Liberty Federal Credit Union
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About Liberty Federal Credit Union
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Headquartered in Indiana, Liberty Federal Credit Union is a full-service credit union offering checking and savings accounts, loans, credit cards, online and mobile banking, and wealth management services. While the main branches are located throughout Indiana, Kentucky and Tennessee, the credit union serves members in all 50 states.
Pros & Cons
- High APY with checking account
- Mobile app and pay
- Low APY for money market accounts
- Limited branch locations
Liberty FCU offers almost every financial service you could need through select branch locations, online and by phone. Its mobile app makes banking and account management easier.
What is Liberty Federal Credit Union?
When Liberty FCU was founded in 1936, it was primarily for educators. It was then called Evansville Teachers Federal Credit Union, but it changed its name in 2022 to Liberty Federal Credit Union to better reflect the wide range of members it serves.
Liberty FCU offers most standard financial services to its members, including high-interest checking accounts and auto and home loans. It also includes services that many other banks and credit unions don’t offer, such as a travel agency and personal property insurance agency.
How does Liberty Federal Credit Union work?
Establishing a membership with Liberty FCU is fairly easy. You just need to have one of the following qualifications:
- Be currently employed or retired from an employee group from the credit union’s field of membership
- Be an immediate relative of another member (step or adoptive family members also qualify)
- Share a household with a member (not necessarily a relative)
You can open an account online or in person with a minimum $5 savings account deposit. As long as this money stays on deposit, you will be eligible for the credit union’s benefits.
Liberty Federal Credit Union products
There are many account options with Liberty FCU, though one of its most popular products is the high-interest checking account.
Here is a closer look at some of the top products most members use daily:
- Savings accounts
- There are several different types of savings accounts you can have through Liberty FCU, including Christmas and Vacation Club Accounts to help you save for these special events.
If you don’t want a separate account for specialized savings, the Special Share Account allows you to earmark savings for different purposes — such as taxes or college tuition — within your main account.
At the time of publishing, savings accounts require a $200 minimum balance and currently earn 0.01% annual percentage yield (APY).
- Checking accounts
- Liberty FCU’s online checking accounts require no minimum balance and have no account maintenance fees. At the time of publishing, you can earn 3.45% APY on balances up to $20,000 through Vertical Checking.
You can also opt for a rewards debit card over a high-APY card with the Platinum Rewards. This account comes with overdraft protection and earns 500 bonus points for each month of regular use.
- Certificates of deposit
- Liberty FCU offers certificates of deposit (CDs) with terms ranging from three months to six years, and APYs as high as 3.75% as of publishing. All CDs need a minimum of $1,000 to open.
- Money market accounts
- Money market accounts are available for members who wish to have more access to their funds than a CD provides. However, the current rates are under 1%, so it may make more sense for members to use the high-interest checking account instead.
Liberty Federal Credit Union fees
Depending on which product you use from Liberty FCU, there may be fees. Some of the common fees include:
- $27 for nonsufficient funds (NSF)
- $4 for overdraft transfer
- $5 for replacement ATM, debit or rewards card
- Up to 1% of the amount for foreign transactions
One fee you can avoid is an ATM fee. For select accounts, Liberty FCU will waive ATM fees of up to $15 per month for using an out-of-network ATM.
Liberty Federal Credit Union FAQ
What safety features do Liberty FCU accounts have?
Keeping your checking and savings accounts safe is key, and Liberty FCU offers the latest tech tools to do so. Members can monitor their credit reports daily and also turn their debit card off instantly if they misplace it or suspect fraudulent use.
Does Liberty FCU offer mobile pay?
Yes, you can use your Liberty FCU account through your phone to pay at your favorite places with Google Pay, Apple Pay or Samsung Pay.
Does Liberty FCU offer Zelle?
While it does not offer Zelle, Liberty FCU makes it easy to pay anyone from different financial institutions with its Pay a Person service. However, you will need to set up a Pay a Person connection with a security question before sending the money.
How is a credit union different from a bank?
A credit union is a not-for-profit institution. This allows Liberty FCU — and other credit unions — to return profits to its members through better rates. Accounts at insured credit unions are insured by the National Credit Union Administration (NCUA) rather than the Federal Deposit Insurance Corporation (FDIC).
Do we recommend Liberty Federal Credit Union?
Liberty FCU is an established, full-service credit union that serves members across the country. It has over 270,000 members and more than $3 billion in assets.
Its high-interest checking account yields more than many accounts we’ve seen, and we appreciate that the credit union has so much to offer, including a tech-savvy mobile app.
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Liberty Federal Credit Union Company Information
- Company Name:
- Liberty Federal Credit Union
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