Luana Savings Bank Has Competitive Short-Term CD Rates

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Availability: 6-month Certificate Special, 2.12% APY ($100k) and 2.02% APY ($1k). 3-month Certificate, 1.61% APY ($100k) and 1.51% APY ($1k).

Availability: Nationwide

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.51%$100k-Luana Savings Bank6 Month CD Special
3.41%$1k$100kLuana Savings Bank6 Month CD
3.25*%$100k-Luana Savings Bank3 Month CD
OTHER TIERS: 3.15% $1k - $100k
Rates as of November 29, 2022.

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.

    Related Pages: Cedar Rapids CD rates, Des Moines CD rates, 1-year CD rates, nationwide deals

    Comments
    Luana Savings Bank Money Market Account Is New Rate Leader
    Availability: Money Market, 1.56% APY ($750k+), 1.51% APY ($250k+), 1.46% APY ($100k+), 1.36% APY ($50k+), 1.26% APY ($1+), $2.5k minimum opening deposit.

    Availability: Nationwide

    Barring any unanticipated major rate changes, next week’s Liquid Bank Account Rates summary will feature a new top-rate money market. Following a substantial 35 bps increase, the Luana Savings Bank Money Market now has five very competitive rate tiers.

    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)
    • Up to 6...

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    Luana Savings Bank Adds New Nationally Available 6-Month CD Special
    Availability: 6-month Certificate Special, 0.75% APY ($100k) and 0.65% APY ($50k).

    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.

    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,...

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