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Lincoln Savings 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
Lincoln Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1902, Lincoln Savings Bank has assets totaling $1 billion as well as deposits totaling $875 million, classifying it as a medium-size bank. Lincoln Savings Bank, whose headquarters are in Cedar Falls, Iowa, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave Lincoln Savings Bank a 4.5 out of 5 stars, suggesting it is among the top banks, and should be given serious consideration. Lincoln Savings Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Lincoln Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Lincoln Savings Bank offers an option without a maintenance or monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are the best option for returning the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

Lincoln Savings Bank has a savings rate of 0.10%, which is fair as compared against the national average. Its CD rates are 1.86% and 2.14% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Lincoln Savings Bank's below average savings rate, you should think about other options to earn more on your deposits.

How Lincoln Savings Bank's Savings Rates Compare

Lincoln Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Lincoln Savings Bank has typically extremely low fees compared to other U.S. banks. Lincoln Savings Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Lincoln Savings Bank unfortunately does not refund out-of-network ATM charges, which means you will need to locate a Lincoln Savings Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Lincoln Savings Bank is a brick-and-mortar bank, with 16 total bank locations in Iowa. With mobile and web apps, Lincoln Savings Bank makes account access easy, even on the go. Lincoln Savings Bank's online and mobile banking platforms receive relatively decent scores from customers. Out of 27 ratings on Apple and Android platforms, the Lincoln Savings Bank mobile app rates a 4.4 out of 5 (compared to the national average of 3.8). Lincoln Savings Bank's mobile app lets you control your funds by reviewing monthly statements, transferring funds as well as accessing customer service. Lincoln Savings Bank receives a superb consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Lincoln Savings Bank ranks as a medium-size bank and manages $1 billion in assets and deposits totaling $875 million. Lincoln Savings Bank's Texas Ratio is 6.15%, denoting that Lincoln Savings Bank is in fine financial condition and unlikely to fail. Additionally, Lincoln Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.15%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Lincoln Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.86% APY
  • 24 Month: 1.98% APY
  • 36 Month: 2.06% APY
  • 48 Month: 2.09% APY
  • 60 Month: 2.14% APY
$2500 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

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

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Find a Lincoln Savings Bank Near Me

Lincoln Savings Bank has 16 locations across the U.S.

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