It's getting harder and harder to find a savings account rate above 1% APY, but we've found them. This week, I'm going to spotlight Liberty Bank & Trust, a 22 branch bank headquartered in New Orleans. Liberty is offering a 1.31% APY savings account with a $50 minimum balance. That's pretty good considering the highest online rate is 0.95% APY and the average savings rate across the country is 0.20% APY.
Liberty Bank & Trust has a strange branch network, with a cluster of branches in the New Orleans area, a branch in Kansas City, MO, and one in Detroit, MI. View Liberty Bank & Trust's branch locations. This geographic spread is the result of several bank acquisitions, including the purchase of Home Federal Savings in Detroit, Michigan. Liberty has put together a nice video that highlights the bank and its history. The section on surviving and gowing after Hurricane Katrina was especially interesting - 6 of their branches flooded and the rest were looted.
The bank's financials look pretty sound. After spiking to 24% in 2009, the bank's Texas Ratio has dropped to 12.2%. The national average Texas Ratio is 20.28% and the lower the ratio the better (read more about the Texas Ratio). Liberty has just about doubled its assets from $290 million in 2006 to $571 million in 2011.
If you don't live near a Liberty Bank & Trust branch, BestCashCow can help you find a great savings rate in your area.
- Find other great savings rates in your local area by clicking on the "Savings" tab above.
New - Email Rate Updates for BestCashCow Readers
Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.
I hope to eventually also have the weekly rate updates go out via this email service.
Previous Weekly Rate Deals
- January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
- January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
- January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
- January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
- January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available
- December 29, 2011 - Aflac Federal Credit Union Offering 2.41% APY Savings Account
- December 19, 2011 - CIT Bank and Its 1.15% APY 12-Month Achiever CD
- December 12, 2011 - Citizens State Bank of TX Offering 2.85% IRA CD
- December 5, 2011 - Digital Federal Credit Union Offering 2.86% APY CD - Nationally Available
Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.
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