Loading
Tap on the profile icon to edit
your financial details.

Lafayette Ambassador Bank Review

Your Details Done
by Updated
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
Lafayette Ambassador Bank Savings
0.05% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Lafayette Ambassador Bank first started operating in 1922 and has its headquarters in Bethlehem, Pennsylvania. Lafayette Ambassador Bank manages assets totaling $2 billion and deposits totaling $1 billion, which makes it a large bank. Lafayette Ambassador Bank does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. We gave Lafayette Ambassador Bank a 3.9 stars out of 5, which means it is a respectable bank that warrants your consideration. 

Lafayette Ambassador Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Lafayette Ambassador Bank's most basic checking account does not have a monthly maintenance fee. Opening accounts in one place can be best for getting the largest interest rates on your deposits while keeping access to your funds without getting penalized for withdrawing.

Service Quality

Lafayette Ambassador Bank is a brick-and-mortar bank, with 21 total bank locations in Pennsylvania. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, 8:00 a.m. to 3:00 p.m. ET. 

Lafayette Ambassador Bank's online and mobile banking platforms receive positive feedback from customers: the Lafayette Ambassador Bank mobile app has been given a 4.5 out of 5 (with 300 reviews on iOS and Android) compared to the national average of 3.8. Lafayette Ambassador Bank's mobile app allows you to manage your finances by looking at current statements, sending and receiving money and reaching customer service. Lafayette Ambassador Bank gets an outstanding consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.35% APY
  • 36 Month: 1.55% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.45% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.18% APY $1,000 Compare Offers
Checking Accounts 0.02% APY $1,000 Compare Offers

It has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Lafayette Ambassador Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Lafayette Ambassador Bank's CD rates are competitive compared to other U.S. banks.

Rates

With a savings rate of 0.05%, Lafayette Ambassador Bank ranks below the mean compared to the national average. Lafayette Ambassador Bank's one-year and five-year term lengths CD's earn at a rate of 0.10% and 1.45%, respectively, while its highest-yielding money market account has an APY of 0.18%. It has a fair savings rate compared to the average savings account. Consider other options to earn more on your deposits.

Compare Lafayette Ambassador Bank to Other Competitive Offers

Fees

On average, Lafayette Ambassador Bank charges customers high fees compared to other U.S. banks. Lafayette Ambassador Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who regularly visit the ATM, Lafayette Ambassador Bank is fair because it has ATM fee of $2.50, which is fair as compared against the national average. Also, Lafayette Ambassador Bank has an overdraft fee of $39, which is significantly greater than the national average overdraft fee. Lafayette Ambassador Bank unfortunately doesn't reimbursee ATM charges which means you will need to search for a Lafayette Ambassador Bank ATM or eat the cost of withdrawal.

Financial Health

Lafayette Ambassador Bank ranks as a large bank with assets totaling $2 billion as well as $1 billion in deposits. Lafayette Ambassador Bank has a very good Texas Ratio of 7.60%, indicating a tiny likelihood of failure. Additionally, Lafayette Ambassador Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Lafayette Ambassador Bank Near Me

Lafayette Ambassador Bank has 21 physical locations across the U.S.

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure