Liberty Bank Review: Local Bank With Competitive Savings and Checking Options
Written by
Marc Guberti
Edited by
Joe Evans
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Liberty Bank is a trusted, community-focused institution providing everything from checking and savings accounts to mortgages and personal loans, with a commitment to personalized service and financial well-being.
Known for its personalized service and commitment to local communities, Liberty Bank is an excellent choice for those seeking a reliable banking partner. With competitive rates, a variety of account options, and a focus on customer satisfaction, Liberty Bank has built a reputation for helping individuals and families achieve their financial goals.
Liberty Bank is a trusted financial institution known for its strong community focus and comprehensive banking solutions. Recognized as one of GOBankingRates’ Best Banks in Connecticut of 2025, Liberty Bank offers a variety of checking and savings accounts, competitive mortgage options, and personalized financial guidance, making it a top choice for individuals and families alike.
Liberty Bank Checking Account
Liberty Bank’s checking accounts offer flexibility and value, with no monthly maintenance fees on most accounts and no minimum balance requirements. Perks include earning cash back on debit card purchases, ATM fee refunds, and specialized options for students and young adults. With features designed to meet diverse needs, Liberty Bank makes everyday banking simple and rewarding.
- No monthly maintenance fees on most accounts
- Earn $0.25 for every debit card purchase of $25 or more with Quarter Back Checking
- Refunds on ATM fees up to $15 per month with PayBack Checking
- Cash back on all purchases and ATM fee refunds for students with May Pay Student Banking
- No overdraft fees with the BankSmart account
- No minimum balance requirements for all accounts
- Enroll in eStatements to avoid a $2 paper statement fee
Best For
Banking in Connecticut
Mobile App
Low Monthly Fees
Loan Options
Credit Cards
Variety of Account Options Tailored to Different Needs
Choose from four checking accounts with no minimum balance requirements, low or no fees, and a low initial deposit requirement.
Fees
$0 – $3.95
APY
N/A
Min Opening
$25
Pros
- Most accounts have no monthly maintenance fees or minimum balance requirements
- The minimum opening deposit is low
- Get reimbursed for ATM fees each month
Cons
- There are few features beyond the basics
- No APY for checking accounts
- The best account with no overdraft fees has a monthly maintenance fee that can only be waived if you meet specific age requirements
Quick Take
Most Liberty Bank checking accounts come with no monthly maintenance fees or minimum balance requirements, but their features are somewhat limited. While ATM fee reimbursements are available, the accounts don’t earn interest, and you’ll need to enroll in eStatements to avoid a $2 monthly paper statement fee. Other banks may offer more robust and competitive checking account options.
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Liberty Bank Savings Account
Liberty Bank’s Relationship High Yield Savings account stands out for its competitive rates and no monthly maintenance fee. Balances over the minimum threshold earn significantly higher APYs, with the potential for even better rates when paired with a PayBack or Quarter Back checking account. While other savings options have lower APYs, this account is ideal for those looking to maximize their savings with a higher balance.
- Earn up to APY with the Relationship High Yield Savings account
- No monthly maintenance fees on the Relationship High Yield Savings account
- Variable interest rates that adjust with your balance
Best For
Banking in Connecticut
Mobile App
Low Monthly Fees
Loan Options
Credit Cards
Grow Your Savings with Interest
Get competitive APYs without any monthly maintenance fees and get a higher rate with a qualifying Liberty Bank savings account.
Fees
No monthly service fee
APY
to
Min Opening
$25
Pros
- Competitive APYs
- No monthly maintenance fee
- Receive a higher rate if you also have a qualifying checking account open
Cons
- You must have a high balance to receive the maximum APY
- The Relationship High Yield Savings account is the only good one
- You have to fulfill one of the outlined requirements for your qualifying checking account to be eligible for the elevated APY
Quick Take
Most Liberty Bank savings accounts come with no monthly maintenance fees or minimum balance requirements, but their features are somewhat limited. While ATM fee reimbursements are available, the accounts don’t earn interest, and you’ll need to enroll in eStatements to avoid a $2 monthly paper statement fee. Other banks may offer more robust and competitive checking account options.
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Liberty Bank CD Accounts
Liberty Bank offers eight CD term options, with more attractive rates available for shorter-term maturities. However, if your balance exceeds $15,000, the Relationship High Yield Savings account often delivers higher returns compared to most CDs. CDs require a $500 minimum deposit and feature fixed interest rates, providing stability throughout the term. While CDs offer predictable growth, the flexibility and higher earning potential of the savings account make it a better choice for those with larger balances.
- Choose from eight CD term lengths
- Fixed interest rates for predictable growth
- Minimum deposit of $500 required to open and earn APY
- Higher rates for short-term maturities compared to longer-term options
Best For
Banking in Connecticut
Mobile App
Low Monthly Fees
Loan Options
Credit Cards
Lock In Competitive Rates
Choose CDs with terms ranging from 32 days to five years with variable rates.
Fees
No monthly service fee
APY
to
Min Opening
$500
Pros
- Choose from a wide range of CD maturities
- Short-term CDs have higher rates
- No monthly fee
Cons
- Long-term CDs do not have competitive APYs
- Penalty fees apply if you withdraw funds early
- A $500 minimum opening deposit is required
Quick Take
Liberty Bank CDs offer competitive rates for shorter terms, such as 3-month and 6-month options. However, the rates decline significantly for CDs with maturities of a year or more. For those with a higher balance, the Relationship High Yield Savings account often provides a better APY than most Liberty Bank CDs, making it a more rewarding option for maximizing your returns.
