GOBanking Rates Score
Quick take: Luther Burbank Savings offers a number of specialty banking services, but customers may want to look elsewhere for better paying accounts.
- APY
- Advantages
- Some products
- Customer service
How did we calculate this?
Introducing Luther Burbank
Luther Burbank Savings is a California-based bank with over $7.1 billion in assets under management. It has 11 branches as well as digital and mobile banking services.
Main characteristics
Luther Burbank Savings focuses on a small number of core components.
APY
Luther Burbank’s standard checking account does not earn interest. However, an annual percentage return can accrue on its upgraded premium checking account.
Despite this, Luther Burbank has two fixed rate deposit account certificates that members can choose from to earn interest. The two options available are seven-month CDs, which pay a % APY, and 13 month CDs, which have a %APY. Both accounts must meet the minimum opening deposit requirement of $1,000 to qualify.
There is also the money market account. If a customer opens this account in branch, a minimum deposit of $100 is required initially. But if new customers apply online, the minimum opening balance increases to $500. Rates for this account are between % and 0%, depending on your balance.
Advantages
Luther Burbank customers can redeem uChoose Rewards points at participating retailers. Customers receive one point for every $1 spent on signature transactions or one point for every $2 spent on PIN transactions. Members can only redeem rewards after accumulating at least 2,500 points.
Customers also have free access to thousands of Allpoint ATMs conveniently located at select Target and Walgreens locations, among others.
Some other useful integrations include Zelle for making timely payments and Apple Pay for digital wallet functionality.
Some products
Luther Burbank offers a limited selection of personal finance products. In addition to the paid accounts mentioned above, Luther Burbank has a Visa credit card and a small selection of loan offers. These are home loans for first-time buyers and investors as well as jumbo loans for eligible borrowers.
Customer service
Customers can contact Luther Burbank by submitting an online form. Alternatively, customers can visit a branch or call customer support, which operates 9 a.m. to 5 p.m. weekdays, Monday through Friday. In the event of a lost or stolen card, members may call 855-326-4459 after hours.
How Does Luther Burbank’s Savings Stand Out?
Luther Burbank values the privacy and security of its members. It has a security architecture in place to minimize potential attacks, and customers have enough resources to learn about cyber threats.
Comparable options
Here’s how Luther Burbank Savings compares to similar services.
Pacific Premier Bank
The Pacific Premier Bank Customer Services team is available 7:00 a.m. to 6:00 p.m. PST Monday through Friday and 9:00 a.m. to 1:00 p.m. PST Saturday. This goes beyond Luther Burbank’s 9 a.m. to 5 p.m. availability. Pacific Premier also offers Individual Retirement Accounts, unlike Luther Burbank.
International Banking Equities
International Bancshares Corporation offers more products and services than Luther Burbank, including fraud prevention as well as investment and insurance services
How to register
To open a Luther Burbank Savings account, simply visit the organization’s website or download its app. New members will need to complete a form and provide the following information:
- Last name
- Date of Birth
- Address
- Social Security number
- Valid ID and any other document to verify identity
Who Benefits Luther Burbank Savings
Luther Burbank is suitable for people who appreciate security and specialized services.
Final grip
Although not a one-size-fits-all bank, Luther Burbank Savings is a reliable financial institution that should meet the majority of customer expectations.
Rates are subject to change; unless otherwise specified, prices are updated periodically. All other promotion information is accurate as of July 8, 2022. Additional requirements may apply. Offers and conditions are subject to change.
Editorial Note: This content is not provided by Luther Savings Bank. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Luther Savings Bank.
