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Luana Savings Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 4.0 Star Icon
1.36%APY
1 Year CD

Pros:

  • Good variety of CD terms available
  • Competitive interest rates on CDs
  • Step Up and Add CDs available
  • Most opening amounts are low

Cons:

  • CDs have tiered interest rates
  • Does not offer interest rate guarantee
  • Opening required amounts vary
  • Cannot open CD completely online

What You Need to Know

Luana Savings Bank offers a good variety of CD terms. The terms range from three-months to five-years. They offer a variety of CD types as well. Along with regular CDs, they offer CDs with rate increases. They also offer a CD specifically for children under 18.

The interest rates for Luana Savings Bank CDs are competitive. Their rates are slightly lower than other online CDs, but still competitive. Luana CD interest rates are higher than typical bank interest rates. Even the shorter-term CDs offer competitive interest rates.

Luana Savings Bank offers a Step Up and Add CD. This CD is available in a 26-month term. The opening required amount is $5,000. Any amount above $5,000 earns the most competitive rate. This is also true for the special nine-month CD. Amounts above $5,000 earns the competitive rate.

Most of the Luana Savings Bank CDs have low opening required amounts. A good portion of the CD terms only require $1,000 to open. The CD for children only requires $500. You must keep the opening required balance in the account to earn interest.

The CDs offered through Luana Savings Bank have tiered interest rates. To earn the most competitive rate, you must have a high account balance. Most of the CD terms require a balance of $100,000 to earn the most competitive interest rate. Lower balances still earn good rates, just not the most competitive.

Luana Savings Bank CDs do not offer an interest rate guarantee. The interest rate on the day you open the account is the rate your CD earns for the life of the term. If interest rates increase shortly after you open your account, your rate will not increase.

The required amounts to open Luana CDs vary depending on the CD term. The regular CD accounts typically require $1,000 to open. A few special CDs require $5,000 to open. The CD for kids requires $500 to open. These amounts are required to open the CD. To earn the best rate requires a much higher balance.

You can apply for Luana Savings Bank CDs online, but the process takes some time. To apply for a CD, you fill out the necessary information. The paperwork is then submitted to a Luana employee. They will contact you within one business day to discuss your application.

Cool Things

Education

The Luana Savings Bank website offers a section on financial education. Here you can read articles on a variety of financial topics. Some of those topics include identity theft and debit card safety. Learn why you should invest money in CDs or how to plan a budget.

History

Luana Savings Bank started in Northeastern Iowa in 1908. They have been helping those in and around the community for over a century. They are the largest agricultural lender in Northeast Iowa. Luana is the 15th largest bank in Iowa with just under $1.2 billion in assets. They have over 70 employees at five branch locations, with a new location opening soon.

Luana offers personal deposit and business accounts. Those accounts include checking and savings accounts. They offer CDs and a variety of lending options.

Awards and Recognition

  • Agricultural Bank of the Year in 2018 by Iowa Finance Authority
  • Ranked in the top one percent for Most Efficient Banks Nationally from Bauer Financial
  • Top 100 Farm Lenders Nationally by American Bankers Association

Frequently Asked Questions

Is Luana Savings Bank FDIC insured?

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.

How many different terms does Luana Savings Bank offer?

They offer 13 CD terms. The terms range from three-months to five-years.

What is the required amount to open a CD with Luana Savings Bank?

The opening amount changes depending on the CD. Most Luana CDs only require $1,000 to open. A few special CDs do require $5,000 to open. The CD for children only requires $500 to open. To earn the most competitive rates requires much higher account balances.

How do I deposit money into Luana Savings Bank CDs?

By visiting a local branch location or through mobile deposit. You can deposit money through electronic transfers or direct deposits. You can transfer money electronically between Luana accounts or from an external account.

How do I access my money?

Through electronic transfers or by visiting a local branch location. Contact customer service to find more ways to access your money. If you withdraw money from the CD before it reaches maturity you may be charged a fee.

Do I have to open other Luana Savings Bank accounts before I can open a CD?

No. You can open a Luana Savings Bank CD without opening other accounts.

Do Luana Savings Bank CDs offer competitive interest rates?

Yes. The rates are competitive. They are slightly lower than other online CDs, but still competitive. The CD accounts have tiered interest rates. To earn the most competitive rate requires a high account balance.

Can I choose how to receive my interest payments from Luana Savings Bank CDs?

Specific interest payments are not listed on the website. Contact customer service to talk about ways to receive interest payments.

What percentage am I charged if I withdraw money before the maturity date?

Contact customer service to find out the early withdrawal penalties.

How do I make changes during the grace period?

Contact customer service to learn how to make changes during the grace period.

How will I know my Luana Savings Bank CD is nearing maturity?

Contact customer service to find out when your CD reaches maturity.

How long is the grace period between renewal?

The typical grace period is ten days after the CD reaches maturity.

Are Luana Savings Bank CD rates guaranteed for the entire term?

CD interest rates are generally guaranteed for the life of the CD term.

Does Luana Savings Bank offer mobile banking?

Yes. With the mobile app you can see account balances and history. You can transfer money between accounts and find a local branch location.

Is Luana Savings Bank a good bank?

Luana offers a good variety of CDs and CD terms. The opening required amounts for most CDs is low. The interest rates are slightly lower than market leading online CD rates. These rates are still competitive with online accounts. The interest rates are higher than typical bank rates.

Is Luana Savings Bank secure online?

Luana offers security measures that comply with federal laws. Their computers have safeguards. Their buildings and files are secure.

What is the shortest Luana Savings Bank CD term offered?

The shortest term available is a three-month term.

What is the longest Luana Savings Bank CD term offered?

The longest term offered is a five-year term.

Does Luana Savings Bank offer accounts other than CDs?

Yes. Luana offers a variety of bank accounts. Those include personal deposit checking, savings, and money market accounts. They offer agricultural business accounts and accounts for children. They also offer personal lending options and agricultural loans.

Can I use Luana Savings Bank CDs for my business accounts?

Yes. Luana Savings Bank offers agricultural business checking accounts, insurance, and lending options.

How do I reach customer service?

By visiting a local branch location. You can reach customer service through phone or email. You can also follow Luana Savings Bank on Facebook.

Bank Contact Information

Luana Savings Bank Customer Care
(800) 483-7053

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