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Liberty Bank Money Market Accounts
Liberty Bank’s money market accounts provide flexible saving options with competitive features. The Money Market Special often includes promotional rates for a limited time before returning to standard rates. The Money Maker account offers tiered interest rates based on your balance, giving you the potential to earn more as you save. Each account comes with a Debit Mastercard for easy access to funds, and customers can opt for eStatements to avoid the $2 monthly paper statement fee, which is waived for those aged 65 and older.
- Flexible saving options with competitive features
- Money Market Special includes promotional rates for a limited time before reverting to standard rates
- Money Maker account offers tiered interest rates based on your balance
Best For
Banking in Connecticut
Mobile App
Low Monthly Fees
Loan Options
Credit Cards
Flexible Savings with Competitive Rates
Open a money market account with a low minimum deposit and enjoy competitive interest rates with promotional opportunities.
Fees
No monthly service fee
APY
to
Min Opening
$25
Pros
- No monthly maintenance fee
- Low minimum opening deposit requirement
Cons
- Promotional rates are temporary and revert to lower standard rates once the promotion ends
- Requires an in-branch visit to open a Money Market Special account and qualify for the promotional rate
- Limited features, focusing primarily on basic savings functions
Quick Take
Liberty Bank’s Money Market accounts initially stand out due to their enticing promotional rates. However, the appeal diminishes once the rates revert to less competitive standard levels. Opening a Money Market Special account with the top promotional rate requires an in-person visit to a local branch–a surprising limitation given the broader competition in the market. The low opening deposit requirement and absence of monthly maintenance fees are noteworthy benefits.
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Banking Experience
Liberty Bank has garnered over 16,000 reviews in the App Store, boasting an impressive average rating of 4.8 stars. Similarly, the bank maintains a strong 4.7-star average from more than 3,500 reviews on other platforms. Customers frequently praise Liberty Bank for its modernized approach, user-friendly mobile app, and exceptional customer support, highlighting its commitment to a seamless and satisfying banking experience.
Comparable Banks
When evaluating your banking options, it’s helpful to compare Liberty Bank to some comparable banks offering competitive products and services. By exploring alternatives, you can determine which bank aligns best with your financial goals and needs.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 – $3.95
$0 to $25, many waivable
$10 to $25
APY
APY
APY
N/A
for Key Select Checking
N/A
Min Opening
Min Opening
Min Opening
$25
$0 to $50
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$0
$4 to $10
APY
APY
APY
to
Up to
Min Opening
Min Opening
Min Opening
$25
$10
$50
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
N/A
No monthly service fee
APY
APY
APY
to
Up to
on 5-month promo CD
Min Opening
Min Opening
Min Opening
$500
$2,500
$1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$20, waivable
No monthly service fee
APY
APY
APY
to
Up to
As high as
Min Opening
Min Opening
Min Opening
$25
$5,000
$1
Liberty Bank vs. Rockland Trust Bank
Both Liberty Bank and Rockland Trust Bank have a strong presence in Massachusetts, with Liberty Bank also serving Connecticut and Rockland Trust extending into Rhode Island. Both banks offer checking accounts with no monthly maintenance fees, though Rockland Trust requires a minimum balance to waive fees on its Rockland Advantage Checking and Complete Checking accounts.
For CDs, Rockland Trust Bank requires a higher minimum deposit of $1,000 compared to Liberty Bank’s $500. However, Liberty Bank stands out for its savings account features, especially when paired with a qualifying checking account, offering more attractive options for growing your savings.
Liberty Bank vs. OneUnited Bank
OneUnited Bank operates in Massachusetts, Florida, and California, offering a checking account with no monthly maintenance fee and savings accounts requiring a balance of up to $1,000 to avoid fees. CD terms range from four months to two years, providing a range of options for short-term savers.
OneUnited’s standout features include AI-driven tools for money management and access to over 100,000 fee-free ATMs through the BankBlack Visa Debit Card. While these features add convenience and innovation, OneUnited Bank’s savings account options are less competitive for customers focused on maximizing returns.
Liberty Bank vs. Salem Five Bank
Both Liberty Bank and Salem Five Bank serve Massachusetts customers, with Salem Five offering access to over 55,000 Allpoint ATMs and no monthly fees on its checking accounts. Salem Five’s checking account also provides cashback rewards, while its savings accounts either waive fees entirely or have low minimum balances to avoid charges.
When it comes to CDs, Salem Five Bank offers more competitive options with terms ranging from six to 60 months. Rates remain attractive across all term lengths, particularly for special CD promotions. However, Salem Five’s savings and money market accounts are less appealing, with lower rates compared to Liberty Bank’s offerings.
Final Take
Liberty Bank’s standout feature is its competitive savings account, which offers excellent earning potential for those with higher balances and a qualifying checking account. However, the bank’s offerings are relatively limited beyond this. If your primary goal is to grow your savings and earn interest, Liberty Bank is a solid choice. On the other hand, if you’re looking for a bank with more extensive features, investment options, or lower balance requirements, you might find better alternatives elsewhere.
FAQ
Here are answers to some of the most frequently asked questions about Liberty Bank’s accounts.- Does Liberty Bank have Zelle?
- Yes. Liberty Bank lets customers make payments with Zelle.
- Is Liberty Bank a good bank?
- Liberty Bank is a safe and reliable bank that benefits savers the most. However, you can find more competitive APYs for checking accounts and CDs.
- Is Liberty Bank FDIC Insured?
- Answer
- Can I Open a Checking Account With No Money?
- Yes. Liberty Bank is FDIC insured.
- What types of accounts does Liberty Bank offer?
- Liberty Bank offers checking accounts, savings accounts, money market accounts, and CDs. You can also take out loans with the financial institution.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.Â
This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.
