Freedom Bank Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Freedom Bank Review: Overall Rating

Freedom Bank Pros and Cons

About Freedom Bank 

Freedom Bank 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 4.0 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.

The Role of Hispanic American-led Financial Institutions

Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.

According to the US Census, people of Hispanic or Latino origin make up the largest racial and ethnic group in Alamo and McAllen, Texas. 

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.

Freedom Bank FAQs

Is Freedom Bank legit? 

Yes, Freedom Bank is a legitimate financial institution. It's federally insured by the FDIC, so up to $250,000 per depositor, per category is safe in a bank account.

Does Freedom Bank have mobile deposit?

Yes, you may deposit checks through the Freedom Bank mobile app. 

What are CD rates at Freedom Bank?

Freedom Bank CDs pay Freedom Bank Patriot CD - APY APY.

Does Freedom Bank have Zelle?

Yes, Freedom Bank has Zelle. You'll have to download the bank's mobile app to have access to Zelle.

Freedom Bank Account Reviews

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 Freedom Bank Eagle Checking Account - Fees Display. The bank doesn't offer overdraft protection, though, so you'll pay $35 if you overdraw.

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 the best high-yield savings accounts elsewhere, though.

Freedom Bank CD

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.

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 Compares

Freedom Bank vs. Texas National Bank 

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 Checking Account - Brand Name has a checking account with no monthly fees.

For CDs, Freedom Bank may be a more appealing option. Both banks offer competitive CD rates that are on par with the best CD rates nationally, but Freedom Bank notably has low early withdrawal penalties for all terms.

Texas National Bank Review

Freedom Bank vs. Bank of South Texas

Bank of South Texas has more branches than Freedom Bank, so it may be a more convenient choice if you value banking with an institution that has a larger branch network.

For CDs, the best rate may ultimately depend on the term you choose. Freedom Bank has low early withdrawal penalties, though, while Bank of South Texas CD - Brand Name has steep penalties. 

For savings accounts, Freedom Bank will likely be a better choice for earning a more competitive savings rate, while Bank of South Texas Savings Account - Brand Name makes it easier to waive the monthly service fee.

Bank of South Texas Review

Why You Should Trust Us: How We Reviewed Freedom Bank

At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.

Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.