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Liberty Savings Bank High-Yield Savings Account review

Hooks you in with an APY that’s higher than the national average, but there’s only one way to grab your cash.’s rating: 4.4 / 5.0


Liberty Savings Bank High-Yield Savings account advertises an industry-leading 4.15% APY that’s currently higher than the national average. It’s a good choice for anyone who wants a free savings account with an attractive interest rate. But there’s only one way to grab your cash — and that’s through a linked bank account.

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Minimum deposit to open


Annual percentage yield (APY)4.15%
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
More infoGo to site

Review by

Cassidy Horton is a freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.

Expert review

Liberty Savings Bank High-Yield Savings has all the best features of a savings account — no monthly fees, a $1 opening deposit and a competitive interest rate to help you grow your idle money.

But, as with most online savings accounts, there’s one big flaw you should be aware of: the only way to access your money is through a linked bank account. And transfers take one to three business days to complete.

What does this mean for you?

The Liberty Savings Bank High-Yield Savings account could be a good option if you’re saving up for a big goal — such as a vacation, a new car or a down payment on a house — and want a safe, out-of-reach place to store your money.

However, you may want to choose another account if you’re using it for an emergency fund or need to make regular withdrawals. It takes at least 24 business hours for your transfer to process.

How do I open a Liberty Savings Bank High-Yield Savings account?

It only takes a few minutes to open a Liberty Savings Bank High-Yield Savings account:

  1. Select Apply now.
  2. Hover over Products in the navigation menu.
  3. Select Savings Accounts.
  4. Scroll until you see Liberty Savings Bank and select Start Saving.
  5. Create an account using your personal information, including your full name and email. Select Continue.
  6. Confirm your email address.
  7. Enter your date of birth, Social Security number and additional contact information. Hit Continue.
  8. Review and submit your application.


  • At least 18 years old
  • US resident
  • Existing bank account
  • $1 opening deposit

Required information

  • First and last name
  • Home address
  • Date of birth
  • Government-issued photo ID, such as a driver’s license or passport
  • Social Security number
  • Login information for an existing bank account

3 benefits of Liberty Savings Bank High-Yield Savings

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

  • Industry leading APY. In a time where most traditional savings accounts earn close to 0%, this one earns 4.15% APY — a rate currently higher than the national average.
  • $1 opening deposit. All you need is one dollar to open this account and start saving, making it accessible for almost everyone.
  • Manage all SaveBetter accounts in one place. If you have other accounts through the SaveBetter platform — such as a CD or money market account — you can manage them all in the SaveBetter app, even if they’re offered through multiple banks.

3 potential drawbacks

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 SaveBetter. This account is offered through Liberty Savings Bank, but you apply and manage your account through SaveBetter. This isn’t necessarily bad — SaveBetter is a secure platform — but it’s a nuance you should be aware of.
  • 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, wires or ATM withdrawals.
  • No routing or account numbers. You 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, then move it into this one.

If you’re looking for an account with more deposit and withdrawal options, shop around for another high-yield account.

Compare with other savings accounts

Use this table to see how this account’s APY and minimum opening deposit compares to other banks:

1 - 6 of 44
Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter


Get an impressive 4.8% APY, which is 13.5x higher than the national average. All with $0 fees and only a $1 minimum deposit required. FDIC insured.
CIT Bank Platinum Savings
Finder Rating: 3.8 / 5: ★★★★★
CIT Bank Platinum Savings



Earn 4.75% APY on balances of $5,000 or more. Open an account in five minutes or less. Easily manage your account with CIT’s mobile banking app. FDIC insured.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account


Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Patriot Bank High-Yield Money Market Deposit Account
Finder Rating: 4.9 / 5: ★★★★★
Patriot Bank High-Yield Money Market Deposit Account


Money market deposit accounts earn interest like savings accounts but also come with checks and debit cards. Earn 4.75% APY with Patriot Bank’s MMDA. Open an account online in under five minutes. $1 minimum deposit. FDIC insured.
U.S. Bank Elite Money Market
Finder Rating: 3.9 / 5: ★★★★★
U.S. Bank Elite Money Market




With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $25,000. Earn 3.50% APY for balances up to $499,999.99. Monthly fee is waived for a $10,000+ balance. Member FDIC.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings


Earn 3.8% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees. Member FDIC.

How do I deposit or withdraw my money?

You’ll need to link a bank account to deposit or withdraw money into your Liberty Savings Bank High-Yield Savings account. There is no other way to access your cash.

How to contact Liberty Savings Bank about my savings account?

Contact SaveBetter customer support in two ways:

  1. Email
  2. Call 844-994-3276 weekdays from 9 a.m to 4 p.m ET

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.

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