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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

Established in 1982, Luther Burbank Savings has $6 billion in assets along with $4 billion in deposits, which makes the institution a large bank. Luther Burbank Savings, whose headquarters are in Santa Rosa, California, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Luther Burbank Savings is a solid pick to be your bank, with a rating of 4.2 out of 5 stars from our team. Luther Burbank Savings offers a varied choice of product offerings, including 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, the bank's standard checking account does not have a monthly fee. Finding an institution with free checking, in addition to a high savings APY is your best option for returning the most income from your deposits while having convenient 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

Its one-year CD has a rate of 0.80% and the five-year CD has a rate of 1.80%, while its highest-yielding money market account has a rate 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 generally extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Luther Burbank Savings is ideal because it charges no out-of-network ATM fees. Additionally, Luther Burbank Savings has an overdraft fee of $20.00, which is considerably lower than the national average overdraft fee. Luther Burbank Savings unfortunately does not refund out-of-network ATM charges, which means you will have to search for a Luther Burbank Savings ATM or accept the ATM charge.

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 mobile banking convenient, even on the go. It does not offer all-day customer service with actual service 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 platforms receive poor marks from customers. With 7 ratings on 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 finances by checking monthly statements, sending and receiving money as well as reaching customer service. Luther Burbank Savings gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 and handles assets totaling $6 billion as well as deposits totaling $4 billion. Luther Burbank Savings has an excellent Texas Ratio of 0.97%, denoting a negligible likelihood of failure. 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 Accounts 0.05% APY 0.05% APY $10000 $15000

Luther Burbank Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Luther Burbank Savings 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. Luther Burbank Savings's CD rates are fair in comparison to the national average.

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Find a Luther Burbank Savings Near Me

Luther Burbank Savings has 13 physical locations in the U.S.

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