Lakeland Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, December 1, 2020

Lakeland Bank’s checking account options

Elite Checking

This checking account offers a lot of unspecified discounts at retailers.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived or reduced)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Lakeland Bank’s Elite Checking account doesn’t offer any interest. Instead, this account comes with a “revolutionary benefits package” called BaZing. This package offers roadside assistance, ID theft monitoring, protection, and insurance, as well as discounts at “over 360,000 national, regional, and local merchants.” Unfortunately, it doesn’t specify what those merchants are or how good the discounts are, so there’s no way to know if it’ll actually be something you can use until after you sign up for the account.

All of this comes with a high price tag: $7 per month. You can get this fee reduced in a couple of different ways. First, if you sign up for e-statements, Lakeland Bank will reduce the monthly price by $1. Now you’re at $6 per month. You can reduce it further by using your debit card or by making mobile deposits. Each mobile deposit or debit card purchase you make gives you a $0.25 rebate. So, by signing up for e-statements and making at least 24 total debit card purchases and mobile deposits per month, you can effectively erase the monthly fee from this account.

How to get Lakeland Bank’s Elite Checking account

If you’re at least 18 years old and you live in Lakeland Bank’s service area, you can apply for this account. You can open it online or at a Lakeland Bank branch. You’ll need to provide your contact details, your Social Security number and have a way to fund your new account. Lakeland Bank accepts checks, cash and even credit/debit opening deposits (up to $1,000, that is).

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on Lakeland Bank’s secure website

Platinum Checking

Don’t open up this checking account unless you’re sure you can meet the requirements to waive the painfully high monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (can be waived)
  • ATM fee: None
  • ATM fee refund: None. You’ll still be responsible for paying any ATM surcharge fees if you use an out-of-network ATM machine.
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

You might expect that a bank’s most premium-level account would come with a higher monthly fee, and boy does it ever: a whopping $25 per month. Luckily, there is a way to get it waived, but that’ll also cost you. Specifically, you’ll need to have at least $15,000 combined across all your Lakeland Bank accounts — deposit accounts like CDs, savings accounts and outstanding loan balances.

In return, you’ll earn a small amount of interest. You’ll also qualify for rate discounts on Lakeland Bank loans when you set up automatic payments from this checking account, although the bank doesn’t specify how high those rate discounts are. Similarly, you can get unspecified “special rates” on CDs. Finally, you can get free checks and money orders with this account and a small amount ($1,000) of ID theft protection and assistance.

If the additional benefits of the Elite Checking account piqued your interest, you also have the option of adding them onto your Platinum Checking account. But again, there’s a cost: an extra $3 per month, with no way to waive the fee.

How to get Lakeland Bank’s Platinum Checking account

You can apply for this account online or at a Lakeland Bank branch. If you’re opening it online, you’ll still need to provide a valid ID and send in a signature card. Even if you opt for the online opening, you’ll still need to live within Lakeland Bank’s core service area.

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Member FDIC

Personal Checking with Interest

This is Lakeland Bank’s only other interest-bearing checking account.
APYMinimum Balance to Earn APY
0.03%
$1.00
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If the Platinum Checking account features overwhelmed you, this account may be a better option for you. The only perk it offers (besides offering a similar amount of interest) is a small $1,000 identity theft protection and assistance package.

But again, you’ll need to make sure you can consistently meet the requirements to waive the monthly fee on this account. If your average account balance drops below $500 for any given month, you’ll have to pay up a high $15 monthly fee for the account. Given the poor interest rate offered on this account, it’s unlikely that you’ll come out ahead if you have to pay the monthly fee, even if you do earn interest.

How to get Lakeland Bank’s Personal Checking with Interest account

If you’re a U.S. citizen, at least 18 years old and live within Lakeland Bank’s service area, you can open this checking account. You’ll need to provide the bank with your Social Security number, a valid ID, your personal contact information and a way to fund your new account. If you apply online, Lakeland Bank will require you to mail in a signature card before your account can officially be opened.

