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 withdrawals, transfers, or checks per statement cycle
- Variable Interest Rate (traditionally has paid higher rate of return than NOW account)
- Interest Calculated on Daily Balance
- Interest Paid and Compounded Monthly
According to CSR, paper checks are available, but there is no ATM/debit card associated with the Money Market account. There is a $10 fee for each withdrawal transaction over the six allowed.
ACH transfers initiated by Luana (using the online banking platform) are limited to $3k incoming and $2k outgoing on a daily basis. An unlimited dollar amount outgoing ACH can be initiated by Luana if a voided check from the receiving external bank is provided to Luana. According to CSR, the voided check is a security measure, ensuring the funds are transferred to the correct external account. There is a $5 fee for this type of ACH.
Luana does not place any restrictions on ACH transfers that are initiated from an external bank
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 Money Market account 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 Money Market account (and any other type of 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 0.06% (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 Top 1% of Most Efficient Banks Nationally as ranked by Bauer Financial
How the Money Market Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, the Luana Savings Bank Money Market top-tier rate currently ranks first, regardless of minimum deposit requirements.
|APY||Account Name||Credit Union/Bank|
|1.56%||Money Market ($750k min)||Luana Savings Bank|
|1.51%||Money Market ($250k min)||Luana Savings Bank|
|1.46%||Money Market ($100k min)||Luana Savings Bank|
|1.36%||Money Market ($50k min)||Luana Savings Bank|
|1.26%||Money Market ($1 min)||Luana Savings Bank|
|1.26%||High Yield Savings ($1 min)||TAB Bank|
|1.25%||Bask Interest Savings Account (no min)||Bask Bank|
|1.17%||CFG High Yield Money Market ($1k min/no max)||CFG Bank|
|1.15%||Jumbo Money Market ($100k min)||State Bank of Texas (SBT)|
The above information and rates are accurate as of 6/10/2022.