Lake City Bank Review
Written by
Marc Guberti
Edited by
Emily Gadd
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Open a savings account with only $25 and no monthly maintenance fees.
With respectable APYs and a full list of product offerings, GOBankingRates has named Lake City Bank one of the Best Banks in Indiana. It has 54 locations throughout Indiana.
Lake City Bank has competitive short-term CDs and a good money market account. Most of its accounts have low minimum opening deposits, and it’s typically easy to waive the monthly maintenance fee.
Lake City Bank Checking Account
Protect and monitor your debit card spending while waiving monthly maintenance fees and tapping into online banking.
Best For
Banking in Indiana
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Two Checking Accounts That Earn Interest
Lake City Bank offers six checking accounts. Most of them give you the option to waive monthly maintenance fees if you have a sufficient balance or meet other qualifications.
The Essential Checking account is the only account that doesn’t offer an option for waiving the monthly maintenance fee.
You can earn interest on your balance with a Simple Earnings Checking account or a Rewards Checking account.
Fees
Monthly fee: $0 – $9
APY
Up to
Min Opening
$25
Pros
- Low minimum opening deposit
- Most accounts give you a way to waive the monthly maintenance fee
- Some accounts let you accrue interest
Cons
- Monthly maintenance fees are high relative to other checking accounts
- Some checking accounts have high minimum balance requirements to avoid the monthly maintenance fee
- Lake City Bank checking accounts don’t have many features beyond the basics
Quick Take
It’s good that Lake City Bank’s checking accounts have low minimum opening deposits, but these accounts aren’t competitive. Some accounts, like the Rewards Checking and Rewards Plus Checking accounts, reimburse up to $25 in ATM fees each month if you qualify. You can manage your finances, deposit checks, and pay people with Zelle through the Lake City Bank mobile experience, but many banks offer those features.
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Lake City Bank Savings Account
A low minimum deposit requirement makes it easy to open a savings account and start accumulating interest.
Best For
Banking in Indiana
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Three Savings Accounts to Choose From
You only need $25 to open an account and can avoid the monthly maintenance fee with a sufficient balance.
- The Lake City Bank Savings Account only yields APY.
- The Rewards Savings Account has an APY that goes up to , depending on your balance.
- The Rewards Plus Savings Account has an APY that goes up to .
- The highest APYs are capped to the first $50,000 of your balance, and you need to have the right Lake City Bank checking account open to be eligible for either of the Rewards savings accounts.
Fees
$9 Monthly Fee
APY
Up to
Min Opening
$25
Pros
- Low minimum deposit requirement
- Upgrade to a higher tier as your balance grows
- You only need a $300 balance to waive the monthly maintenance fee
Cons
- Low APYs
- You must have a Rewards Checking Account open to set up a Rewards Savings Account
- The highest APY has limits
Quick Take
Lake City Bank has low minimum opening deposits that make it easy to set up an account, and it’s also easy to avoid the monthly maintenance fee. However, the account doesn’t offer many perks beyond that. Other savings accounts feature higher yields and still allow you to avoid the monthly maintenance fee.
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Lake City Bank CD Accounts
Lake City offers CD accounts with a wide range of terms.
Best For
Banking in Indiana
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Min. Balance to Earn APY $500
- You can choose from CD terms that range from three months to seven years
- You only need a minimum deposit of $500 to open a regular CD, but the rates only get as high as
- Short-term CDs offer better rates. You can get APY with a 4-month CD and a on a 3-month Companion CD. You can also receive APY on a 9-month Companion CD.
- Companion CDs require a $1,000 minimum deposit
- Freedom CDs have APY for 12 months, while Freedom Plus CDs offer APY over 18 months.
- Rate-Riser CDs offer APY for a 2-year term and APY for a 4-year term
Fees
No monthly service fee
APY
–
Min Opening
$500-$1,000
Pros
- Choose from a wide range of maturities
- Competitive APYs for short-term CDs
- Some CDs only require a $500 minimum deposit
Cons
- Low APYs for regular CDs
- You can find higher APYs if you look for other long-term CDs
- Penalty fees apply if you withdraw funds early
Quick Take
While Lake City Bank’s regular CDs don’t have competitive rates, you can find solid yields if you look at some of the special offers. Short-term CDs have the highest rates for now. A $500 minimum deposit is in line with the competition, while you will have to deposit at least $1,000 for higher yields.
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Lake City Bank Money Market Accounts
Earn interest on your extra cash and avoid monthly maintenance fees if you have a balance of $5,000 or more.
Best For
Banking in Indiana
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Min. Balance to Earn APY $0
Lake City Bank has two money market accounts: Investor’s Money Market and Preferred Money Market.
- The Preferred Money Market has tiered APYs that range from to . You need at least $500,000 in your account to qualify for .
