Review
Updated
Fact Checked
Nathan Alderman
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.
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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 4.60%
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!
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
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 |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
|
Freedom Bank CD accounts
Freedom Bank offers two types of CDs: standard and bump-up.
Freedom Bank CDs
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.
Rates as of May 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Freedom Bank checking accounts
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.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
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 |
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')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
|
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
0.50%
Rate info
You can earn the maximum savings 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
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
Freedom Bank customer service and experience
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.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
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.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. 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.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial, Charles Schwab, Goldman Sachs Group, Mastercard, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: long January 2025 $370 calls on Mastercard, short January 2025 $380 calls on Mastercard, and short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.