In the past year, Liberty Bank has offered a variety of good deals, including checking account bonuses and CDs. The Bank’s latest competitive product is its Max Money Market Promo, earning a guaranteed 1.50% APY on balances up to $100k through December 31, 2018.
|1.50*%||-||$100k||Liberty Bank||Max Money Market Promo (New Money)|
|OTHER TIERS: 0.20% → $100k+|
The minimum opening deposit is $500 of new money, which is simply defined as “funds not currently on deposit at Liberty Bank.” There is also a limit of one account per customer.
$100 Checking Bonus
You still have three months to take advantage of Liberty Bank’s new checking account $100 bonus. The details for this “Wallet Candy” can be found on the promotion page and are summarized as follows:
- All account holders on the new account must be new consumer checking customers, defined as not having “had a checking account within the past 365 days.”
- Direct Deposit (payroll, pension, or government benefits) required within 90 days of account opening.
- $100 will be deposited in new checking no later than 60 days following first Direct Deposit transaction.
All of Liberty Bank’s four checking accounts (PayBank, Quarter Back, Basic, and Interest) qualify for the $100 bonus. Details for all four checking accounts can be found on the Bank's website.
Headquartered in Middletown, Connecticut, Liberty Bank’s market area is primarily Connecticut, but the Bank’s website does state that residents of Hampden, Hampshire, and Worcester Counties, Massachusetts, and Washington County, Rhode Island are “invited to apply.”
While Liberty Bank does offer several online products, the Max Money Market Promo must be opened in-branch at any of 55 full-service Connecticut branches, which are located throughout the state.
Liberty Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.47% (excellent) based on June 30, 2017 data. In the past year, Liberty Bank has increased its total non-brokered deposits by $97.4 million, an above average annual growth rate of 2.8%. Please refer to our financial overview of Liberty Bank (FDIC Certificate # 17943) for more details.
How do you summarize Liberty Bank’s 192-year history in one or two short paragraphs? You don’t, but a few facts and a historical anecdote might be interesting.
Originally founded in 1825 as The Middletown Savings Bank, Liberty Bank is currently Connecticut’s fourth largest bank with assets in excess of $4.7 billion. The Bank is also the State’s oldest mutual bank and is still maintains its original location on Main Street in Middletown. In the past 40 years, there have been two name changes and six acquisitions.
In 1844, Frederick Sheffield, a young merchant from Old Saybrook, rode his horse to Middletown to deposit $8. Six months later, he made an additional deposit of $18. In 1994, Sheffield's relatives decided to close the account. It had been maintained over the years, handed down through the generations, and had grown through compounding interest to more than $32,000. At the time it was the oldest individually owned savings account in America.
How the Max Money Market Promo Compares
When compared to the 244 Money Market Accounts tracked by DepositAccounts.com that are available in Connecticut, Liberty Bank’s Max Money Market Promo APY currently ranks first. In addition, the APY also equals that of Ally Bank’s No Penalty 11-month CD.
|Interest Rate||Account Name||Credit Union/Bank|
|1.50% APY||Max Money Market Promo ($500 min/$100k max)||Liberty Bank|
|1.50% APY||No Penalty 11-month CD ($25kmin/no max)||Ally Bank|
|1.41% APY||Money Market Savings (no min/no max)||UFB Direct|
|1.36% APY||Advantage Money Market Special (no min/$500k max)||United Bank|
The above rates are accurate as of 10/2/2017.