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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Freedom Bank is a New Jersey-based institution that offers a variety of banking products to people all over the country. Most of its checking, savings, and CD accounts have no monthly fees and some offer rates that can compete with the best high-yield accounts. Read our full Freedom Bank review to learn more.
Member FDIC.
Freedom Bank
Bottom Line
Freedom Bank is a great place for all-in-one banking. New Jersey customers who live near its branches will get the most out of it, but it's possible for U.S. residents of any state to work with Freedom Bank. Most accounts don't charge maintenance fees, and APYs are higher than what you'll find with most brick-and-mortar banks. Some of them can even compete with the best high-yield accounts around.
Pros
Wide variety of products
No monthly maintenance fees on most accounts
Low minimum deposits on CDs
Cons
APYs on some accounts aren't that competitive
Freedom Bank savings accounts
Freedom Bank currently offers four savings accounts that are discussed in detail below.
Freedom Savings Account
The Freedom Savings Account is the way to go if you're looking to maximize your earnings. It has a tiered APY system that rewards you for saving larger sums. In order to earn the highest APY, you'd need $500,000. But even those with $1 to their names can earn a rate that's well above the national average. The account also comes with fee-free ATM access at Freedom Bank and Allpoint ATMs, and no monthly maintenance fees or balance requirements.
Freedom High Yield Savings Account
The Freedom High Yield Savings Account is a bit of a misnomer, as it's not Freedom Bank's highest earning account. But its annual percentage yield (APY) is better than what most brick-and-mortar banks pay. This account also offers free online and mobile banking with surcharge-free ATM access. And it doesn't charge monthly maintenance fees or have minimum balance requirements.
Statement Savings Account
This is a traditional savings account with a fairly low yield. It doesn't charge monthly maintenance fees and has no minimum balance requirements. Users get surcharge-free ATM access at Freedom Bank and Allpoint ATMs. But in spite of all this, there's not a great reason to choose this account over the bank's high-yield savings accounts.
Minor Savings Account
The Minor Savings Account is intended for children and teens. It's similar in many ways to the standard Statement Savings Account, except it doesn't come with ATM access.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
3.80% annual percentage yield as of January 31, 2025. Terms apply.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Freedom Bank offers standard CDs with terms ranging from three to 60 months. Rates vary depending on the term. Some are relatively low while others offer rates that are in line with what some of the best CDs offer. All of Freedom Bank's CDs have a minimum balance requirement of $500, which is pretty reasonable compared to many of its competitors.
Freedom Bank Bump-Up CDs
The bank's bump-up CDs enable you to request rate increases if APYs on new CDs rise after you've opened yours. Terms range from 23 to 60 months. These accounts have the same $500 minimum deposit as the bank's standard CDs.
Compare CD rates
Folks looking for a Freedom Bank CD will find the best rates if they go through the Raisin platform, rather than through Freedom Bank itself. The CD terms offered through Raisin are more limited than what are offered directly through the bank, but the APYs are much higher.
Take a look at what CDs from other banks are offering now.
Freedom Bank offers three checking accounts to its customers.
Freedom Bank Regular Checking Account
The Freedom Bank Regular Checking Account has no monthly maintenance fees or minimum balance requirements. It comes with fee-free ATM access at Freedom Bank and Allpoint locations as well as unlimited check writing. Customers also get an initial order of checks for free. And of course, you can always manage your money using its online and mobile banking tools.
NOW Checking account
The NOW Checking account offers interest to customers who have a positive balance in their account. However, there is a monthly maintenance fee for those who aren't able to maintain a minimum daily balance of $750. In all other respects, the account is similar to the Regular Checking account.
Senior Checking account
The Senior Checking account is designed for senior citizens. It offers a debit card and check-writing capabilities, as well as a modest interest rate on checking account funds. There's no monthly maintenance fees or minimum balance requirements, and the account has online and mobile banking tools as well.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
As a community bank with branches located only in New Jersey, it's not surprising that Freedom Bank hasn't appeared in large customer satisfaction surveys, like those conducted by J.D. Power. This makes it challenging to compare how the bank's products and customer service compare to its competitors.
But customer reviews appear favorable, and the bank has an A+ rating with the Better Business Bureau.
Freedom Bank relationship benefits
Freedom Bank doesn't offer relationship benefits, like discounts on loans or maintenance fee waivers, that many other brick-and-mortar banks offer. But that shouldn't deter you from giving it a closer look.
It's a bit of a hybrid between a traditional bank and an online institution. It can't waive maintenance fees, because few of its accounts charge them in the first place. And while you may not be able to score discounts on other products, you'll find far more competitive interest rates than you could with larger brick-and-mortar banks.
Alternatives to Freedom Bank
If Freedom Bank doesn't seem like a good fit for you, here are some other options to consider.
Capital One Bank
Capital One is another hybrid bank that offers some brick-and-mortar locations while still operating primarily online. Like Freedom Bank, it offers few fees and it has even more competitive interest rates on most of its products. However, it doesn't offer quite as many account options as Freedom Bank.
Discover® Bank
Discover® Bank operates entirely online and offers competitive interest rates on banking products with few fees. It also offers some unique products you won't find anywhere else. But it doesn't have any branch locations, so it's not a great fit for those who prefer to bank in person.
Is Freedom Bank right for you?
Freedom Bank could be a good fit for you if:
You live in New Jersey and are interested in the high yield of an online bank without sacrificing the customer service of a hometown bank.
You're interested in doing all your banking in one place.
You're interested in rare CD types, like bump-up CDs, or the higher CD rates offered by Freedom Bank through Raisin.
Other products by Freedom Bank
In addition to the bank accounts discussed above, Freedom Bank offers the following financial products.
Freedom Bank credit cards
Freedom Bank offers the following credit cards:
Freedom Bank Everyday Rewards+ Card
Freedom Bank Platinum Card
Freedom Bank Max Cash Preferred Card
Freedom Bank Travel Rewards+ Card
Freedom Bank Reserve Rewards+ Card
Freedom Bank College Real Rewards Card
Freedom Bank Max Cash Secured Card
Freedom Bank Secured Card
Freedom Bank loans
Freedom Bank customers can apply for the following loans:
Mortgage
Home equity line of credit (HELOC)
Commercial loans and lines of credit
Freedom Bank money market accounts
Freedom Bank offers two money market accounts:
Choice Money Market Account: This account has no minimum balance or monthly fees and a flat APY for all balance tiers.
Platinum Money Market Account: This account also has no monthly fees and it has a tiered balance system that pays you more for keeping more money in the account.
Other products from Freedom Bank
You can also open the following with Freedom Bank:
Traditional IRA
Roth IRA
Business checking accounts
Business savings accounts
Business money market accounts
Business credit cards
Business loans
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Yes, Freedom Bank is covered by FDIC insurance. Your money is protected up to $250,000 per person per account type, just like with any other insured bank.
Yes, you can send money to others using Zelle through your Freedom Bank mobile app or online account.
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