The Federal Savings Bank

The Federal Savings Bank offers aspiring homebuyers the best of both worlds – innovative home lending solutions and banking products. Founded by veterans and industry experts, the lender strives to make homeownership more accessible nationwide in the communities it serves.

About The Federal Savings Bank

The Federal Savings Bank isn’t your traditional brick-and-mortar bank. It is a federally chartered bank offering an assortment of banking services to help you manage your hard-earned money more effectively. There are also customized home purchase and refinance products, as the bank is committed to helping everyday consumers overcome the hurdles often associated with achieving their homeownership dreams.

You can visit the two main branches in Illinois to meet with a banker or handle other banking needs. Bankers are also accessible in Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Massachusetts, Missouri, Nebraska, New Jersey, New York, North Carolina, Tennessee and Virginia, but solely for mortgage-related purposes.

Led by Chairman and Chief Executive Officer (CEO) John Calk, The Federal Savings Bank is accredited by the Better Business Bureau (BBB) and boasts an A+ rating.

Banking Services Provided

The Federal Savings Bank offers a broad range of financial services tailored to meet your personal and business banking needs.

Checking and Savings Accounts

You can choose from the following products:

• Consumer Value Checking: You can open an account with a deposit of just $25, and there are no minimum balance requirements.
• Consumer Interest Checking: This is a step up from Value Checking, as it pays a 0.10 percentage annual percentage yield (APY). However, you’ll need $100 to get started, and a balance of at least the same amount must be maintained to earn the advertised APY.
• Consumer Savings: This account pays a slightly higher APY of 0.25% if you maintain a balance of $100 or higher. The minimum opening deposit requirement is $25.

Certificates of Deposit (CDs)

If you want to earn an even greater return on your money, The Federal Savings Bank offers CDs with 12-month, 18-month, 2-year, 3-year, 4-year and 5-year terms. At the time of publication, APYs ranged from 4.07% to 4.91%.

Money Market Accounts

The Virtual Money Market account gives you the best of both worlds – the ability to write checks as you would with a checking account while earning an attractive return on your money. It currently comes with an APY of 2.50%, and you need $2,000 to open an account.

Business Banking

Comprehensive business banking solutions are available through The Federal Savings Bank. To learn more, call 877-788-3520 to speak with a banker directly.

Mobile Banking

You can log in to the online banking dashboard or access your account from the mobile app to manage your account 24/7. This means you can initiate transfers, schedule online bill payments, view statements and transaction activity, make mobile check deposits, manage debit cards, and so much more.

How to Open an Account with The Federal Savings Bank

When you’re ready to open an account, be sure to have your driver’s license, passport or state-issued identification card handy. You’ll need to upload a copy before the bank reviews your application. Also, jot down the routing and account number for the account you’ll use to fund your new account.

Next, move on to the account application process, which entails five steps:

• Step 1: Navigating to the “Banking” page and selecting “Open an Account”
• Step 2: Entering and confirming your email address to start a new application
• Step 3: Inputting personal information
• Step 4: Selecting the accounts you wish to open
• Step 5: Providing banking information to fund the new account

As previously mentioned, you must contact a banker directly to open a business account. If you’re a current customer, you can sign in to the online dashboard to view personal or business account options that may be available to you.

Mortgage and Loan Products Offered

Whether you want to buy a new home or refinance your current one, The Federal Savings Bank can possibly assist you.

Mortgage Purchase

When you’re ready to purchase a home, The Federal Savings Bank offers these options:

• Fixed-rate mortgage: It gives you a set interest rate, which means your monthly principal and interest payment remains constant over the life of the loan.
• Adjustable-rate mortgage: You get a lower introductory rate for a set period, followed by a variable rate that fluctuates with market conditions until the loan term ends.
• FHA loans: These mortgages make homeownership more accessible to those with lower credit scores or minimal cash reserves for a down payment.
• VA home loans: Reserved for active-duty personnel and Veterans, VA home loans offer 100% financing with competitive rates.
• USDA home loans: You can use this mortgage to purchase a home with no down payment in an eligible rule area, but you must meet the income guidelines.

Mortgage Refinance

If you have an existing mortgage but want to improve your terms, refinancing could be ideal. Refinancing could get you a more affordable mortgage payment or adjust your loan term. It’s also possible to access cash if you have a sizable amount of equity, which can be used to consolidate debt, cover a big-ticket purchase, or do whatever else you see fit.

Down Payment Assistance (DPA)

Most home loans require a down payment for approval. If you don’t have a ton of cash lying around, though, your homeownership dreams aren’t necessarily out of reach. Inquire about Down Payment Assistance (DPA) programs that may be able to assist.

How to Apply for a Loan with The Federal Savings Bank

You can begin the mortgage lending process by completing the online questionnaire. Loan officers are also available by phone at 877-377-9004 to answer any questions you may have, help start the loan application process and advise you on the next steps.

Pros and Cons of Banking with The Federal Savings Bank

Here’s a closer look at the key advantages and disadvantages that come with banking at The Federal Savings Bank.

Pros

• You can access CDs with varying terms that pay competitive APYs to maximize your savings.
• You’ll receive personalized service to meet your unique banking and home lending needs.
• You can use one of over 55,000 fee-free ATMs nationwide to withdraw funds.
• You get peace of mind knowing you get coverage of up to $250,000 per depositor per account through the Federal Deposit Insurance Corporation (FDIC).

Cons

• You’ll need a minimum deposit of at least $25 to open a checking or savings account.
• You may not have access to a banking product you need, as the product range is not as extensive as you’ll find with larger banks.
• The minimum balance of $2,000 required to open a CD account is steep compared to similar offerings from other financial institutions.

Is The Federal Savings Bank Worth It?

If you want to buy a house or swap out your current home loan, The Federal Savings Bank might be a good choice. It’s also ideal if you need a checking account or savings account to more effectively manage your money. You can also grow your money faster with a money market account or CD.

Before deciding to bank with a financial institution, assess your unique needs to determine if it’s a good fit. It’s also worth reading reviews from past and current account holders and borrowers to help you make an informed decision.

How to Get Started with The Federal Savings Bank

Visit the website to learn more about its offerings and apply online. You can also call the toll-free number to inquire about specific products or services, open an account, or apply for funding.

FAQs About The Federal Savings Bank