Luana Savings Bank Has Competitive Short-Term CD Rates
Iowa-based Luana Savings Bank (Luana) increased all its Certificate rates over the weekend, with the shortest of the short-term Certificate having the largest increases (20-25 bps). The 6-month Certificate Special, 2.12% APY ($100k) and the 3-month Certificate, 1.61% APY ($100k) now offer the most competitive rates in the product line. All of Luana Savings Bank’s Certificates (special and non-special alike) have tiered APYs, with deposits between $1k and $99,999,99 earning APYs a uniform 10 bps lower.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.51†% | $100k | - | Luana Savings Bank | 6 Month CD Special | |
| 3.41†% | $1k | $100k | Luana Savings Bank | 6 Month CD | |
| 3.25*†% | $100k | - | Luana Savings Bank | 3 Month CD | |
| OTHER TIERS: 3.15% → $1k - $100k | |||||
The 6-month Certificate Special is only available as a personal CD: third-party, brokered funds, and financial institutional deposit are not eligible for the Special.
According to CSR, partial withdrawals are not permitted: only early closures are allowed. The Early Withdrawal Penalty for the 6-month Certificate Special is 3 months’ interest, with the 3-month Certificate losing 1 month’s 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.
Availability
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 three 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.
Bank Overview
Luana Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.06% (excellent), based on March 31, 2022 data. In the past year, Luana Savings Bank has increased its total non-brokered deposits by $481.98 million, an excellent annual growth rate of 99.41%. 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 6-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, two credit unions have higher rates than currently offered on the Luana Savings Bank 6-month Certificate Special, regardless of minimum deposit requirements. The following table compares the Luana Savings Bank 6-month Certificate Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 3-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, no bank or credit union has a higher rate than currently offered on the Luana Savings Bank 3-month Certificate Special, regardless of minimum deposit requirements. The following table compares the Luana Savings Bank 3-month Certificate to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/18/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
