Liberty Savings Bank High-Yield Savings Account review
Liberty Savings Bank HYSA through Raisin isn't available on Finder right now.
- Annual Percentage Yield (APY)
-
3.86%
- Fee
- $0
- Minimum deposit to open
- $1
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, through Raisin, has all the best features of a savings account — no monthly fees, a low $1 opening deposit and a competitive interest rate to help you grow your idle money. However, 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. This account could be a good option if you’re saving up for a big goal and want a safe, out-of-reach place to store your money. But you may want to choose another account if you’re using it for an emergency fund or need to make regular withdrawals.
Best for: Savers working toward big goals who don’t need instant access to their funds.
Pros
-
Industry leading APY
-
$1 opening deposit
-
Manage all Raisin accounts in one place
Cons
-
Must apply through Raisin
-
Only one way to access your cash
-
No routing or account numbers
What we like about Liberty Savings Bank High-Yield Savings Account
Liberty Savings Bank prides itself on its community focus. In addition to FDIC insurance and no monthly fees, its High-Yield Savings account has a lot to like.
Industry-leading APY
With this savings account, earn up to 3.86% APY — a rate that’s almost ten times higher than the national average. If you’re looking for a secure place to park your cash and earn solid interest without the ups and downs of the stock market, Liberty Savings Bank is definitely worth considering.
Low opening deposit
Unlike other banks that may ask you to deposit a minimum of $100 or more to open a savings account, Liberty Savings — when opened through Raisin — only requires $1. This low barrier to entry makes it easy for anyone to start earning interest on their cash.
Manage all Raisin accounts in one place
If you have other accounts through the Raisin platform — such as a certificate of deposit or money market account — you can manage them all in the Raisin app, even if they’re offered through multiple banks. For context, Raisin isn’t a bank or credit union. It’s more like a digital “storefront” that lets financial institutions promote their deposit products.
Where it falls short
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 for higher rates
This account is offered through Liberty Savings Bank, but you’ll need to apply and manage your account through Raisin. This arrangement isn’t necessarily bad since Raisin is a secure platform, but it’s a nuance you should be aware of.
Though you could open a savings account directly on Liberty Savings Bank’s website, you won’t be able to earn as high an interest rate as you could using Raisin.
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 or ATM withdrawals. If you’re looking for an account with more deposit and withdrawal options, shop around for another high-yield savings account.
You also 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 and then move it into this one.
Compare Liberty Savings Bank High-Yield Savings to other savings accounts
Narrow down top savings accounts by APYs, opening deposits and minimum balances requirements. For a closer comparison, tick the Compare box to see accounts side by side.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| Customer reviews verified as of | 18 April 2025 |
Liberty Savings Bank is not accredited by the Better Business Bureau (BBB) but does have an A+ rating from the organization, which means it responds and handles customer complaints in a timely matter.
That said, the bank doesn’t currently have any customer reviews on its BBB profile, and we weren’t able to find a Trustpilot page to further gauge customer experiences. We did find a small number of Yelp reviews with an average of 2.7 stars out of 5, based on 13 of its branch locations. The sample size is too small to draw any conclusions about the bank, but it’s worth noting that a few negative reviews mentioned poor customer service and unexpected fees.
- 3.65% APY
- No monthly fees or minimums
- Optional ATM card for easy access
- Unlock perks and rewards as you save
- FDIC Insurance
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.
Liberty Savings Bank HYSA through Raisin is not currently available on Finder
Have you considered Synchrony High Yield Savings?
Your reviews
Jamela Finder
Contributor
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