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Luther Burbank Savings Review

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Luther Burbank Savings Money Market
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1982, Luther Burbank Savings has assets totaling $6 billion as well as $4 billion in deposits, which makes it a large bank. Luther Burbank Savings, whose headquarters are in Santa Rosa, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.2 stars out of 5, Luther Burbank Savings is a great choice and should warrant serious consideration. Luther Burbank Savings provides customers with a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Luther Burbank Savings has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Luther Burbank Savings's most basic checking does not carry a monthly fee. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for returning the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

Luther Burbank Savings's one-year and five-year term lengths CDs earn at a rate of 0.80% and 1.80%, respectively, while its highest-yielding money market account has an APY of 0.05%.

How Luther Burbank Savings's Savings Rates Compare

Luther Burbank Savings Money Market 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Luther Burbank Savings has typically extremely low fees in comparison to the national average. With no monthly fee, Luther Burbank Savings's checking account is ideal for those who need an easy checking account. For those who often visit the ATM, Luther Burbank Savings is perfect because it charges no out-of-network ATM fees. Additionally, at $20.00, it has a considerably lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Luther Burbank Savings unfortunately does not refund out-of-network ATM fees, which means you will need to locate a Luther Burbank Savings ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $20.00 National Average: $35.00
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Service Quality

3.1
SmartAsset Average: 3.7

Luther Burbank Savings is a brick-and-mortar bank, with 13 total bank locations in California and Washington. With mobile and web apps, Luther Burbank Savings makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 9:00 a.m. to 5:00 p.m. PT. Luther Burbank Savings's online and mobile banking services receive mediocre marks from users. Out of 7 customer reviews across both Apple and Android platforms, the Luther Burbank Savings mobile app has an overall rating of 2.4 out of 5 (compared to the national average of 3.8). Luther Burbank Savings's mobile app lets you control your accounts by reviewing current statements, transferring money and accessing customer service. Luther Burbank Savings gets an excellent consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Luther Burbank Savings ranks as a large bank owning $6 billion in assets and deposits totaling $4 billion. Luther Burbank Savings's Texas Ratio is 0.97%, suggesting that the bank is in superb financial well-being and unlikely to fail. Additionally, Luther Burbank Savings is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Luther Burbank Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.05% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.80% APY
$1000 for all terms
Money Market Account 0.05% APY $25000

Luther Burbank Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Luther Burbank Savings does not have the best savings rate, which means you should think about taking a look 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. Luther Burbank Savings's CD rates are fair compared to the national average.

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Find a Luther Burbank Savings Near Me

Luther Burbank Savings has 13 branches across the U.S.

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