Home Savings Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon


  • Competitive interest rates for CDs
  • Personal deposit accounts offered
  • Can open CDs online
  • Online mortgage options


  • High opening required amounts
  • Monthly maintenance fees are high
  • Cannot open all accounts online
  • MMA has tiered interest rates

What You Need to Know

Home Savings Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. Their rates are much higher than typical brick and mortar bank rates. The rates are competitive whether you open the account in the branch or online.

Personal deposit accounts are available through Home Savings Bank. These accounts include a checking account, money market account, CDs, and IRAs. Not all accounts can be opened online. Only the CDs and IRAs have the option to open online.

Home Savings Bank offers CDs that are entirely online. These accounts are available for anyone across the United States to open. You must be at least 18 years old. You must be a resident of the United States or a resident alien. You must have an address in the U.S., a social security number, and a driver license or other ID.

Home Savings Bank offers online mortgage options. You apply for your loan online. A loan officer will contact you by phone, email, or online chat to answer your questions. Because the mortgage is online, the rates and fees are typically lower than other banks.

Each of the accounts with Home Savings Bank has a high required opening amount. The CDs, money market account, checking account, and IRA accounts all require $5,000 to open. The opening required amount is the same whether opening in the branch or online.

The monthly maintenance fees for Home Savings Bank accounts are high. The fee for the money market account and checking account is $35 a month. Waive this fee by keeping a set balance in the account. The checking account requires $5,000 in a combination of Home Savings Bank accounts to waive the fee. The money market account must have $2,500 in the account to waive the fee.

Not all Home Savings Bank accounts have the option of opening online. Only the Home Savings Bank CDs and IRAs have the online option. To open the checking or money market account visit the branch location. There is one branch location in Salt Lake City, Utah.

The interest rates for the Home Savings Bank MMA are not competitive. These rates are also tiered. To earn the best rate requires an account balance over $200,000. Even the highest rate is not competitive with other online money market accounts. Only the CDs with Home Savings Bank earn competitive interest rates.

Cool Things

Online Banking

Accounts for Home Savings Bank offer online banking. Even accounts opened in a branch location have online banking options. With online banking you can see account balances, make transfers, and pay bills. Everything for your account is online.


Home Savings Bank started in 1961. Their first order of business was financing furniture sales. In 1979, Home Savings Bank started to take savings deposits and became a finance company. In 1986, Home Savings Bank became FDIC insured.

They offer personal deposit accounts. Online and in-branch CDs are available. Visit the branch location to open the money market and checking account. Home Savings Bank does not offer business accounts.

Frequently Asked Questions

Is Home Savings Bank FDIC insured?

Yes. Home Savings Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With a debit or ATM card, checks, or electronic transfers. Access your money through bill pay or by visiting the branch location.

Does Home Savings Bank offer mobile banking?

The Home Savings Bank website does not list a mobile app.

Is Home Savings Bank free?

No. The Home Savings Bank checking and money market account both have high monthly fees. Waive these fees by keeping a set amount in the account or a combination of Home Savings Bank accounts.

Is Home Savings Bank a good bank?

Only CDs be opened online. The interest rates for these CDs are competitive with other online CDs. The opening required amounts are high. There are not a wide variety of accounts. The monthly fees are high if you do not meet the set requirements.

Is Home Savings Bank secure online?

They offer multi-layering security to protect your information. Personal information is encrypted. Their security measures comply with federal law. Their computers offer safeguards and their files and buildings are secure.

Does Home Savings Bank offer competitive interest rates?

Home Savings Bank CDs offer competitive interest rates. These rates are competitive with other online CDS. The money market account does not offer rates competitive with other online accounts.

Can I use Home Savings Bank for my business accounts?

No. Only personal deposit accounts are available. Those accounts include a personal deposit checking account, money market account, and CDs.

How is Home Savings Bank online banking different from the online banking my bank offers?

The online accounts offer competitive interest rates. Everything for those accounts is online. The other accounts are similar to your typical bank online banking.

Do Home Savings Bank checking accounts pay interest?

Home Savings Bank does offer one checking account, but it does not earn interest. Visit the branch location to open the checking account.

How do I reach customer service?

By phone, email, mail, fax, or by visiting the branch location.

Does Home Savings Bank offer bill pay?

Yes. Free bill pay is available with the Home Savings Bank checking account.

Can I deposit cash?

Yes, at the local branch location. The best way to deposit money into Home Savings Bank accounts is electronic transfers. Link an external account to your Home Savings Bank account.

How long do transfers take?

Electronic deposits are available the same day. Cash, checks, and in-branch deposits are generally available the second business day. The first $200 of the deposit is available the same day. The remaining balance will fund the second business day.

Can I sign up for direct deposit to Home Savings Bank accounts?

Yes. Money can be directly deposited into Home Savings Bank accounts. Money can only be deposited into CDs during the grace period or once the CD reaches maturity.

Bank Contact Information

P.O. Box 651480
Salt Lake City, UT 84165
(800) 587-0811

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