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Landmark 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
Landmark Bank Personal Savings
0.01% APY

Landmark bank grew out of a string of small family-run financial institutions that emerged in the 1900s throughout Missouri, Oklahoma and Texas. They came under one bank holding company in the 1990s. These banks later merged in 2004 as Landmark Bank. Today, the bank still serves these communities with everything you’d find at a major national bank. You can open checking accounts, savings accounts, certificates of deposit (CDs) and more. Staying true to its community roots, the bank even offers a special checking account to veterans, police officers and other service members. It also offers a variety of retirement plans from traditional individual retirement accounts (IRAs) to 401(k) plans designed for self-employed individuals. 

The following rates and terms are current as of July 2018 and are subject to change. Contact a local Landmark Bank branch for more information

Products Offered

Product Key Features
Savings Account
  • One option with a low monthly service fee, which can be waived by meeting a minimum balance requirement
Certificates of Deposit
  • Several types of CDs including special options that allow you to transfer money on a recurring basis
  • Special CDs with high interest rates offered periodically
Money Market Accounts
  • One option with tiered interest rates
IRA
  • Choose from Traditional IRAs, Roth IRAs and SEP IRAs
  • Traditional and Roth solo 401(k)s for the self employed also available
Checking Accounts
  • Several options including accounts that collect interest 

Landmark Bank Interest Rate Comparison

Personal Savings

Key Features Details
Minimum Deposit $100 or $10 if under the age of 18
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $3 monthly service fee unless you meet minimum balance requirements 
Current Terms and Rates 0.01% APY

This is the basic savings account that Landmark Bank offers. It collects interest on all balances. However, it currently offers an annual percentage yield (APY) that dips far below the national average interest rate for savings accounts. So it won’t generate as strong as a return as the best savings accounts out there. 

Still, the account has its up sides. For starters, its $3 monthly service fee is far smaller than those you’d see at major banks. You can even waive it by maintaining a minimum balance of $300. Thus, it’s fairly simple to manage and won’t require too much maintenance. 

And unlike the main savings accounts offered by several other banks, Landmark’s option is available to minors. In fact, customers younger than 18-years-old can open an account with as little as $10. 

In addition, all Personal Savings Account holders can make up to three free withdrawals per month. Each following withdrawal would incur a $2 fee. 

Federal law limits certain savings and money market account withdrawals to six per statement cycle. These cover pre authorized withdrawals, automatic or telephone transfers, checks, drafts and debit card or other similar transactions. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit
  • For Traditional CDs: $500
  • For Dream Saver CDs: $25
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 may apply.
Current Terms and Rates
  • 3 Months: 0.14% APY
  • 6 Months
    • For balances of $500 - $4,999.99: 0.12% APY
    • For balances of $5,000+: 0.22% APY
  • 12 Months 
    • For balances of $500 - $4,999.99: 0.28% APY
    • For balances of $5,000+: 0.32% APY
  • 18 Months
    • For balances of $500 - $4,999.99: 0.28% APY
    • For balances of $5,000+: 0.38% APY
  • 24 Months
    • For balances of $500 - $4,999.99: 0.28% APY
    • For balances of $5,000+: 0.38% APY
  • 48 Months
    • For balances of $500 - $4,999.99: 0.28% APY
    • For balances of $5,000+: 0.38% APY
  • 60 Months
    • For balances of $500 - $4,999.99: 0.28% APY
    • For balances of $5,000+: 0.38% APY
  • Dream Saver CDs 
    • 6 - 60 Months: 0.35% APY
 

Landmark Bank offers a variety of certificate of deposit (CD) options. It offers traditional CDs, Dream Saver CDs and Special CDs. 

You can open a traditional CD for terms stretching from three months to 60 months or five years. However, you can’t deposit any more money after you lock in your initial deposit into your traditional CD. 

Those interested in making recurring transfers may be attracted to one of Landmark Bank’s Dream Saver CDs. You can open a Dream Saver CD for terms ranging from six months to five years. These options can take recurring transfers on a weekly, biweekly or monthly basis. However, you must establish at least a $25 recurring  monthly transfer into your Dream Saver CD. In addition, the maximum you can deposit into a Dream Saver CD is $25,000. 

But if these rates don’t suit you, you may find significantly generous options at Landmark Bank if you drop by at the right time. The bank occasionally offers Special CDs with higher interest rates than the ones it offers on a regular basis. You should ask a banker or call a branch for more information. 

But at any time, you may find options that can meet your specific goals by comparing CD rates throughout the banking industry. 

Compare Landmark Bank to Other Competitive Offers

Personal Money Market Account

Key Features Details
Minimum Deposit
  • $50 or by establishing direct deposit
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service fee unless you meet certain minimum balance requirements
Current Terms and Rates
  • $0 - $1,000: None
  • $1,000.01 - $100,000: 0.05% APY
  • 100,000.01 - $250,000: 0.10% APY
  • $250,000.01 - $750,000: 0.18% APY
  • $750,000.01 - $2 Million: 0.21% APY
  • $2 Million+: 0.25% APY

Landmark Bank offers a fairly simple money market account (MMA). It’s relatively easy to manage. You can avoid its monthly service fee of $10 by maintaining a minimum balance of $1,000. Keeping an average daily balance of $2,500 will also waive the charge. These requirements may encourage you to stick to a healthy savings habit as monthly fees can add up and take a significant bite out of what could have compounded over time. 

