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IberiaBank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
IberiaBank Savings
0.05% APY

IberiaBank runs more than 200 full-service branches throughout several states in the Southeast. It offers a full range of banking products and services from checking accounts to individual retirement accounts (IRAs). You can also find commercial banking, private banking and wealth management services.  

Overall, the bank offers some inexpensive products like basic checking and savings options. And although you won’t find the best savings accounts here, you’re likely to find a product that can help you meet your needs. 

And to keep pace with the competition, IberiaBank offers several digital features such as mobile check deposit and online bill pay.

Products Offered

Product Key Features
Savings Account
  • One standard savings account
  • $50 opening deposit
Certificates of Deposit
  • Terms range from 12 to 36 months
  • Special rates offered on occasion
Money Market Accounts
  • Two options
  • Tiered interest rates on one
Checking Accounts
  • Two options
  • One collects interest
  • Waivable monthly service fees
IRAs
  • Choose from traditional and Roth IRA CDs
  • Terms span from 12 to 36 months

IberiaBank Interest Rate Comparison

 

Bank Account Features 

IberiaBank provides you with several opportunities to avoid monthly service fees on its accounts. For most options, you have to maintain a certain minimum balance that ranges from $200 to $10,000. The bank also offers something for every type of customer. So if you’re looking for a free checking account or you want something with a few more bells and whistles, you’d find something useful at IberiaBank. However, its savings products don’t collect the strongest APYs. 

Statement Savings 

Key Features Details
Minimum Deposit $50 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees $5 monthly service charge unless you meet the following requirements 
Current Terms and Rates
  • For balances up to $9,999.99: 0.05% APY 
  • For balances between $10,000 to $99,999.99: 0.25% APY
  • For balances of $100,000+: 0.55% APY

The Statement Savings account is IberiaBank’s basic savings account. You can open one with a minimum deposit of $50. Plus, the bank will waive the $5 monthly service fee if you keep a minimum balance of $200 or complete other tasks. 

However, it generates an APY that falls below the current national average savings account rate. You’d need at least $100,000 in your account to get its peak interest rate, which is still only moderately high. So it unfortunately doesn’t rank among the best savings accounts we’ve analyzed throughout the banking industry. 

However, the account is fairly simple and inexpensive to manage. Yo’d get free eStatements and e-Notices as well as free access to all of the bank’s online and mobile banking features. 

Compare IberiaBank to Other Competitive Offers

Premier Money Market

Key Features Details
Minimum Deposit  $10,000 
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $20 monthly service charge unless you maintain a $10,000 minimum daily balance. 
Current Terms and Rates
  • For balances up to $9,999.99: 0.05% APY 
  • For balances between $10,000 to $99,999.99: 0.25% APY
  • For balances of $100,000+: 0.55% APY

IberiaBank doesn’t rank as a financial institution with the best money market accounts. The interest rates are equivalent to the Standard Savings account, according to a phone call with an IberiaBank branch representative in Iberia, Louisiana, where the bank is headquartered. 

You’d also need a minimum balance of $10,000 to avoid its large $20 monthly service fee.

Overall, it’s not the best account to park a large sum of your money in if you expect to make a decent return.

Select Plus Money Market

Key Features Details
Minimum Deposit $100 
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly service charge unless you maintain a $5,000 minimum daily balance 
Current Terms and Rates
  • For balances up to $9,999.99: 0.05% APY 
  • For balances between $10,000 to $99,999.99: 0.25% APY
  • For balances of $100,000+: 0.55% APY

The Select Plus Money Market account doesn’t fare much better than its Premier counterpart. However, you can earn interest on your entire balance even if it falls below $5,000. Still, the rates aren’t the highest. 

However, you’re allowed four free withdrawals per month from this money market account. And you’d be charged a $3 fee for each additional one in that time period.

Certificates of Deposit (CD)

Key Features Details
Minimum Deposit $1,000 
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties will apply.
Current Terms and Rates  
  • 12-17 Months: 0.55% APY
  • 18-23 Months: 0.60% APY
  • 24-35 Months: 0.30% APY
  • 36+ Months: 0.40% APY 
  •  

Unlike most banks, IberiaBank offers the most generous rates on their short-term certificate of deposit (CD) accounts. This arrangement may suit those looking to save up for something coming up in the next year or so. However, the bank doesn’t offer the best CD rates we’ve examined overall. 

You can access your CD’s information online or through mobile and online banking features. In addition, your CD renews automatically at the end of its term unless you decide to withdrawal your money during its grace period. 

But you’d face an early withdrawal penalty if you take your money out of your CD before its term ends. This is a consistent rule across banks, and the penalties are usually strict. You’d lose a portion of interest earned depending on your term length and the time at which you made the early withdrawal.

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $1,000 
Access to Your IRA  Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties will apply.
Current Terms and Rates  
  • 12-17 Months: 0.55% APY
  • 18-23 Months: 0.60% APY
  • 24-35 Months: 0.30% APY
  • 36+ Months: 0.40% APY 
  •  

IberiaBank offers various IRA CD options to help you save for retirement. These savings vehicles offer all the tax benefits of an IRA along with CD perks like a guaranteed rate of return. The bank does this by investing your money into CDs protected by IRS tax rules. 

