Liberty Bank and Trust review: Black-owned bank with competitive rates on savings and CDs

Liberty Bank and Trust review: Black-owned bank with competitive rates on savings and CDs

March 31, 2021

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  • Liberty Bank is a Black-owned bank with branches in eight states; you can also open accounts online.
  • Liberty pays competitive rates on savings and CDs, especially compared to other physical banks.
  • The bank charges monthly service fees on many accounts, but you may qualify to waive them.
  • See Insider’s guide to Black-owned banks and credit unions.

Should you use Liberty Bank?

You might like Liberty Bank if you … You might not like Liberty Bank if you … 
  • Live near a branch OR are comfortable banking online
  • Want to work with a Black-owned bank
  • Are looking for competitive savings and CD rates
  • Don’t live near a branch AND aren’t comfortable banking online
  • Don’t live near a branch and use ATMs frequently
  • Don’t qualify to waive monthly fees
  • Need to make more than 2 withdrawals from savings each month

The bottom line: Liberty Bank and Trust is a good option if you’re looking for high interest rates. But keep an eye out for fees, including ATM fees, excess transaction fees on savings accounts, and monthly fees (if you don’t qualify to waive them).

Liberty Bank Personal Savings review

Liberty Bank Personal Savings Account

Liberty Bank and Trust Company Liberty Bank Personal Savings AccountAverage 401(k) balance

Liberty Bank Personal Checking review

Liberty Bank Personal Checking Account

Liberty Bank and Trust Company Liberty Bank Personal Checking AccountLiberty Bank and Trust Company Liberty Bank Certificate of DepositLiberty Bank

OneUnited Bank
Citizens Trust Bank


AL, IL, KS, KY, LA, MI, MO, MS, and online


CA, FL, MA, and online


AL, GA, and online

Standout feature

High interest rates

Standout feature

Early direct deposit

Standout feature

Variety of checking accounts

Open an accountOpen an accountOpen an account

Liberty Bank review vs. OneUnited Bank review

Liberty Bank and Trust has branches in more states than OneUnited, but it has significantly fewer free ATMs. If you use ATMs often, you may want to go with OneUnited. You can also receive direct deposits up to two days early with OneUnited.

But if you’re after a good interest rate on savings or CDs, you might prefer Liberty. Its rates are comparable to some of the best online banks out there, especially the CD rates.

Liberty Bank review vs. Citizens Trust Bank review

Both of these banks have branches in Alabama and online. You may prefer Liberty Bank and Trust if you’re searching for high interest rates.

Citizens Trust Bank offers more checking accounts than Liberty, so you may find one that better suits your needs.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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