IBERIABANK Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Sunday, November 1, 2020

IBERIABANK’s checking account options

Freedom Checking

A checking account which does not bear interest and has a waivable monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 with e-Statements; $10 with paper statements. These fees can be waived.
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: No fee if you set up overdraft protection with a line of credit; $10 fee for each transaction if you set up overdraft protection with another account; $35 per item if you do not have overdraft protection set up, though this fee will be waived if at the end of the day your account is only overdrawn $5 or less.

This account pays no interest, which is an immediate red flag, though not unheard of for a checking account. It also comes with a monthly maintenance fee, though it can be waived if you maintain a daily balance of $1,000, have direct deposit set up and receive at least $500/month through this deposit method, are a student who has opted into e-Statements or if you are a small business owner who also maintains an IBERIABank Small Business Checking account.

How to get IBERIABANK’s Freedom Checking

To open this account, you can apply online, in person or over the phone. Be prepared with your state-issued ID, Social Security number, information for the account which you will use to fund your new Freedom Checking account and your past address if you have moved in the past two years.

SEE DETAILS Secured

on IBERIABANK’s secure website

High Interest Checking

While this account does pay interest, the rates are extremely low — especially given the minimum balance required in order to obtain it.
APYMinimum Balance to Earn APY
0.05%$5,000
0.10%$10,000
0.13%$25,000
0.15%$50,000
0.20%$100,000
0.20%$250,000
0.20%$500,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20, though it can be waived.
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: Up to $15/month on foreign ATM fees
  • Overdraft fee: No fee if you set up overdraft protection with a line of credit; $10 fee for each transaction if you set up overdraft protection with another account; $35 per item if you do not have overdraft protection set up, though this fee will be waived if at the end of the day, your account is only overdrawn $5 or less.

This account comes with a steep monthly waivable fee, though qualifying for the waiver is a bit difficult. You will have to maintain an average monthly balance of $5,000 or more, maintain a balance of $25,000 or more across all of your IBERIABANK deposit accounts, currently owe $25,000 or more on personal loans or be a small business owner with an IBERIABANK business checking account.

There are a couple of additional perks that come with High Interest Checking. They include select styles of free check and a free safe deposit box for a year. After the first year, you will receive a 50% discount on your safe deposit box rental.

How to get IBERIABANK’S High Interest Checking

You can open this account online, in person or over the phone with your state-issued ID, Social Security number and your last address if you have moved in the past two years.

SEE DETAILS Secured

on IBERIABANK’s secure website

Member FDIC

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How IBERIABANK’s checking accounts compare

IBERIABANK’S checking accounts offer no or extremely low interest rates. If you’re looking for a free or discounted safe deposit account, High Interest Checking may be the account for you. But if you’re looking for the highest APY on checking accounts, you’re going to want to shop elsewhere for a checking account.

IBERIABANK’s savings account options

Statement Savings

Extremely low-interest savings account with a waivable monthly maintenance fee.
APYMinimum Balance to Earn APY
0.05%None
0.05%$2,500
0.05%$10,000
0.05%$50,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $5, though this fee can be waived
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This traditional savings account offers an extremely low APY. It also comes with a small monthly fee, but this fee can be waived if you keep $500 or more in your account, set up a monthly transfer of at least $25 from your checking into savings or if you are a minor. But even if you can get the fee waived, that doesn’t do anything to help the abysmal APY offerings.

Savings accounts fall under federal Regulation D, which allows you to make up to six certain debits from your savings account per statement cycle. IBERIABANK takes it one step further and will only let you make four withdrawals from this account in a calendar month. Each additional withdrawal will incur a $3 fee.

How to get IBERIABANK’s Statement Savings

You can open this account online, in person or over the phone. Be ready to provide your state-issued ID, Social Security number and your last address if you have moved in the past two years.

SEE DETAILS Secured

on IBERIABANK’s secure website

Member FDIC

Holiday Savings

A fee-free way to stash away money for holiday shopping.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you stress about holiday shopping and budgeting every year, looking into a Holiday Savings Account can be a brilliant idea. This account comes with no minimums and no monthly maintenance fee. You stash money in it as a separate and inaccessible savings account, and then the funds are issued to your checking account at the end of October. You have to contact the bank for current rates as they are not available online.

If you cannot wait that long to touch your money, you probably shouldn’t open this account. If you make any withdrawals of any amount before the funds are distributed to your checking account in October, your entire Holiday Savings account will automatically distribute to your checking account. You won’t be able to participate in the Holiday Savings offering until the following year.

How to get IBERIABANK’S Holiday Savings Account

You can open this account over the phone or in person at your local branch.

SEE DETAILS Secured

on IBERIABANK’s secure website

Health Savings Account

A tax-deductible way to save for health care expenses.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $2.50 if your balance falls below $1,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you have a High Deductible Healthcare Plan (HDHP), aren’t on Medicare and cannot be claimed as a dependent by someone else on their tax return, you can set up a Health Savings Account (HSA). Contributions to this account are tax-deductible, and if you spend the money on health care costs, any withdrawals you make can be used tax-free. You must contact the bank for current rates as they are not available online.

There is a maintenance fee if your balance falls under $1,000, though that fee is nominal. Interest rates are minimal, though they will vary region to region, so it’s important to call IBERIABANK to get the most recent information.

How to get IBERIABANK’s HSA

You cannot open this account online. You must call or visit your local branch in person.

SEE DETAILS Secured

on IBERIABANK’s secure website

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How IBERIABANK’s savings accounts compare

IBERIABANK’s savings account leave a lot to be desired. Where you’d hope to see high APYs, they are small or nonexistent. Where you’d hope to see no monthly maintenance fees, they appear — though they are nominal.

