DA readers may recognize the Luana Savings Bank (Luana) name from the bi-weekly CD Rates Summary. In the past twelve months, Fidelity and Vanguard have offered a variety of brokered CDs, mainly long-term certificates, issued by Luana.
The rates offered on the 6-month Certificate Special are among the highest rates in the Luana Certificate product line: only the 5-year and 6-year Certificates have slightly higher rates. Like all Luana Certificates, the 6-month Certificate Special has tiered APYs. While minimum deposits of $1k and $25k only earn 0.25%, minimum deposits of $50k and $100k earn 0.65% APY and 0.75% APY, respectively. There is no stated balance cap. CSR stressed that “third-party and brokered funds are not eligible for the Special.”
According to CSR, partial withdrawals are not permitted; only early closures are allowed and will incur an Early Withdrawal Penalty of 3 months' interest.
Funding a Certificate Special can be done by ACH, wire, internal transfer, or check. The only options for distributing maturing funds are a check mailed to the address on file or an internal transfer to a Luana savings account. There is a 10 day grace period before automatic renewal.
Headquartered in Luana in northeast Iowa, Luana Savings Bank offers its product line nationwide to U.S. citizens and resident aliens (18 years or older) who have a valid Social Security number or Tax Identification number.
The ”Apply Now” button on the Certificate of Deposit landing page leads to an application of sorts. It's more like a "Contact Me" form that captures basic personal information.
Thank-you for your interest in an account with Luana Savings Bank! Please submit the form below (which is secured) and we'll contact you within one business day. All forms are checked by a human; if you're not an existing customer, Federal Law requires us to obtain proof of your identity.
Opening a Certificate Special (and another other account) can also be done at any of the six Iowa branches located in Clive, Luana, New Hampton, Norwalk, Ossian, and Polk City.
Luana Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.22% (excellent), based on June 30, 2021 data. In the past year, Luana Savings Bank has increased its total non-brokered deposits by $303.02 million, an excellent annual growth rate of 72.82%. Please refer to our financial overview of Luana Savings Bank (FDIC Certificate # 253) for more details.
Founded in 1908, Luana Savings Bank is currently the tenth largest bank in Iowa, with assets in excess of $1.9 billion. At first glance, Luana’s logo seemed to be six abstract lines. The meaning of the logo became clear when I read that Luana is the largest agricultural lender in Northeast Iowa and among the largest in Iowa: those golden lines represent a sheaf of wheat.
Luana’s About Us page states some of the bank’s recent accomplishments.
$645 Million in Single Family Home Originations in 2020 $346 Million - Record Home Loan Originations in the first 6 months of 2021 18.20% Return on Equity >$2.1 Billion of Loans Serviced Top 100 Farm Lenders Nationally as reported by American Banker's Association
How the Certificate Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Luana Savings Bank’s 6-month Certificate Special APY currently ranks second, regardless of minimum deposit requirements.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|0.80% APY||9-Month Jumbo CD Special ($100k min)||Veridian Credit Union|
|0.75% APY||6-month Certificate Special ($100k min)||Luana Savings Bank|
|0.70% APY||7-Month Fixed CD ($500 min)||Lafayette Federal Credit Union|
|0.65% APY||6-month Certificate Special ($50k min)||Luana Savings Bank|
The above information and rates are accurate as of 9/27/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.