Luther Burbank Savings Adds Competitive Short-Term CD Specials

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Deal Summary: CD Specials – 7-month (5.00% APY), 13-month (5.00% APY), $1k minimum deposit.

Availability: California and NW Washington

For a limited time, California-based Luther Burbank Savings (LBS) is offering a competitive 5.00% APY on two CD Specials. Both the 7-month and 13-month CD Specials can be opened with a minimum deposit of $1k, with no stated balance cap.

There is no specific end-date stated on the LBS website, the fine print on the landing page reads, “Rates subject to change without notice.”

According to CSR, the Early Withdrawal Penalty for the 7-month CD Special is 90 days of simple interest and 180 days of simple interest for the 13-month CD Special.

Availability and Account Opening

Headquartered in Santa Rosa, Luther Burbank Savings has a brick-and-mortar presence in the greater metropolitan areas of Los Angeles, San Francisco, and Seattle. About five years ago, LBS began offering a portion of its product line (including CDs) on a nationwide basis, but has since returned to its previous market area of California and NW Washington. U.S. citizens and resident aliens, 18 years or older, are welcome to apply.

Opening a 7-month or 13-month CD Special can be done online, or at any of six southern California branches located in Beverly Hills, Burbank, El Segundo, Encino, Long Beach, and Pasadena, and four northern California branches located in Los Altos, San Jose, San Rafael, and Santa Rosa. LBS also has one branch in Washington, located on 108th Avenue in Bellevue.

Funding and Other Details

The following information is from the Luther Burbank Savings website and a conversation with CSR.

  • Funding – ACH, check, internal transfer.
  • Interest – Compounded daily/credited quarterly and can be withdrawn without penalty.
  • Maturing Funds – Wire ($35 fee), cashier’s check to address on file, or internal transfer to checking or savings account.
  • Ownership – Individual and joint accounts can be opened online; trusts must be opened in-branch. Business accounts are excluded.
  • Beneficiaries* – Unlimited with equal shares; Social Security numbers are not required, just name and DOB.
  • Grace Period – 10 calendar days before automatic renewal for same term length.
  • Credit Check – Soft pull.

*While unlimited beneficiaries are permitted, CSR stated that the online application can only accommodate a limited number of beneficiaries. Additional beneficiaries can be added after a CD Special is opened.

Bank Overview

Luther Burbank Savings has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.59% (excellent), based on June 30, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $339.15 million, an excellent annual growth rate of 6.46%. Please refer to our financial overview of Luther Savings Bank (FDIC Certificate # 32178) for more details.

Luther Burbank Savings is currently the 19th largest bank headquartered in California, with assets in excess of $7.5 billion and more than 41,000 customer accounts. Established in 1982 as the Luther Burbank Savings and Loan Association, Luther Burbank Savings is a privately-owned bank with branches throughout California. Five years ago, the market area expanded into Washington state, with the opening of a branch in Bellevue, outside of Seattle.

LBS was named in honor of Luther Burbank, a Santa Rosa resident and horticulturalist who introduced over 800 varieties of flowers. He was also responsible for the Russet Burbank Potato, the most widely cultivated potato in the U.S. Using Mr. Burbank’s vision of growth and renewal, the Bank focuses on the needs of its customers, as opposed to its public stockholders.

How the 7-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the Luther Burbank Savings 7-Month CD Special. The following table compares the 7-Month CD Special to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.

How the 13-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the Luther Burbank Savings 13-Month CD Special. The following table compares the 13-Month CD Special to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.

The above information and rates are accurate as of 4/13/2023.

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

Related Pages: Los Angeles CD rates, San Francisco Bay CD rates, Seattle CD rates, 1-year CD rates

Luther Burbank Savings Ups Rate of 6-Month CD Special
Deal Summary: 6-month CD Special, 2.00% APY, $10k minimum deposit, new money.

Availability: Nationwide

One of the “New to Summary” CDs in this week’s CD Rates Summary is a 6-month CD Special (2.00% APY) offered by California-based Luther Burbank Savings (LBS). The 6-month CD Special requires a $10k minimum opening deposit of new money; there is no stated balance cap.

The 6-month CD Special was added to the product line less than four months ago, with an initial 2.05% APY. The rate fell to 1.95% APY at...

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Luther Burbank Savings Offers 18-Month Step Up CD
Deal Summary: 18-month Step Up CD, 2.83% APY (blended), $1k minimum deposit

Availability: Nationwide

At the beginning of the week, Luther Burbank Savings (LBS) added an 18-month Step Up CD, which earns a composite APY of 2.83%. According to the Personal Banking Products page, the interest rate for months 1-9 is 2.63%, rising to 2.88% for months 10-18. The minimum opening deposit is $1k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty (EWP) for the 18-month Step Up CD is 180...

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Luther Burbank Savings Offers 36-Month CD Nationwide
Deal Summary: CD Specials – 12-month (2.40% APY), 24-month (2.85% APY), and 36-month (3.00% APY), $1k minimum deposit, new money.

Availability: Nationwide

Earlier this week, a long-time DA reader sent me a Los Angeles Times advertisement placed by California-based Luther Burbank Savings (LBS). The current promotion is a trio of nationally available CD Specials: 12-month (2.40% APY), 24-month (2.85% APY), and 36-month (3.00% APY). The minimum opening deposit is $1k of new money, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty...

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Luther Burbank Savings (CA) Offers Savings And Checking Combo
Availability: California

Luther Burbank Savings is currently marketing its More Savings (up to 1.40% APY) and High-End Checking (up to 0.40% APY) combination promotion. Both accounts offer tiered rates, broken down as follows:

    More Savings

  • 1.40% APY – balances of $250k+
  • 1.25% APY – balances of $100k+
  • 1.10% APY – balances of $50k+
  • 1.00% APY – balances of $1k+

    High-End Checking

  • 0.40% APY – balances of $50k+
  • 0.30% APY – balances of $25k+
  • 0.20% APY – balances of $10k+
  • 0.10% APY – balances of <$10k+

The minimum opening deposit for either account is $1k of new money, and...

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Luther Burbank Savings (CA) Offers 2 Competitive CD Specials
Availability: Southern California

Luther Burbank Savings' Southern California branches are currently offering two CD Specials: 7-month CD Special (1.25% APY, checking relationship required) and 30-month Bump Up CD Special (1.50% APY).

The minimum opening deposit for the 7-month CD Special is $1K, with no maximum balance cap. The 7-month CD Special also requires a minimum $5K balance in the associated checking account.

The 30-month Bump Up CD Special has the same $1K minimum deposit and no balance cap. The Bump Up feature is a one-time rate increase (should...

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