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on Lakeland Bank’s secure website

Member FDIC

Classic Checking

This account allows you to write an unlimited number of checks for the cheapest price.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t really care about earning interest or anything fancy but still use your checking account frequently, this might be the best account for you at Lakeland Bank. That’s because there are no limitations on how many checks you can write each month with this account, and it comes with a smaller monthly fee. You’ll pay $6 per month to have this account, but if you keep at least $250 in the account, this fee will be waived.

Even though this account doesn’t really have too much fanciness going on with it, it still comes with $1,000 in ID theft protection and assistance. In fact, most of Lakeland Bank’s checking accounts come with this feature, so there’s almost no getting away from it.

How to get Lakeland Bank’s Classic Checking account

You can apply for a Classic Checking account in person or online on Lakeland Bank’s website. To be eligible for an account, you’ll have to be at least 18 years old, live within Lakeland Bank’s service area, have a Social Security number and be able to fund your new account with an opening deposit. Those who apply online will have to send in a signature card to complete their application.

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on Lakeland Bank’s secure website

Student Checking

This is Lakeland Bank’s only free checking account, and it’s only available to students between the ages of 17 and 24.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you’re a student between the ages of 17 and 24 and want to open an account at Lakeland Bank, you’ll definitely want to go for this one. It’s the only one Lakeland Bank offers that doesn’t carry a monthly fee.

There are a few other nice things that come with this account. Like almost all of Lakeland Bank’s checking accounts, this one comes with $1,000 in ID theft protection and assistance, but it also comes with roadside assistance and free overdraft transfers. To get this free overdraft protection, you’ll have to visit a branch location in person to set it up and use a savings account that’s in your name.

Once you reach age 25, Lakeland Bank will automatically convert this account into a Classic Checking account. You’ll definitely want to reassess your checking account at that point, because the Classic Checking account does carry a monthly fee. Finally, you’ll also need to sign up for e-statements within 60 days after you open this account. If you don’t, it’ll automatically be converted to a Classic Checking account.

How to get Lakeland Bank’s Student Checking account

If you’re under age 18, you’ll need a parent or guardian to open this account with you as a joint owner. You’ll also need to show proof that you are, in fact, a student, either at a high school or a college. Lakeland Bank doesn’t accept online applications for this account, so you’ll need to visit a local branch location to apply for it.

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on Lakeland Bank’s secure website

Consumer Checking

This account is best for people who don’t make a lot of purchases each month.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This account is a bit odd. For starters, you’re only allowed to write eight checks per month from this account. If you need to write more than that, you’ll have to pay a $0.50 processing fee per check (ouch).

Then there’s the monthly fee. It’ll cost you $3 per month to get this account, and Lakeland Bank doesn’t offer you any ways to have the fee waived. That means each month, every month, you’ll have to pay $3 to keep this account open.

How to get Lakeland Bank’s Consumer Checking account

If for some reason you decide this account is right for you, you’ll need to head to a local Lakeland Bank branch to get it. The bank does not offer the ability to apply for this account online.

SEE DETAILS Secured

on Lakeland Bank’s secure website

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How Lakeland Bank’s checking accounts compare

Each of Lakeland Bank’s checking accounts comes with a high monthly fee, except for its Student Checking account.

Most of these checking accounts come with small perks, such as ID theft protection that you may never have to use, or random unspecified discounts or deposit account rate increases. But for the accounts that do offer interest, it’s such a small amount that you probably won’t even really feel it.

If you’d like to find a better checking account that offers significantly higher interest rates for no (or lower) fees, consider one of these top online checking accounts instead.

Lakeland Bank’s savings account options

Statement Savings

This is a pretty typical big-bank savings account — high monthly fee and low interest rate.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can we waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Unfortunately, Lakeland Bank only offers one savings account for adults, and this is it. It’s your only option. Any interest payments you earn with this paltry interest rate will be tallied up and applied to your account on a quarterly, not monthly, basis.

Although you only need $100 to open this account, try to wait until you can keep at least $250 in the account. If your average daily balance drops below this level, you’ll have to pay a $5 fee for that month. Due to federal Regulation D, you can make up to six certain withdrawals/transfers per month from this account without penalty from the bank. If you need to make more than that, you’ll pay a $10 fee for each extra withdrawal.

