Luther Burbank Savings Reviews of Checking, CD, Money Market, and IRA Rates

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Updated on Friday, October 1, 2021

Checking account options at Luther Burbank Savings

High-End Checking

The High-End Checking account pays additional interest to account holders with higher balances.

APY

Deposit

0.05%

$0 - $999.99

0.05%

$1,000 - $4,999.99

0.10%

$5,000 - $24,999.99

0.15%

$25,000 - $49,999.99

0.20%

$50,000 - $74,999.99

0.20%

$75,000+

  • Minimum opening deposit: $1,000 to open, $25,000 for highest rates
  • Monthly account maintenance fee: $15 if minimum not met
  • ATM fee: $0
  • ATM fee refund: 100% of all ATM fees worldwide
  • Overdraft fee: $20 (no overdraft protection)

The High-End Checking account caters to clients with larger available balances, paying its best rates on bigger deposits. Rates for higher deposits can pay more than twice the national average. However, customers can still get higher rates with the bank’s Everyday Checking account if they’re willing to go completely online.

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on Luther Burbank Savings’s secure website

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Free Checking

The Luther Burbank Free Checking account is the most basic offering at the bank, offering free services for low minimums but paying no interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: $0
  • ATM fee refund: 100% of all ATM fees worldwide
  • Overdraft fee: $20

Luther Burbank’s Free Checking account can be considered the bank’s “entry-level” account. With no minimum opening deposit or account maintenance fees, the account is perfect for first-time clients, such as college students. The account isn’t completely fee-free, however. As with other Luther Burbank checking accounts, you’ll get hit with a fee if you overdraw your account as this account doesn’t come with overdraft protection.

Even as a “basic” account, the free checking account at Luther Burbank Savings offers a host of benefits. You’ll get the same ATM fee rebates and free services as the bank’s other checking accounts, including mobile and online access, a debit card, bill pay and person-to-person transfers.

How to open a Luther Burbank checking account

You can open Luther Burbank’s checking accounts either online or in a branch. Depending on where you live, opening your account online might be much more convenient. Luther Burbank Savings is a California-based bank that only operates nine branches, located in a range of locations from Northern to Southern California.

To open any type of checking account at Luther Burbank Savings, you’ll need to be a U.S. citizen and at least 18 years old. You’ll also need to provide the following information:

  • Social Security number
  • Driver’s license or state-issued ID
  • Beneficiary information, including name, Social Security number and date of birth

From there, click through the online account application to provide the rest of the required personal and financial information. You’ll be asked for standard information such as your contact information, employment status and funding source.

To open an account in a branch, you’ll need to provide the same information to a Luther Bank representative in person.

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How Luther Burbank’s checking accounts compare

Luther Burbank Savings offers enough different types of checking accounts that you can likely find one that matches your needs. A completely free checking account is offered and is much more than a “bare-bones” account that some other institutions offer. Even at the free level, you’ll have mobile and online access, a debit card, bill pay services and unlimited, fee-free ATM access worldwide.

Clients in need of additional services or higher interest rates can take advantage of Luther Burbank’s other checking options. Fans of traditional retail banking may prefer the Regular Interest Checking account over the free or “Everyday” options, while those capable of making larger deposits may benefit most from the High-End Checking account.

Overall review of Luther Burbank Savings

Luther Burbank Savings has strategically kept its branch network small to focus on what it believes customers want. For the most part, fees and minimum account requirements are low. Rates for some accounts are below average, but for many accounts, including the Everyday Checking, High-End Checking and CD accounts, they top the national norms. Considering the small branch network, the bank offers a wide range of products for customers to use.