However, you also have the option to invest in a Roth IRA. When you invest in a traditional IRA, your earnings grow tax-free until you make qualified withdrawals at least at age 59.5. By investing in a Roth IRA, your qualified withdrawals can be tax-free. Taking this route may make sense if you expect to be in a larger tax bracket when you reach your retirement years. 

But upon reaching any major point in your retirement planning, you may want to find a financial advisor to work with. A professional can help you make the most out of these tax-advantaged savings vehicles while avoiding penalties. 

Freedom Checking Account

Key Features Details
Minimum Deposit $50 
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $8 monthly service fee with eStatements or $10 with paper statements. Fee can be waived if you meet the following tasks. 
  • Maintain a minimum daily balance of $1,000
  • Establish monthly direct deposits of at least $500
  • Be a student
  • Open a small business checking account with IberiaBank

The Freedom Checking account is Iberia Bank’s basic checking option. You can open one with a minimum deposit of $50. The account can be accessed via a free Visa debit card with no annual fee. You also get free access to online, text and mobile banking with bill pay.

In addition, you can use your card to make fee-free withdrawals at hundreds of IberiaBank ATMs.

High-Interest Checking Account

Key Features Details
Minimum Deposit $100 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees $20 monthly service charge unless you meet the following tasks.
  • Maintain an average collected monthly balance of $5,000 per monthly statement cycle
  • Keep a combined average collected balance of $25,000 or more per statement cycle throughout your deposit accounts with Iberiabank
  • Maintain a $25,000 minimum outstanding principal balance among your personal loan accounts
  • Open an IberiaBank small business account
Current Terms and Rates
  • $5,000-$9,999: 0.05% APY
  • $10,000-$24,999.99: 0.10% APY
  • $25,000-$49,999.99: 0.13% APY
  • $50,000-$249,999.99: 0.15% APY
  • $250,000+: 0.30% APY

More affluent customers who travel often may be interested in the High-Interest Checking account. The bank waives foreign ATM usage fees for High-Interest Checking account holders. You’d also get up to $15 in foreign ATM surcharge credits per monthly statement cycle.

But despite its name, the account doesn’t generate a very high APY. And even though you can open an account with $100, you’d need at least $5,000 in the account to collect its bottom tier interest rate of 0.05%. Its peak APY of 0.30% barely rises above the national average. But you’d need at least $250,000 in your account to get it. 

Unfortunately, it's low interest rates can’t help this product compete with the best checking accounts we’ve researched. However, you get the following perks free of charge. 

  • Safe deposit box for one year 
  • Five official cashier checks
  • Five stop payments

Where Can I Find IberiaBank? 

You can find 213 Iberia bank branches throughout Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, New York, and North Carolina. However, the bank itself belongs to the Iberia Corporation, a financial holding company with 333 combined locations which include mortgage representative affiliates. 

What Can You Do Online With IberiaBank?

IberiaBank offers a range of online and mobile banking tools, features and content to help you manage your finances. Via the mobile app, you can do the following. 

  • View balance
  • Deposit checks
  • Pay bills
  • Transfer funds
  • Locate ATM and branch locations
  • Access Touch ID via iphone

You can perform most of these tasks via the online banking platform as well. 

How Do I Access My Money?

You can use your checking-account linked debit card to access your funds at more than 100 IberiaBank branches and ATMs. You can also monitor your accounts online or via the IberiaBank mobile app.  

How Can I Save More Money With an IberiaBank Account?

Unfortunately, Ibrea Bank’s saving options don’t generate the strongest interest rates across the board. However, you can find high-yield CDs being offered periodically. So if you step into a branch or visit the bank’s website at the right time, you may find the right place to invest your money in for a short period of time in exchange for a decent return on your investment. 

What’s the Process for Opening an Account With IberiaBank?

You can open an account by visiting a local branch. However, the simplest way to open one is through the bank’s website. You’d need the following information ready

  • Social Security number
  • Driver's License/State ID number
  • Bank account and routing numbers from source you’re using to fund your new account 
  • Previous home address if you’ve been at your current residence for less than two years

What’s the Catch? 

The catch with IberiaBank is that you won’t necessarily find savings accounts with the highest rates. However, you’re likely to find inexpensive products that are easy to manage. The bank also gives you plenty of opportunities to waive monthly service fees for certain accounts. In addition, you’d have access to customer service and hundreds of branches across multiple states. 

Bottom Line 

IberiaBank holds a sizable foot print across several states. And you can find a range of products there from deposit accounts to mortgages, as well as business facing services and wealth management support. But you may not find accounts that generate enough return to deposit a sizable amount into. 

Tips for Smart Banking 

  • Rates tied to savings options at brick-and-mortar banks can’t always compete with those offered through online-only entities with less overall expenses. So you may want to open an account at IberiaBank that meets your needs and look elsewhere for a savings option. To narrow your search, we developed a study on the best online high-yield savings accounts
  • Picking a bank to work with can be a major decision, especially when you’re considering investments like IRAs and all the tax rules that come with these beneficial products. You may want to work with a financial advisor to make the most out of your saving and investing decisions. You can use our SmartAsset advisor matching tool to find qualified advisors in your area. After answering some simple questions, you can review individual profiles of up to three advisors you matched with based on your personal finance needs and preferences. 
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