How to get Lakeland Bank’s Statement Savings account

You can apply for this account online if you wish. If you do, you’ll need to provide your name, contact information, Social Security number and a valid ID to prove your identity. You’ll also need to send in a signature card. Alternatively, you can apply for an account in person and open it immediately.

SEE DETAILS Secured

on Lakeland Bank’s secure website

Member FDIC

Young Savers

This free account will match up to a $10 opening deposit, but that’s the only perk.
APYMinimum Balance to Earn APY
0.05%
$1.00
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This youth savings account is available to anyone under the age of 21. Sadly, it also offers a small interest rate, but it does come with a few other (rather unimpressive) perks.

When your child opens this account, Lakeland Bank will match their opening deposit and credit it to the account within 45 days. It’ll only match up to $10, however. This account is also free, which is nice, considering that children often don’t have the chops to get fees waived every month. Your child is allowed to make up to six certain withdrawals/transfers without penalty imposed by the bank per federal Regulation D, unless they want to pay a $10 fee for each extra withdrawal.

Once your child turns 21, this account will turn into a Statement Savings account, complete with a $250 minimum balance requirement in order to waive a $5 monthly fee.

How to get Lakeland Bank’s Young Savers account

You’ll need to visit a local branch to open this account, as online applications are not supported. If your child is under age 18, you’ll need to open the account with them as a joint owner. You’ll also need to provide both of your Social Security numbers on the application.

SEE DETAILS Secured

on Lakeland Bank’s secure website

Member FDIC

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How Lakeland Bank’s savings accounts compare

If you’d like to earn the best interest rates possible, the verdict is clear: You won’t be able to do that at Lakeland Bank, sadly. In fact, we would call these interest rates downright poor. You can do much, much better, even at other local banks.

Furthermore, we think it’s silly that the bank charges for its adult savings account. It shouldn’t cost you money to save, even if there are ways of getting around it with certain minimum balance levels. That’s just plain inconvenient. If you’re saving up for a specific purchase, for example, this means you’ll need to save up your target amount plus an extra $250 just to make sure you can still meet the minimum balance requirements after you take the money out of your account. Skip this savings account, and find a better one, in our opinion. Try our list of the highest-yielding savings accounts out there.

Lakeland Bank’s CD rates

CDs

Lakeland Bank offers more CDs than this, but it doesn’t publish all their rates online.
TermAPY
9 month special1.00%
13 month special0.95%
23 month special2.10%
35 month special2.05%
48 month special2.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

You can earn higher interest rates on your savings at Lakeland Bank if you’re willing to stash them away in a CD for a longer period of time. The bank claims that it offers CDs from seven days all the way out to 48 months, however it doesn’t post the rate information for these CDs (or even what terms are offered) on its website. To find out what CDs are being offered and for how much, you’ll need to contact the bank directly.

If you’ve got really large deposit (over $250,000), Lakeland Bank also participates in a CDARS program that spreads your money out across several banks so that you can keep your deposit under the $250,000 FDIC insurance limit.

We do know what happens when these CDs mature, however. They come with pretty standard CD maturity policies. After the term ends, they will automatically roll over into another CD, with a 10-day grace period where you can withdraw your money or make any other changes to the CD.

How to get Lakeland Bank’s CDs

You’ll need to visit a Lakeland Bank location in person in order to open one of these CDs. Remember to bring a valid ID, and a way to fund your new account. If you’ll be funding the account with a bank transfer from your existing account, you’ll need to bring the routing information with you.

SEE DETAILS Secured

on Lakeland Bank’s secure website

Member FDIC

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How Lakeland Bank’s CD rates compare

We can’t say much for Lakeland Bank’s regular CD rates since this information is kept offline and not updated where we can see it.

But as for its special CD rates, you can still do better. They’re not horrible rates, but these top-yielding CD accounts offer even higher rates, and they’re not on special.

