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:
The minimum opening deposit for either account is $1k of new money, and accounts must be opened simultaneously to qualify for the promotional rates. The fine print states,
To be eligible for the More Savings account, you must open a High-End Checking
account and maintain a daily balance of $10,000, you must also establish a
monthly recurring ACH credit or debit transaction in the checking account.
A minimum daily $10k balance in the High-End Checking account is required to waive the monthly service fee. There is no rate guarantee for either account, with rates “subject to change after the account is opened without notice.”
I’d like to thank DA reader, me1004, for his Forum post about this promotion. By sharing deals that aren’t readily available on an institution’s website, our readers make invaluable contributions to DepostAccounts.com.
Headquartered in Santa Rosa, Luther Burbank Savings’ market area is Northern and Southern California, specifically the San Francisco and Los Angeles areas.
The More Savings and High-End Checking promotion is not listed on the Bank’s website, so I contacted a couple of branches to confirm the information listed in the Los Angeles Times advertisement. The CSRs stated that this promotion is available throughout the market area.
Opening an account with Luther Burbank Savings can be done in-branch or by phone. The Bank also requires two forms of identification when opening an account, one of which must be state-issued as proof of California residency.
Luther Burbank Savings has five Southern California branches located in Beverly Hills, Burbank, Encino, Long Beach, and Pasadena, and four Northern California branches located in Los Altos, San Jose, San Rafael, and Santa Rosa.
Luther Burbank Savings (FDIC Certificate # 32178) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.10% (excellent), based on March 31, 2016 data. In the past year, Luther Burbank Savings has increased its total deposits by $82.54 million, an above average annual growth rate of 2.65%. Please refer to our financial overview of Luther Burbank Savings for more details.
Established in 1982, Luther Burbank Savings is a privately-owned bank with branches throughout California. The Bank 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. Luther Burbank Savings is the 20th largest bank in California, with assets in excess of $4.4 billion.
How the More Savings Account Compares
When compared to the 344 personal Savings Accounts tracked by DepositAccounts.com that are available to California residents, Luther Burbank Savings’ More Savings APY currently ranks first, regardless of minimum or maximum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.40% APY||More Savings ($250k min)||Luther Burbank Savings|
|1.17% APY||Incredible Savings ($250k max)||Incredible Bank|
|1.10% APY||eOne Savings ($500k max)||Salem Five Direct|
The above rates are accurate as of 7/5/2016.