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Financial Rates:
2.0
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Customer Service:
3.5
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Website Experience:
3.0
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Bank Fees:
3.5
Pros:
- Competitive interest rates on accounts
- Variety of accounts offered
- Most accounts have low opening amounts
- Special CDs earn great rates
Cons:
- Accounts have monthly fees
- Highest rates require large sums
- No business accounts offered
- Bill pay has a monthly fee
What You Need to Know
Luana Savings Bank offers competitive rates on their accounts. The rates are competitive with other online accounts. The interest rates could change depending on your location. Contact Luana employees to find out the rates you could earn on the accounts.
There are a variety of different accounts offered through Luana Savings Bank. The personal deposit accounts include a budget, VIP, and a senior checking account. They offer money market and savings accounts. A variety of different CD terms are offered. Luana also offers accounts for kids, including a 12-month CD.
The required amount to open an account with Luana is low. The savings account requires $50 to open. Checking accounts do not have a set amount required to open the accounts. The CD for kids requires $500 to open. Each different CD term requires $1,000 to open. The interest money market account requires $2,500 to open.
Luana Savings Bank offers three special term length CDs. The interest rates on these terms are slightly more competitive than the other CD rates. The terms include a 9-month, 26-month, and 42-month term. The 9-month and 26-month terms require $5,000 to open. The 42-month term only requires $1,000 to open.
Some Luana accounts have a monthly fee. The checking account fees range from $8 to $16 depending on the account. To waive the monthly fees requires keeping a set balance in the account. The balance is $1,000 or $2,500 for checking accounts. The VIP Club account has a fee that does not have an option to waive.
To earn the most competitive rate for Luana accounts requires large balances. The NOW account requires $100,000. The Insured MMA requires $250,000. CDs require over $100,000 to earn the most competitive rates. The lower rates are still competitive, but not the best rate offered.
Luana does not offer business accounts. Only personal deposit accounts are available through Luana Savings Bank. Those accounts include savings, checking, and money market accounts, along with CDs. Luana does offer commercial lending options.
Luana Savings Bank offers bill pay with their checking accounts. The bill pay is not free. There is a monthly fee of $4.95 to use bill pay. That fee is waived if you make at least three payments per monthly cycle. If you make more than 20, you will be charged $0.50 per transaction.
Cool Things
Education
The Luana Savings Bank website offers an education section. In this section are a wide variety of different financial topics. The topics range from credit, internet safety, and debit card safety. You can learn about identity theft, budgets, CDs, and college. There are different articles on the different topics.
Kids CD
Luana Savings Bank offers a 12-month CD specifically for kids. It only requires $500 to open. The interest rate is competitive but could vary depending on where you live. The child must be under 18 to qualify for the account.
History
Luana Savings bank started in Northeastern Iowa in 1908. It is the largest agricultural lender in Northeast Iowa and the seventh largest in the state of Iowa. It is the 16th largest bank in Iowa with more than $1.2 billion in assets. They have 72 employees with five branch locations across Northeast Iowa.
They offer personal deposit accounts along with lending options. Their deposit accounts include checking, savings, money market accounts, and CDs. Luana offers auto, home, agricultural, and commercial lending options. They also offer options to refinance, consolidate debt, and personal loans.
Awards and Recognition
- "Top 100 Farm Lenders Nationally" by America Banker's Association
- "Top 1% of Most Efficient Banks Nationally" by Bauer Financial
Frequently Asked Questions
Yes. Luana 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.
With checks, ATM or debit cards, bill pay, or electronic transfers. You can visit a local branch location if you live by one.
Yes. With the Luana app, you can check account balances, make transfers, and pay bills. You can find branch or ATM locations and deposit checks.
The interest rates on the accounts are competitive. Most Luana accounts have low opening required amounts. The accounts have a monthly fee. Waive most of the fees by keeping a set balance in the account.
Most accounts have a monthly fee. Waive the monthly fees by keeping a set balance in the accounts. The balances range from $1,000 to $2,500 depending on the account.
Luana offers security that complies with federal law. Their computers have safeguards along with secure files and buildings. They only share the information they are allowed to by law.
Yes. Luana offers competitive interest rates. However, to earn the most competitive rate requires large balances.
No. Only personal deposit accounts are offered. Luana Savings Bank does offer commercial loan options.
The interest rates on the accounts are higher.
No. Luana Savings Bank checking accounts do not earn interest. Their NOW account earns interest. You can make 20 transactions each month without a fee. Each transaction over 20 will cost $0.20.
By phone, email, or by texting a banker. You can also visit a local branch location.
Luana Savings Bank offers bill pay, but it is not free. You must make three payments per month to avoid the monthly fee of $4.95. If you make more than 20 payments, you will be charged $0.50 per additional payment or transaction.
Yes, at a branch location.
Specific transfer times are not listed on the website.
Yes. Money can be directly deposited into Luana accounts.
Bank Contact Information
Luana Savings Bank100 Harvest Dr.
PO Box 68
Luana, IA 52156
(563) 539-2166
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.