Lakeland Bank’s money market account option

Platinum Tiered Money Market

This low-yielding account needs at least $2,500 in it to avoid a $10 monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1-$14,999.99
0.10%
$15,000-$24,999.99
0.15%
$25,000-$99,999.99
0.20%
$100,000-$249,999.99
0.20%
$250,000-$499,999.99
0.25%
Over $500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $10, unless you keep at least $2,500 in the account
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t want to lock your money away in a CD but still want to earn higher interest rates than on Lakeland Bank’s savings account, this might be a better account for you. To get it, we’d recommend waiting until you’ve got at least $2,500 stockpiled up because if you keep less than that in the account, you’ll have to pay a $10 monthly fee.

You can earn the highest interest rates on balances over $500,000, but that might be dangerous. FDIC insurance only covers you for $250,000, and in the event that Lakeland Bank goes under, you could lose your excess deposits.

Finally, as with all money market and savings accounts, you are allowed to make up to six certain withdrawals/transfers per month without penalty from the bank. This is due to federal Regulation D rules. Each withdrawal after that comes with a $10 excess transactions fee.

How to get Lakeland Bank’s Platinum Tiered Money Market account

Lakeland Bank offers the option of opening this account online. If you opt for online account opening, you’ll need to send in a signature card before your account can be officially opened. Regardless of whether you open the account online or in person, there are a few details you’ll need to provide on your application, including your name, contact information, Social Security number and a valid ID.

SEE DETAILS Secured

on Lakeland Bank’s secure website

Member FDIC

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How Lakeland Bank’s money market account compares

It probably won’t come as a shock by now, but we’d say that Lakeland Bank’s money market account offers very poor rates. Sure, they’re better than the bank offers on its savings accounts, but that’s not saying much.

Instead, you can earn much better rates by choosing one of the top high-yield money market account at another bank or credit union. With these accounts, you won’t need to wait until you have hundreds of thousands of dollars saved up to earn super-high interest rates.

Lakeland Bank’s IRA account options

IRA CDs

You’ll need to contact Lakeland Bank directly to get the details on its regular IRA CDs.
TermAPY
9 month special1.00%
13 month special0.95%
23 month special2.10%
35 month special2.05%
48 month special2.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

Lakeland Bank offers these IRA CDs within either traditional IRAs or Roth IRAs. It’s up to you to choose which one is best for your tax situation.

Lakeland Bank doesn’t offer a lot of information about its regular IRA CDs — namely, what exact terms it offers, and how much it pays out for interest. For that, you’ll need to contact the bank directly. It does post limited information about the special IRA CDs it offers, however, which we’ve posted above.

When these IRA CDs mature, they’ll automatically roll over into a new IRA CD for the same term length. After each maturity, you’ll get a 10-day grace period to withdraw the money, roll it over into a new IRA at a different institution or add more money. Once you reach age 59 1/2, you can withdraw money from the IRA CDs without having to pay any early withdrawal penalties.

How to get Lakeland Bank’s IRA CDs

Lakeland Bank requires everyone to open these accounts up at a local branch instead of online. Remember to bring a valid ID with you when you visit the branch.

SEE DETAILS Secured

on Lakeland Bank’s secure website

Member FDIC

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How Lakeland Bank’s IRA CD rates compare

Just like with Lakeland Bank’s regular CDs, we can’t really say with much certainty how they compare with other banks since they don’t make that information freely available online. We can compare its special IRA CDs, however, although the results are a bit disappointing.

Even with the presumably higher rates offered on its special IRA CDs, Lakeland Bank falls short when compared with the top IRA CD accounts out there. Our advice? Find the highest-yielding IRA CD you can so that your money can be working to maximum effect to help you save for retirement.

Overall review of Lakeland Bank’s banking products

Our take on Lakeland Bank is this: When it comes to fees and interest rates, Lakeland Bank is a flat-out poor bank to work with.

None of its accounts offer particularly good terms, while almost all of them come with high fees. For example, you can expect to pay up to $25 per month for the Platinum Checking account — $25 per month! And while it is possible to get the fee waived, chances are you’ll still end up paying it sooner or later because you’ll forget what the requirements are over time, slip up and be slapped with a high fee. No thanks.

In today’s era of online banking, it’s just too easy to find an account that won’t charge you a high amount of fees, and will offer a great interest rate to boot. Your wallet (and your future self) will be happier down the road.