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Lakeland Bank 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
Lakeland Bank Savings
0.05% APY

Overview

Our Rating: 3.8/5 How we calculated this rating

Lakeland Bank was founded in 1969 with headquarters in Newfoundland, New Jersey. Lakeland Bank has assets totaling $5 billion and deposits totaling $4 billion, ranking it as a large bank. Lakeland Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Our experts rated Lakeland Bank a 3.8 out of 5 stars, Lakeland Bank should be near the middle of the pack in your search for a bank. 

Lakeland Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Lakeland Bank has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking account has a $6.00 monthly fee, better for those who carry a large balance. Why keep checking and savings accounts with the same bank? Convenient transferring between the two accounts means you can still get higher interest rates in your savings account but still access your funds from your checking.

Service Quality

Lakeland Bank is a brick-and-mortar bank, with 54 total bank locations in New Jersey and New York. With mobile and web apps, Lakeland Bank makes account access convenient, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, 8:30 a.m. to 2:00 p.m. ET; Sunday, 10:00 a.m. to 2:00 p.m. ET. 

Lakeland Bank's online and mobile banking platforms receive fair feedback from users: with 130 customer reviews on both iOS and Android platforms, the Lakeland Bank mobile app rates a 2.9 out of 5 (compared to the national average of 3.8). You can utilize Lakeland Bank's mobile app to control your accounts by looking at current statements, transferring funds as well as reaching support representatives. Lakeland Bank gets a superb consumer satisfaction score based on comparatively 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 $100 Compare Offers
Certificates of Deposit
  • 9 Month Special: 2.25% APY
  • 13 Month Special: 2.50% APY
  • 23 Month Special: 2.60% APY
  • 35 Month Special: 2.35% APY
  • 48 Month Special: 2.00%
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.15% APY
  • $1
  • $25,000
Compare Offers
Checking Accounts 0.03% APY $50 Compare Offers

Lakeland 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 taking a look 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. Lakeland Bank's CD rates are competitive compared to the national average.

Rates

With a savings rate of 0.05%, Lakeland Bank ranks below the mean in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.17%, while its highest-yielding money market account earns at a rate of 0.15%. It has a fair savings rate, which means other popular banks have higher rates. Think about looking elsewhere to open savings accounts.

Compare Lakeland Bank to Other Competitive Offers

Fees

Lakeland Bank has generally above-average fees compared to the national average. Lakeland Bank's checking account has a monthly fee of $6.00, rating it fair for anyone looking for a simple account. For those who routinely visit the ATM, it is less than great because it offers ATM fee of $3.00, which is not ideal compared to other U.S. banks. Additionally, Lakeland Bank has an overdraft fee of $35, which is on par with that of other U.S. banks. 

Financial Health

Lakeland Bank is a large bank owning $5 billion in assets and $4 billion in deposits. Its Texas Ratio is 2.15%, denoting an exceedingly low probability of failure. Additionally, Lakeland Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Lakeland Bank Near Me

Lakeland Bank has 54 physical branches in the U.S.

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