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The bottom line: Liberty Bank is a good option if you’re looking for a local brick-and-mortar financial institution that pays solid interest rates on short-term CDs. The bank serves residents only in AL, IL, KS, KY, LA, MI, TN, MO, or MS, though. You’ll also want to keep an eye out for monthly service fees on accounts. If you would like to open a checking account with zero monthly service fees, our best free checking accounts may have more appealing picks.
Liberty Bank: Overall Bank Rating
FeatureInsider rating (out of 5)Checking4Savings4CD4Trustworthiness5Total4.25
Liberty Bank: Pros and Cons
Pros:Cons:
Black-owned bank
Good CD rates
Limited ATM locationsMonthly fees on most 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 the best 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 could be a good fit if you expect to keep $500 in your account. Otherwise, you’ll pay a $10 monthly service fee.
Liberty Bank Certificate of Deposit
Liberty Bank CD rates are much higher than what you’ll find at most brick-and-mortar banks. Just know that the long-term CD rates aren’t quite as impressive. You’ll likely find more competitive long-term CDs at online banks. 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 and Trust 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 in 2021. Customers of Tri-State Bank of Memphis received new Liberty Bank accounts and services when the merger was completed.
The bank’s mobile 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-led Financial Institutions
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.
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 on CDs.
Citizens Trust Bank offers more checking accounts than Liberty, so you may find one that better suits your needs.
Liberty Bank: 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.