Average User Rating:| 202 East Center Street Warsaw, IN 46581 574-267-6144 www.lakecitybank.com  |
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Lake City Bank is headquartered in Warsaw and is the 4th largest bank in the state of Indiana. It is also the 242nd largest bank in the nation. It was established in 1872 and as of March of 2012, it had grown to 486 employees at 45 locations. Lake City Bank's savings rates are 17% higher than the national average, and it boasts a 5-star health rating.
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Lake City Bank has a 59 month CD paying 3%. This is one of the better rates around. I haven't seen this CD posted on any of the bank websites so I thought I'd post it on this forum
It's getting harder to find reward checking accounts that offer the top rate for balances over $25K. However, there continues to be a few banks and credit unions that offer top rates on balances up to ...
Update 1/02/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.Lake City Bank is offering a rewards checking account that pays 4.01% APY on balances up to $25,000 (1.01% for over) and refunds ATM fees (up to...
See Rates for: Checking | Savings
Lake City Bank Checking Account Rates
Lake City Bank Savings Account Rates
Data for Q1 2012
Institution Statistics
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Institution Health
Overall Score:
5 out of 5 
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Rewards Checking
- grnbsh - Sunday, June 20, 2010 - 4:25 AMI opened up a rewards checking account, with the current 3.51% APY paid on the portion of the balance below $50,000. The account was easy to open up, plus I can open up a corresponding companion Rewards Savings account that now pays 1.51% APY on the entire balance. That beats many savings plans, or money market account rates.
Don't Waste Your Time
The bank's website says accounts are limited to people in certain counties but adds that "Lake City Bank reserves the right to make exceptions to this policy based on the individual applicant's situation."
I went to the branch in South Bend and explained my situation--I am planning a move back to South Bend over the period of the next year or so and want a local bank as I make the frequent trips necessary. The young lady called her superiors and was assured that the Bank was willing to make this exception.
I spent the next 90 minutes patiently waiting for the interminable process that this Bank goes through to produce reams of unnecessary paper. While I went through this, I wondered how the Bank can make any money, given its archaic technology. Nevertheless, the account was finally opened, and I left with a fistful of paper and some starter checks. I thought all was well.
Two days later, I received a phone call telling me the account had been closed and a check was in the mail. I expressed my surprise and asked for an explanation. The lady said that "upper management" had instructed her to close the account because it was out of their service area. I asked her to have someone from "upper management" call me, and she seemed taken aback. She said she would try, but, of course, no one ever called. And the exception language on the website hasn't changed.
So if you think "customer service" is important, think of another bank.
(It gets one star only because that's a requirement.)