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Liberty Bank is a Black-owned bank with branches in eight states.
Liiberty bank; Alyssa Powell/Insider
The bottom line: Liberty Bank Personal Checking Account is a good option if you’re looking for solid interest rates. But keep an eye out for fees, including ATM fees, excess transaction fees on savings accounts, and monthly fees (if you don’t qualify to waive them).
Overall bank rating
FeatureInsider rating (out of 5)Checking4Savings4CD4Trustworthiness5Total: 4.25
Pros and cons
Pros:Cons:
Black-owned bank
Competitive savings and CD rates
Limited ATM locationsMonthly fees on accountsOnly 2 free withdrawals from savings each month
Liberty Bank Personal Savings Account
The Liberty Bank Personal Savings Account rates vary depending on where you live. Regardless, rates are higher than what you’ll earn at most brick-and-mortar banks. But if you’re banking digitally, you can still find better rates at online high-yield savings accounts.
Most banks let you withdraw from your savings account up to six times monthly, per federal regulation. But Liberty Bank limits you to two withdrawals per month before charging a fee. If you plan to take money out of savings regularly, this might not be the account for you.
Liberty Bank Personal Checking Account
Liberty Bank Personal Checking Account could be a good fit if you expect to keep $500 in your account — otherwise, you’ll pay a $10 monthly service fee.
Think about how often you use ATMs before opening this checking account. If you live near a branch, you’ll have easy access to a free ATM. But if you live elsewhere and bank online, you won’t have a free machine nearby. Then you’ll pay $2 for each out-of-network ATM transaction, plus any fee the ATM provider may charge. This may not be a problem if you don’t use ATMs very often — but if you withdraw money from machines regularly, think about fees before opening this account.
Liberty Bank Certificate of Deposit
Liberty Bank Certificate of Deposit rates are much higher than what you’ll find at most brick-and-mortar banks, and they’re even competitive with what online banks pay. Just beware that the 3-month and 6-month CD rates aren’t quite as impressive. But Liberty Bank is a good option overall if you want to open a CD, as long as you have Liberty Bank Certificate of Deposit.
How Liberty Bank works
Liberty Bank Personal Savings Account Corporation is a Black-owned bank with branches in AL, IL, KS, KY, LA, MI, TN, MO, and MS. If you don’t live near a branch, you can still open an account online from around the US. The only free ATMs are in areas with branches, though.
Liberty Bank also merged with Tri-State Bank of Memphis. Customers of Tri-State Bank of Memphis received new Liberty Bank accounts and services when the merger was completed.
The bank does have a mobile app, but it doesn’t have a ton of online reviews. With the existing reviews, the app has 4.7 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.
To contact customer support, call Monday through Friday, 9 a.m. to 5 p.m. CT.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
The role of Black-owned banks
Financial institutions owned or led by Black Americans often address banking gaps in underserved communities. These institutions are vital for Black communities that have been historically affected by discriminatory banking practices like redlining.
Liberty Bank is certified as a community development financial institution (CDFI). CDFIs can provide necessary financial resources to low-income and disadvantaged communities. In 2020, 75% of all lending at CDFIs went to distressed or underserved communities, according to the CDFI Fund.
Liberty Bank also sponsors local neighborhood sports.
Liberty Bank trustworthiness and BBB rating
The Better Business Bureau gives Liberty Bank and Trust Corporation an A+ rating. A strong BBB grade signifies a company effectively responds to customer complaints, advertises honestly, and is transparent about business practices.
The bank doesn’t have any public scandals.
Liberty Bank is a Community Development Financial Institution (CDFI) that offers products to underprivileged communities, including affordable housing, low-cost banking products, and business development programs.
Liberty Bank review vs. OneUnited Bank review
Liberty Bank and Trust has branches in more states than OneUnited, but it has significantly fewer free ATMs. If you use ATMs often, you may want to go with OneUnited. You can also receive direct deposits up to two days early with OneUnited.
But if you’re after a good interest rate on savings or CDs, you might prefer Liberty. Its rates are comparable to some of the best online banks out there, especially the CD rates.
Liberty Bank review vs. Citizens Trust Bank review
Both of these banks have branches in Alabama and online. You may prefer Liberty Bank and Trust if you’re searching for high interest rates.
Citizens Trust Bank offers more checking accounts than Liberty, so you may find one that better suits your needs.
Frequently asked questions
Who acquired Tri-State Bank of Memphis?
In 2021, Liberty Bank announced it had acquired Tri-State Bank of Memphis. The merger has been completed, and Tri-State Bank of Memphis customers received new Liberty Bank products and services.
Where is Liberty Bank located?
Liberty Bank has branches in Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Tennessee, Missouri, and Mississippi.
Is Liberty Bank FDIC insured?
Yes, Liberty Bank is FDIC insured. Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.