Lake City Bank Review

Lake City Bank Savings

0.01% APY

Lake City Bank first started operating in 1872 and has its headquarters in Warsaw, Indiana. Lake City Bank has assets totaling $6.52 billion along with $5.74 billion in deposits, ranking it as a large bank. Lake City 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. SmartAsset has rated Lake City Bank 3.7 stars out of 5, suggesting it is an acceptable bank choice, but may leave you wanting more. 

Lake City Bank has a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking product maintains a monthly fee of $9.00, which may be better for customers that will always carry a large balance. Using the same bank for checking and savings can be best for getting the highest interest rates on your money while retaining easy access to your funds.

Service Quality

Lake City Bank is a brick-and-mortar bank, with 55 total bank locations in Indiana. With mobile and web apps, Lake City Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT; Saturday, 8:00 a.m. to 5:00 p.m. CT; Sunday, 10:00 a.m. to 4:00 p.m. CT. 

Lake City Bank's online and mobile banking services receive reasonably high praise from users: the Lake City Bank mobile app scored a 3.0 out of 5 (out of 200 reviews on Apple and Android) compared to the national average of 3.8. Lake City Bank's mobile app lets you manage your funds by reviewing monthly statements, sending and receiving money and accessing customer service. Lake City Bank receives an outstanding consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Lake City Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider other options 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. Lake City Bank's CD rates are competitive compared to other U.S. banks.

Rates

Lake City Bank features a savings rate of 0.01%, which is fair as compared against the national average. Lake City Bank's 3-month CD earns at a rate of 0.20% and the 60-month CD has a rate of 0.50%, while its highest-yielding money market account earns at a rate of 0.15%. It has a fair savings rate compared to the average savings account. Consider higher-earning savings accounts with other banks.

Fees

On average, Lake City Bank charges its customers high fees in comparison to the national average. At $9.00 per month, Lake City Bank is less than the best option for those who want a basic banking experience. For those who will need cash in a pinch, Lake City Bank is solid because it offers ATM fee of $1.00, which is solid compared to other U.S. banks. Also, at $37, Lake City Bank's overdraft fee is slightly higher than that of other U.S. banks, making it not ideal for those who frequently overdraft. Lake City Bank  does not refund ATM fees which means you'll have to search for a Lake City Bank ATM or pay the withdrawal fee.

Financial Health

Lake City Bank is a large bank and owns assets totaling $6.52 billion as well as $5.74 billion in deposits. Its Texas Ratio is 2.29%, denoting that the bank is in excellent financial well-being and exceedingly unlikely to fail. Additionally, Lake City Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Lake City Bank Near Me

Lake City Bank has 55 physical branches across the U.S.