You can find savings account rates that are more than 40% higher by shopping around, and many of these same competitor accounts come with no minimum balance requirements.

IBERIABANK’s CD rates

Certificates of Deposit

A lack of advertised APYs make this account hard to judge, but if the specials are of any indication, IBERIABANK has CDs worth further exploration.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 2% of the principal

While IBERIABANK does not publicly advertise its CD rates on its website, they did have extremely competitive CD specials when we contacted them on Oct. 23, 2018. CD rates, as all rates in this article, are regional, and the ones we obtained were for the Lafayette, La. area where IBERIABANK is headquartered.

The minimum opening balance requirement is fairly standard on these certificates. The early withdrawal penalty is structured differently from most financial institutions; instead of paying a certain number of months’ worth of interest, you’ll pay 2% of your principal should you make an early withdrawal. This could end up being more or less than you’d pay if the bank charged based on a set amount of interest, but it’s also far less confusing to calculate on your own.

How to get IBERIABANK’s CDs

You can call or visit a branch in person in order to set up your certificate.

SEE DETAILS Secured

on IBERIABANK’s secure website

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How IBERIABANK’s CD rates compare

It’s difficult to judge the merit of a financial institution’s CDs when APY is not advertised, but if the specials of October 2018 are of any indication, the rates are likely very competitive and worth inquiring about. Once you have the numbers, be sure to run them against the best CD offers on the market from financial institutions who are a little more transparent with their rate schedules.

IBERIABANK’s money market account options

SelectPlus Money Market

Extremely low APY offerings combined with relatively high minimum balance requirements.
APYMinimum Balance to Earn APY
0.05%$5,000
0.25%$10,000
0.45%$50,000
0.55%$100,000
0.55% $500,000
0.65%$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $15 if your balance falls below $5,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The rates on IBERIABANK’s SelectPlus Money Market account are nothing to write home about. They’re beat by the competition, and come with high minimum balance requirements relative to the APY.

If your balance falls below $5,000, you will be subject to a monthly maintenance fee. Money market accounts are technically savings accounts, and therefore also fall under Regulation D. Unlike IBERIABANK’s savings account, you are not limited to four withdrawals per month; you get the full six. However, if you go over six withdrawals, you will be charged a $15 fee for each incident.

How to get IBERIABANK’s SelectPlus Money Market account

You can open this account online, over the phone or in person with your state-issued ID, Social Security number, funding information including bank account and routing numbers and your last address if you have moved within the past two years.

SEE DETAILS Secured

on IBERIABANK’s secure website

Member FDIC

Premier Money Market account

High minimum balance requirements with higher rates than SelectPlus — but this account still isn’t competitive.
APYMinimum Balance to Earn APY
0.25% $10,000
1.35%$25,000
1.40%$50,000
1.45%$250,000
1.45%$1,000,000
1.45%$5,000,001
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies depending on desired APY.
  • Monthly account maintenance fee: $20 if your balance falls below $10,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you have more money to put into your money market account, a better, higher-yield option is the Premier Money Market account. Because your balance is higher, IBERIABANK rewards you with a higher interest rate than is available via its SelectPlus option, though it is important to note that these rates are still not competitive with other offers on the market. You will also have to keep your account balance higher in order to avoid the higher monthly maintenance fee.

How to get IBERIABANK’S Premier Money Market account

Whether you open this account online, in person or over the phone, be sure to have your Social Security number, state-issued ID, funding information and most recent past address if you have moved within the last two years.

SEE DETAILS Secured

on IBERIABANK’s secure website

Member FDIC

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How IBERIABANK’s money market accounts compare

The interest rates IBERIABANK is offering on their money market accounts aren’t up to par. In fact, you could find higher rates on simple savings accounts at other financial institutions. The minimum balance requirements are quite high — especially when you take into consideration those low APYs. To get a better deal, shop around for other money market accounts.

IBERIABANK’s IRA account options

IRA CD rates

IRA Certificates of Deposit

You’ll need to call IBERIABANK to see which APYs are available in your area.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 2% of the principal

IBERIABANK told MagnifyMoney on Oct. 23, 2018 that IRA CDs have identical rates to those outside of an IRA. However, these rates are not advertised and will vary from region to region. To find out how competitive these rates are in your area, call IBERIABANK. You’ll need to take this action to schedule an appointment to open your account, anyway.

In addition to the early withdrawal penalty, you will also be subjected to IRS penalties and taxes if you withdraw money before you are age 59 ½ with a few select exceptions.

How to get IBERIABANK’s IRA CDs

To open this account, you will need to schedule an appointment to meet with a specialist at your local branch.

SEE DETAILS Secured

on IBERIABANK’s secure website

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How IBERIABANK’s IRA CD rates compare

While we assume IBERIABANK’s rates on CDs are relatively competitive because of their promo rates, IRA CDs tend to have higher interest rates than those outside of a CD. That is not the case at IBERIABANK, where the rates are identical based on information provided by the bank.

Because rates are not advertised and vary region to region, your best bet is to call and get your local rates and compare them against the best IRA CDs on the market.

Overall review of IBERIABANK’s banking products

Overall, IBERIABANK likely isn’t going to offer you the best rates or the lowest fees. This is true for its checking, savings and money market accounts. The prospects for its CDs look a bit sunnier, but cannot be confirmed until you call in to get your local rates.

This bank also does not offer IRA savings accounts. These accounts are one of the most conservative investments you could make, so it may not be that big of a loss depending on your investment strategy. But if it is something you’re looking for, know that these accounts are widely available — just not with IBERIABANK.