Luana Savings Bank Maintains Top Rates On 24-Month And 30-Month CDs

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Availability: 24-month CD Special, 5.68% APY ($100k), 5.52% APY ($2k). 30-month CD, 5.52% APY ($100k), 5.37% APY ($2k).

Availability: Nationwide

Following recent rate increases of 10 bps and 15 bps, respectively, the Luana Savings Bank (Luana) 24-month CD Special and 30-month CD have secured top spots in yesterday’s CD Deals Summary. The vast majority of Luana CDs have tiered APYs based on deposits of $100k and $2k, with a rate difference of 15-16 bps between the two tiers.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.96*%$100k-Luana Savings Bank24 Month CD Special
OTHER TIERS: 4.81% $2k - $100k
4.91*%$100k-Luana Savings Bank30 Month CD
OTHER TIERS: 4.76% $2k - $100k
Rates as of April 22, 2024.

While Luana began offering nationally available CDs on its website about two years ago, Fidelity and Vanguard had been offering a variety of brokered CDs (mainly long-term) issued by Luana for at least a year prior. CSR stated that third-party and brokered funds cannot be used to open a 24-month CD Special or 30-month CD.

Early Withdrawal Penalty

According to CSR, a partial withdrawal is not permitted: only an early closure is allowed and the principal is not protected. The Early Withdrawal Penalties are substantial:

  • 24-month CD Special – 12 months of interest
  • 30-month CD – 15 months of interest

Availability and Account Opening

Headquartered in Luana (pronounced loo-AIN-ah) 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.

There is no online account opening. According to CSR, the first step is ascertaining your identity through an in-branch visit, a series of secure, encrypted emails, or by snail-mail. Once your identity is established, a CD can be opened in-branch at any of the six Iowa branches located in Clive, Luana, New Hampton, Norwalk, Ossian, and Polk City, or over the phone.

The ”Open an Account Today” button on the Certificate of Deposit landing page leads to the “Locations” page, which has a “Contact Us” button. According to the "Contact Us" page,

Fill out the form below, and we will be in touch within 1-3 business days. You may also give us a call or visit one of our locations.

Funding and Other Details

The following information is from a conversation with a very knowledgeable CSR.

  • Funding – Wire ($18), check, or internal transfer.
  • Ownership – Individual or joint.
  • Interest – Compounded/credited semi-annually; automatic deposit of earned interest in another account (in-house or external financial institution) can be setup.
  • Maturing Funds – Check or internal transfer.
  • Beneficiaries – Unlimited with equal shares, Social Security numbers are not required.
  • Grace Period –10 calendar days before automatic renewal.
  • Credit Check – None, just a Social Security number verification.

Bank Overview

Luana Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.02% (excellent), based on June 30, 2023 data. In the past year, Luana Savings Bank had increased its total non-brokered deposits by $180.82 million, an excellent annual growth rate of 31.37%. 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 eleventh largest bank in Iowa, with assets in excess of $2 billion and nearly 21,000 customer accounts. 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 lists some of the bank’s recent accomplishments.

  • 9th Best Earning Bank in Iowa in Q2 2023.
  • 19% Average Return on Equity
  • >$2.2 Billion of Loans Serviced
  • Top 100 Farm Lenders Nationally as reported by American Banker's Association
  • How the 24-Month CD Special Compares

    When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $100k or less, no banks or credit unions have higher rates than currently offered on the Luana Savings Bank 24-Month CD Special. The following table compares the 24-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

    How the 30-Month CD Compares

    When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $100k or less, no banks or credit unions have higher rates than currently offered on the Luana Savings Bank 30-Month CD. The following table compares the 30-Month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

    The above information and rates are accurate as of 10/26/2023.

    To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

    Related Pages: Cedar Rapids CD rates, Des Moines CD rates, 5-year CD rates, nationwide deals

    Comments
    RichReg
      |     |   Comment #1
    5.68% for a nice 24 months ain't too shabby.
    ESPECIALLY from a bank (nationwide) as opposed to multiple
    hoop jumps v.i.a. some CU.
    rockies
      |     |   Comment #2
    I see Bauer Financial gives Luana a 2 star rating (Problematic). FYI.
    https://www.bauerfinancial.com/star-ratings/
    RichReg
      |     |   Comment #3
    Good catch. 
    Haven't seen a rating that low in awhile.

    Probably due to this:
    https://www.luanasavingsbank.com/regulatory-update/
    kaholee
      |     |   Comment #4
    any concern opening a cd with luana given this?
    RichReg
      |     |   Comment #6
    Really wouldn't bother me that much.
    Having been scrutinized by regulators does seem to have woken Luana up. But their article goes on to say that they're now considered to be "well-performing" with "superior assets". Would appear that most of that trouble has been settled.

    But for one, I don't have 100k handy to get that rate, and two; Luana doesn't do IRAs for out-of-state customers. ;(
    diamondx
      |     |   Comment #5
    SkyOne FCU has my ZERO star rating.
    milty
      |     |   Comment #7
    Don't know if this has been mentioned yet or not, but according to a Luana CSR, the bank does not allow ACH transfers.
    Luana Savings Bank Ups Nationally Available CD Rates
    Availability: 24-month CD Special, 5.58% APY ($100k), 5.42% APY ($2k); 30-month CD, 5.37% APY ($100k), 5.22% APY ($2k); 17-month CD Special, 5.68% APY ($5k).

    Availability: Nationwide

    Following recent rate increases of 15 bps, two CD Specials and one CD offered by Iowa-based Luana Savings Bank (Luana) are prominently featured in yesterday’s CD Deals Summary. These rates are in the top four highest APYs in the Luana CD product line.

    While Luana began offering nationally available CDs on its website about two years ago, Fidelity and Vanguard had been...

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    Availability: Nationwide

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    Availability: Nationwide

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    As stated on the Money Market landing page,

    • $2,500 Minimum Deposit to Open Account
    • $2,500 Minimum Daily Balance (to avoid $10/mo fee)
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    Availability: Nationwide

    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.

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