Luther Burbank Savings Review 2022: Reliable Banking for Customers

GOBankingRates Score

3.6
Quick Take: Luther Burbank Savings offers a number of specialized banking services, but customers may want to look elsewhere for better interest-earning accounts.
  • APYs
    3.8
  • Benefits
    3.6
  • Products
    3.5
  • Customer Service
    3.5
How did we calculate this?

Luther Burbank Savings Overview

Luther Burbank Savings is a California-based bank with more than $7.1 billion in assets under management. It has 11 branches as well as digital and mobile banking.

Key Features

Luther Burbank Savings focuses on a small number of core components.

APYs

Luther Burbank’s standard checking account does not earn interest. However, an annual percentage yield can accrue on its upgraded High-End checking account.

Despite this, Luther Burbank has two fixed-rate certificate of deposit accounts members can choose from to earn interest. The two options available are seven-month CDs, which earn a % APY, and 13-month CDs, which have a % APY. Both accounts must meet the $1,000 minimum opening deposit requirement to qualify. 

There’s also the money market account. If a customer opens this account at a branch, a $100 minimum deposit is required initially. But if new customers are applying online, the minimum opening balance increases to $500. The rates for this account are between % and 0%, depending on your balance.

Benefits

Luther Burbank customers can redeem uChoose Rewards points at participating retailers. Customers receive one point per dollar spent on signature transactions or a point for every $2 spent on PIN transactions. Members can redeem rewards only after they have accrued at least 2,500 points.

Customers also have fee-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.

Products

Luther Burbank has a limited selection of personal finance products. On top of the interest-earning accounts mentioned above, Luther Burbank has a Visa credit card and a small selection of lending offerings. These consist of home loans for first-time buyers and investors as well as jumbo loans for qualifying 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 from 9 a.m. to 5 p.m. on weekdays, Monday through Friday. In the event of a lost or stolen card, members can call 855-326-4459 beyond the regular hours.

How Does Luther Burbank Savings Stand Out?

Luther Burbank values its members’ privacy and security. It has security architecture in place to minimize any potential attacks, and customers are given ample resources to educate themselves on cyber threats. 

Comparable Options

Here’s how Luther Burbank Savings stacks up against similar services.

Pacific Premier Bank

Pacific Premier Bank’s client services team is available from 7 a.m. to 6 p.m. PST on Monday through Friday and from 9 a.m. to 1 p.m. PST on Saturdays. This goes beyond Luther Burbank’s 9 a.m. to 5 p.m. availability. Pacific Premier also offers individual retirement accounts, whereas Luther Burbank does not.

International Bancshares

International Bancshares Corporation offers more products and services than Luther Burbank, including fraud prevention as well as investment and insurance services  

How To Apply

In order to open a Luther Burbank Savings account, simply visit the organization’s website or download its app. New members will be required to fill out a form and provide the following information:

  • Name
  • Date of birth
  • Address
  • Social Security number
  • Valid ID and any other documentation to verify identity

Who Luther Burbank Savings Is Best For

Luther Burbank is suited for individuals who value security and specialized services.

Final Take

While it may not be one-size-fits-all banking, Luther Burbank Savings is a reliable financial institution that should meet the majority of customers’ expectations.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of July 8, 2022. Additional requirements may apply. Offers and terms are subject to change.

Editorial Note: This content is not provided by Luther Savings Bank. 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 Luther Savings Bank.

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About the Author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor's degree in business and entrepreneurship, as well as over five years of investing experience.

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