Sunday, 20 October 2019

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

Lakeland Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Oct
6:28

Lakeland Bank’s checking account options

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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

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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

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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

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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

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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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/lakeland-bank/

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