- The Investor’s Money Market account has a higher yield of APY. However, you must have a balance of $5,000 or more to receive interest from this account.
- You must have a $5,000 balance on either account to waive the $10/mo fee.
Fees
$10 monthly service fee
APY
to
Min Opening
$0
Pros
- Earn up to APY on your balance
- It’s possible to avoid the monthly maintenance fee
Cons
- You must have a $5,000 balance to avoid the monthly maintenance fee
- The Preferred Money Market account’s APY only gets as high as
Quick Take
The Investor’s Money Market account is the much better option, offering APY if you have a balance of $5,000 or higher. Meanwhile, you can only get up to APY on a Preferred Money Market account. A APY is respectable, but you can’t increase your Investor’s Money Market account’s APY by putting in more money.
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Banking Experience
Lake City Bank has almost 1,200 reviews in the App Store that average 4.4 starts. It also has an average rating of 4.5 stars from more than 500 Google Play reviews. Reviewers have said good things about the app’s functionality and customer support.
Comparable Regional Bank Options
Before you open a new bank account, make sure you shop around for the best features that fit your financial goals.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Monthly fee: $0 – $9
$7 to $10 monthly
No monthly service fee
APY
APY
APY
Up to
Contact local branch
Min Opening
Min Opening
Min Opening
$25
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$9 Monthly Fee
$0 to $20
No monthly service fee
APY
APY
APY
Up to
Contact local branch
Min Opening
Min Opening
Min Opening
$25
$0 to $15,000
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Early withdrawal penalties may apply
No monthly service fee
APY
APY
APY
–
Up to
–
Min Opening
Min Opening
Min Opening
$500-$1,000
Contact local branch
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10 monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
to
As high as
to
Min Opening
Min Opening
Min Opening
$0
$1
$25
Lake City Bank vs. Huntington Bank
Both banks let you waive the monthly fee for your checking account. The company’s Platinum Perks Checking account offers fee-free ATM withdrawals and offers a rate discount for HELOCs and mortgages. Huntington Bank also has better rates, which include up to APY for its money market account.
Lake City Bank vs. Citizens State Bank
Citizens State Bank offers interest-bearing accounts. Most of them have no minimum balance requirements and no monthly service charge. The bank also has a referral program that lets you earn a special gift like a $10 Amazon Gift Card for each person you introduce to the bank. The bank also offers savings accounts and CDs. Notably, you can use your CD as collateral for a personal loan.
Lake City Bank vs. Horizon Bank
Horizon Bank has similar APYs for its CDs. You can get a 5-month CD Special with a APY and a 7-month CD Special with a APY. However, these CDs require a $10,000 minimum deposit. You can also choose from less competitive CDs that let you deposit as little as $500. Horizon Bank only offers APY for a 60-month CD. Money market accounts require a substantial $20,000 minimum deposit just to receive interest. The rate is not specified on the site.
Final Take
Lake City Bank isn’t an expensive option. You can waive the monthly service fee with a reasonable balance. However, rates aren’t competitive for most of its financial products, with short-term CDs and the Investor’s Money Market account as the two exceptions. The bank has several branches in Indiana which makes it a niche option to consider.
Lake City Bank FAQ
- Is Lake City Bank good?
- Lake City Bank is a competitive bank that has respectable APYs for its short-term CDs and money market accounts.
- What types of accounts does Lake City Bank offer?
- Lake City Bank offers checking accounts, savings accounts, money market accounts, and CDs.
- Does Lake City Bank charge monthly fees?
- Yes. Lake City Bank charges monthly maintenance fees. However, the bank waives the fee if you have a sufficient balance.
- How many locations does Lake City Bank have?
- Lake City Bank has 54 locations within Central and Northern Indiana.
- How much is the overdraft fee for Lake City Bank?
- Lake City Bank charges a $35 overdraft fee.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
GOBankingRates analyzed the 100 largest banks by total assets, as well as select online banks with over $800 million in assets, to determine the Best Banks of 2025. Data was sourced from June 2024 FDIC reports, along with a selection of leading neobanks. For savings and checking accounts, we chose only one product per category per institution. If an institution did not offer a given product, it was not scored.
For institutions with multiple checking accounts, we selected fee-free options or those with the lowest barrier to entry. If there were multiple fee-free checking accounts, we selected the account with the highest APY or the lower monthly fee. For institutions offering multiple savings accounts, we chose the account with the lowest monthly fee, provided it required a minimum deposit of $20,000 or less. If multiple savings accounts met these criteria, we selected the one with the highest APY.
All APYs were calculated based on the base APY being offered, achievable or both. To be deemed a “winner” in a product category (Checking, Savings, CDs, or Money Market Accounts), an institution needed more than $5 billion in total assets to demonstrate the ability to handle rising interest rates, exposure to commercial real estate and growing liquidity requirements.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024.
