Liberty Bank review

The account pays a fixed rate of 8.99% to 9.92% for the whole term, so the return does not move while the money is placed. The rate type is fixed, which sets it apart from the easy access accounts that make up 75.6% of the savings accounts listed.

The minimum deposit is GEL 100, which is higher than the savings account median of €0.17. Anyone starting with a smaller sum would need to build up to the minimum first, because top ups are not part of the access terms for this deposit.

Terms run 3 to 24, and the access terms allow no additions or withdrawals during the term. The money stays placed until the end date, so this suits savers who do not need the balance for regular spending.

The monthly fee is GEL 0, the same as the savings account median of €0. 91.7% of the listings compared run on a no monthly fee basis, so this account adds no monthly cost to the return.

Liberty Bank is based in Georgia and the legal entity is JSC Liberty Bank. It holds a banking licence supervised by the National Bank of Georgia, and bank licences make up 27.5% of the listings compared against 39.1% for e-money providers.

A deposit opens at any Liberty service centre or in the mobile banking app, so branch and app access both work. Support runs on phone and email, which covers phone and email. Once the term starts the balance stays put until the end date.

The rate of 8.99% to 9.92% sits well above the savings account median of 3.08%, though fixed rate accounts make up 18.2% of the savings accounts listed. Plazo ES shows a headline rate of 24.19% on a credit card product instead.