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Liberty Savings Bank High-Yield Savings Account review

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Liberty Savings Bank High-Yield Savings
Finder score
On Raisin's secure site
Minimum deposit to open

Our verdict

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

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.


  • Industry leading APY
  • $1 opening deposit
  • Manage all Raisin accounts in one place


  • Must apply through Raisin
  • Only one way to access your cash
  • No routing or account numbers

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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. Earn 4.6% 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 Raisin accounts in one place. If you have other accounts through the Raisin platform — such as a CD or money market account — you can manage them all in the Raisin 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 Raisin. This account is offered through Liberty Savings Bank, but you apply and manage your account through Raisin. This isn’t necessarily bad — Raisin 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 30
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
BrioDirect High-Yield Savings
Finder Rating: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings


Up to $250,000
Customers Bank High Yield Savings through Raisin
Finder Rating: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings


Up to $250,000
Cash App Savings
Finder Rating: 4.4 / 5: ★★★★★
Cash App Savings
Savings app



Up to $250,000
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account


Up to $250,000
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account
Cash management account


Up to $8M FDIC insurance
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings


Up to $250,000

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 Raisin 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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