BMO Harris Bank VS Luana Savings Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • MMA earns competitive rates
  • Good variety of accounts available
  • Special CDs earn competitive rates
  • Many ways to open accounts

Cons:

  • High opening required amounts
  • Accounts have monthly fees
  • Most interest rates not competitive
  • Tiered interest rates on accounts
  • Financial Rates: 2.0 Star Icon
  • Customer Service: 3.5 Star Icon
  • Website Experience: 3.0 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
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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
BMO Harris Bank Review

The BMO Harris money market account offers competitive interest rates. These rates are competitive with other online accounts. They are much higher than typical bank rates. There are no monthly fees for this account.

BMO Harris offers a good variety of personal and business accounts. Those accounts include:

  • Checking accounts
  • Savings and money market accounts
  • CD terms from three to 60-months
  • IRA savings accounts and CDs
  • Lending options
  • Credit cards
  • Investment options

BMO Harris Bank offers specific CD terms with more competitive interest rates. Their CD terms range from three to 60-months. They offer a six-month, 12-month, and 18-month CD with more competitive interest rates. These rates are competitive with other online CD accounts. BMO Harris CDs require $1,000, $5,000, or $100,00 to open.

There is more than one way to open BMO Harris accounts. You can open bank accounts online through the website. Customers can open accounts at a branch location or by calling customer service.

Some BMO Harris accounts have high opening required amounts. The money market account requires $5,000 to open. BMO Harris Bank offers regular CDs and jumbo CDs. To get the most competitive interest rate requires $5,000. The jumbo CDs require $100,000 to open.

Most BMO Harris accounts have monthly fees. The fees for their checking accounts range from $5 to $30. The savings account has a $5 monthly fee. These fees can be waived by keeping a set amount in the accounts. Those balances range from $100 to $50,000 depending on the account. Electronic statements and being under 25 years old will also waive some account fees.

BMO Harris Bank account rates are not competitive with other online accounts. The money market account and some CD terms offer competitive interest rates. Other account rates are not competitive with online accounts.

The premier checking account has tiered interest rates. To earn the most competitive rate for this account requires a balance of $50,000. The money market account has tiered interest rates, but the tiers are not on the website.

Read the full BMO Harris Bank review.

Luana Savings Bank Review

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.

Read the full Luana Savings Bank review.

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