals while earning competitive rates. Liberty Savings Bank CD rates vary but overall, you can find better rates here than you might with some of the top brick-and-mortar banks.

Here’s a quick look at Liberty Savings Bank CD features:

  • Available in terms from 3 months to 10 years.
  • Generally earn a higher rate of interest than traditional savings options.
  • Interest is compounded daily and posted monthly.
  • Minimum opening deposit of $1,000.
  • Keep the interest earned or transfer it to another Liberty account.

Liberty Savings Bank will give you a heads-up before your CD is about to mature so you can decide whether to withdraw your savings and interest or roll it over.

Other Banking Options

As mentioned, Liberty Savings Bank offers business banking products. Those include

  • Business checking
  • Business savings
  • CD accounts
  • Money market accounts
  • Business credit cards

You can also apply for a personal credit card or a home loan with Liberty Savings Bank. Credit card options include:

  • Rewards cards that earn points on purchases
  • Cash back rewards cards
  • Secured credit cards
  • Student credit cards
  • Balance transfer credit cards

There are several cards to choose from so it may be worth comparing the rewards structure, APR, and fees to decide if one of them might be right for you.

If you’re interested in getting a home loan, Liberty Savings Bank offers purchase loans, refinance loans, and jumbo loans for qualified borrowers. You can start the application process online but you’ll need to follow up with Liberty by phone, email, or in-person.

Top Features of Liberty Savings Bank

Liberty Savings Bank has some solid features and benefits. Some of the most notable things about this bank include:

Extensive ATM network. Liberty Savings Bank makes it easy to withdraw money, check balances, or complete other transactions at more than 55,000 surcharge-free ATMs nationwide.

Competitive rates. Even though it’s a smaller community bank, Liberty Savings Bank offers some impressive interest rates for savers who choose a Big Interest Gold or Big Interest bundle.

Second chance checking. Second chance checking accounts can help you get back on track after a past banking mistake. These accounts can sometimes be hard to find but Liberty Savings Bank offers a solid option.

Online and mobile banking. Once you’ve opened your accounts you can easily manage them through online and mobile banking, including scheduling automatic transfers or depositing checks via mobile check deposit.

Reputation for service. As a community bank, Liberty Savings Bank emphasizes relationship-building, and based on other consumer reviews, the company has a good reputation for providing quality service.

How to Get Started

If you’d like to open a bank account with Liberty Savings Bank, you can do so over the phone or at a local branch. The phone option might be best if you don’t live near any of the five branches located in Florida.

To open an account, you’ll need to provide some basic information, including your:

  • Name
  • Address
  • Email address
  • Phone number
  • Date of birth
  • Social Security number

You’ll also need to provide funding details if you’re opening an account over the phone. This means sharing the routing number and account number for the bank account you plan to use to make your initial deposit.

The account opening process isn’t quite as seamless as it is at other banks which let you open an account completely online. But again, that’s part of the personal touch that Liberty Savings Bank aims to deliver to each of its customers.

Rating the Features

When looking for a new bank, it’s important to consider how the features compare and what you’ll get versus what you might pay. This part of our Liberty Savings Bank review dives a little deeper into the bank’s key features.

User Experience

The signup process is a little different than what you might expect from other online banking options. So it may take a little longer to get through than what you might be used to if you’ve ever opened a bank account line before. If you run into trouble, you can contact the U.S.-based customer support line at 1-800-436-6300.

Fees and Rates

Liberty Savings Bank offers personal banking options with and without monthly service fees. Generally speaking, the fees are fairly competitive. The Big Interest Gold bundle, for example, has a $4 monthly service fee. And the Free Checking account has no monthly fee at all.

Still, it’s important to read through the personal fee schedule to be aware of any other one-time or recurring charges you might pay.

Transparency

The Liberty Savings Bank website is easy to navigate and you don’t have to hunt to find things like interest rate tables or fee schedules. Contact information is also readily available and you can use the ATM locator tool to find an ATM near you.

Flexibility

There isn’t much flexibility in terms of how you can open a new account with Liberty Savings Bank. But you do have flexibility when it comes to the banking options you choose. For instance, you can select a checking and savings account separately or choose a banking bundle. And there are numerous credit card options to choose from as well.

Customer Support

Customer support is available by phone or at a local branch. You can access and manage your Liberty Savings Bank accounts online or through the mobile app. There is no live chat support but you can send a secure message if you have questions.

Pros and Cons of Liberty Savings Bank

Before selecting any bank to move your accounts to, it’s important to consider the pros and cons. Here’s a rundown of what we like (and don’t like) about Liberty Savings Bank.

Reading a banking review like this one can make it easier to spot what’s good or potentially bad about a bank. You can then use those as a guide to decide if a particular bank checks off all the boxes on your must-haves list.

Frequently Asked Questions (FAQs)

Is Liberty Savings Bank FDIC-insured?

Yes, accounts at Liberty Savings Bank are insured up to the FDIC coverage limits. As of 2022, the FDIC limit is up to $250,000 per depositor, per account ownership type, per financial institution.

What types of accounts does Liberty Savings Bank offer?

Liberty Savings Bank offers personal checking and savings accounts, personal credit card accounts, home mortgage loans, business checking accounts, business savings accounts, and business credit cards. The bank does not offer personal loans, auto loans, or student loans.

Can I open a Liberty Savings Bank account online?

You’ll need to call Liberty Savings Bank or visit a branch to open new bank accounts. You can apply for home mortgage loans or credit cards online.

Does Liberty Savings Bank offer fee-free ATMs?

Yes, you can withdraw cash at more than 55,000 surcharge-free ATMs nationwide. Compared to other community banks or regional banks, Liberty Savings Bank has a sizable ATM network.

Does Liberty Savings Bank charge any fees?

Whether you’ll pay a fee to a bank with Liberty Savings Bank can depend on the type of account you decide to open. For example, free checking accounts have no monthly fees at all while bundled checking and savings accounts may have a monthly service fee.

Bottom Line

Banking with a community bank has its perks if you prefer a more personalized approach. Liberty Savings Bank is one option worth considering if you’re looking for a smaller bank that prioritizes customer service while offering a solid range of banking products. If you’re ready to switch to a community bank you can call Liberty Savings Bank or visit a nearby branch to start the account opening process.

About Author
Rebecca Lake joins MoneyRates as a contributor writing about banking, credit and debt, home-buying, investing, small business, and other personal finance topics. Rebecca brings her expertise as a personal-finance journalist to MoneyRates.com, having written about money for over five years. Her work has appeared online at U.S. News and World Report and many other publications.