Last Updated: 04/18/2025
The Freedom Bank of Virginia Minor Savings Account
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.10%(Verified 07/15/2024)
Minimum Opening Deposit
Starting at $10
Minimum Balance to Earn APY
$10
The Freedom Bank of Virginia Minor Savings Account Review
The Freedom Bank of Virginia Minor Savings Account is offered by The Freedom Bank of Virginia, a bank founded in 2001 and based in Fairfax, VA. The Freedom Bank of Virginia Minor Savings Account are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.10%.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $10 to open an account.
The Freedom Bank of Virginia Minor Savings Account Pros & Cons
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The Freedom Bank of Virginia Minor Savings Account FAQ
Are savings accounts from The Freedom Bank of Virginia federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does The Freedom Bank of Virginia offer a signup bonus?
The Freedom Bank of Virginia Minor Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for The Freedom Bank of Virginia Minor Savings Account?
The minimum deposit to open a The Freedom Bank of Virginia Minor Savings Account is $10.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does The Freedom Bank of Virginia Minor Savings Account offer?
The Freedom Bank of Virginia Minor Savings Account offers an APY of 0.10% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does The Freedom Bank of Virginia Minor Savings Account charge?
The Freedom Bank of Virginia Minor Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
What features and perks does The Freedom Bank of Virginia Minor Savings Account offer?
This savings account includes the following features:
- Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
- Mobile Banking Services - The Freedom Bank of Virginia Minor Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to The Freedom Bank of Virginia Minor Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for The Freedom Bank of Virginia Minor Savings Account?
The customer support email for The Freedom Bank of Virginia Minor Savings Account is info@freedom.bank.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
Closed