Freedom Bank review: Hispanic American-owned bank in Texas that pays high interest rates

  • de

Freedom Bank has branches in Alamo, Freer, and McAllen, Texas.

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Table of Contents: Masthead Sticky

The bottom line: Freedom Bank Eagle Checking Account is a Hispanic American-owned bank in Texas. It’s a good option if you want to earn high interest rates, but there is no overdraft protection.

Overall bank rating

FeatureInsider rating (out of 5)Checking3.5Savings3.75CD4Money market account3.75Trustworthiness4Total3.8

Pros and cons

ProsConsHispanic American-owned bankLarge free ATM networkPays high interest rates, especially on CDsOnly 3 branches in Texas (Alamo, Freer, McAllen)Monthly service fees (unless you qualify to waive them)Only compounds interest quarterly, not monthly or dailyNo overdraft protection

Checking

Freedom Bank Eagle Checking Account

You may like the Freedom Bank Eagle Checking Account if you can maintain a $300 balance, because then you’ll waive the $10 monthly service fee. The bank doesn’t offer overdraft protection, though, so you’ll pay $35 if you overdraw.

Savings

Freedom Bank Savings Account

Freedom Bank Savings Account pays a higher interest rate than many brick-and-mortar banks, and you’ll earn the same rate regardless of your balance. You could still earn a higher rate with a high-yield savings account elsewhere, though.

CD

Freedom Bank Patriot Certificate of Deposit

Freedom Bank pays high interest rates on CDs that are competitive even with online banks’ accounts. Unlike many banks, Freedom lets you add more money to a CD after opening it.

Money market account

Freedom Bank Money Market Account

The Freedom Bank Money Market Account pays a slightly higher interest rate than the regular savings account, and it includes paper checks and a debit card. The easy access to your money could make it a good place to store your emergency fund.

How Freedom Bank works

Freedom Bank Eagle Checking Account is a Hispanic American-owned bank with three branches in Texas (Alamo, Freer, and McAllen). The bank is part of the Allpoint ATM network, so you have free access to over 55,000 machines around the US.

Customer service and lobby hours vary by location. The Alamo and McAllen lobbies are open on Saturday mornings, but the Freer lobby is not.

The Freedom Bank mobile app has 4.8 out of 5 stars in the Apple store. It has an app in the Google Play store, but there are no customer reviews yet.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is Freedom Bank trustworthy?

Freedom Bank does not have any public controversies.

At Insider, we usually include Better Business Bureau grades to assess a company’s trustworthiness. The BBB has not evaluated Freedom Bank yet, though.

You may want to ask family and friends about their experiences with the bank, or read online customer reviews.

How Freedom Bank compares

Freedom Bank is the only Hispanic American-owned bank in Freer and Alamo, so we’ve compared the bank to two other Hispanic American institutions in McAllen: Texas National Bank and Bank of South Texas.

Texas locations

3 (Alamo, Freer, McAllen)

Texas locations

7 (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)

Texas locations

5 (Pharr, McAllen, Kingsville, Hebbronville, Mission)

Standout feature

High interest rates

Standout feature

Free checking account

Standout feature

High interest rates

Freedom Bank Eagle Checking AccountTexas National Bank Checking AccountBank of South Texas Regular Checking Account

You may prefer Texas National Bank if you aren’t eligible to waive monthly fees on any of the Freedom Bank checking accounts. Texas National Bank has a checking account with no monthly fees.

All three banks pay better interest rates than most brick-and-mortar institutions. Freedom and South Texas’ rates are slightly more competitive than Texas National Bank’s, though, especially for CDs. If high interest rates are a priority, your choice between Freedom and South Texas could come down to which one has a branch closer to your home.

Related Content Module: More Savings Coverage

Read the original article on Business Insider

Faci un comentariu sau dai un răspuns?

Adresa ta de email nu va fi publicată. Câmpurile obligatorii sunt marcate cu *