However, the rates tied to Landmark’s money market account aren’t necessarily the best. To generate its current peak APY of 0.25%. You may find higher rates with lower minimum balance requirements by comparing money market accounts from multiple banks.  

Better Free Checking 

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 No monthly Service fees

This no-hassle checking account won’t generate any interest, but it stands as Landmark Bank’s most inexpensive and manageable option. First, you don't have to worry about any monthly maintenance fee. You also get a free Visa debit card, overdraft protection and automatic bill pay service. So if you’re looking for a bare bones checking account with no hidden fees or requirements, Landmark Bank has you covered. 

Better Interest Checking

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 $6.99 monthly service charge unless you meet certain requirements
Current Terms and Rates  0.01% APY

Although it may not offer the best interest rate, this checking account offers some appealing benefits. For instance, the bank won’t charge you a fee for using an out-of-network ATM machine in the United States. You can also waive its $6.99 monthly service charge by maintaining a minimum balance of $1,000 or a $2,500 average daily balance. Furthermore, you get a 50% off discount on a Landmark safe deposit box, and one free box of bank logo checks.

But if growth is your goal, you may find accounts with better rates and benefits by examining the best checking accounts we’ve found on the market today.  

Better Investment Checking

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 $15 every statement cycle unless you meet specific requirements
Current Terms and Rates
  • $0 - $9,999: None
  • $1,000 - $25,000: 0.03% APY
  • $25,000.01 - $50,000: 0.05% APY
  • $50,000.01 - $ 100,000: 0.07% APY
  • 100,000.01 - $250,000: 0.10% APY
  • $250,000+: 0.16% APY

The Better Investment Checking account is designed for the more affluent customer. It’s tied to a tiered interest rate, which means your APY climbs with your balance. But even its peak APY of 0.16% isn’t significantly high and you’d need at least $250,000 in your account to get it. 

Plus, Landmark Bank will charge you $15 every statement cycle if your daily balance during any day in that time period dips below $5,000. 

But it may appeal to those who frequently travel. The Better Interest Checking account comes with a free Visa Debit Concierge Card that offers the following benefits: 

  • 90 days worth of purchase security to replace, repair or reimburse eligible purchases made with your card
  • Up to $100,000 in travel accident insurance when you purchase common carrier tickets. 
  • Travel and emergency assistance 

But keep in mind that these offers come with their specific terms and conditions. You should speak to a Landmark banker to discuss how these may apply to you and when. 

Community Hero Checking 

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 No monthly service fees
Current Terms and Rates 0.01% APY

Staying true to supporting its local citizens, Landmark Bank offers a special checking account to veterans, police officers, firefighters, teachers and people in other service professions. It offers the same benefits as the Better Free Checking including zero monthly maintenance fees. But it also collects interest. 

If you’re in any of these fields or a similar one, you should contact a local branch to see how this account may apply to you.

Retirement Accounts

Key Features Details
Minimum Deposit $500
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee, but you may face early withdrawal penalties
Current Terms and Rates
  • For Traditional, Roth, Rollover and SEP IRAs
    • 24-Month
      • $500 - $499,999: 0.33% APY
      • $5,000.00+: 0.44% APY
    • 60-Month
      • $500 - $499,999: 0.33% APY
      • $5,000.00+: 0.43% APY
  • 12-Month Variable: 1.85% APY
  • 401(k) for the Self-Employed: Varies 

Landmark Bank offers a variety of retirement-focused accounts for those looking to start investing in their golden years or those looking to rollover a well-supported nest egg. 

You can open a traditional individual retirement account (IRA), Rollover IRA or a Roth IRA. When you contribute, toward a traditional IRA, your pre-tax dollars grow tax deferred until you make eligible withdrawals when you’re at least age 59.5. With a Roth IRA, your contributions are after-tax. So your withdrawals may be tax-free. 

You can also open a SEP IRA, which helps business owners contribute to their employees and their own retirement savings. The bank even offers traditional and Roth 401(k)s designed for the self-employed. 

Terms and conditions vary across accounts, so you should contact a Landmark Bank representative for specific information about how you may benefit from any of these accounts based on your individual situation. 

But whenever you’re contemplating retirement-planning decisions, you should contact a qualified financial advisor. You can use our find a financial advisor tool to connect with someone near you. It asks you a few simple questions before linking you with up to three advisors in your area based on your preferences and financial goals. You can then review their credentials and even set up interviews before choosing a financial advisor to work with.

 

Branch Locations 

Landmark Bank manages branches serving more than 28 communities in Missouri, Texas and Oklahoma. You can reach Landmark by dialing 1-800-618-5503. You can reach customer service representatives any day of the week between 7 a.m. and 7 p.m.

Financial Statistics & Bank Health Rating

Landmark Bank holds $2.80 billion in assets and $1.69 billion in loans, according to FDIC data. In addition, it has deposits of $2.50 billion. But if you’re wondering about whether it’s safe to work with Landmark Bank, you can review its Texas Ratio. This industry metric measures a bank’s reliability. It is determined by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Financial institutions with Texas Ratios of less than 5% are deemed to be exceptionally reliable. Landmark Bank’s ratio stands at 5.19%, which lands it in the "very good" category 

The preceding rates and terms are current as of July 2018 and are subject to change. Contact a local Landmark Bank branch for more information

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