Each of Lakeland Bankâ€™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, itâ€™s such a small amount that you probably wonâ€™t even really feel it.
If youâ€™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.
If youâ€™d like to earn the best interest rates possible, the verdict is clear: You wonâ€™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 itâ€™s silly that the bank charges for its adult savings account. It shouldnâ€™t cost you money to save, even if there are ways of getting around it with certain minimum balance levels. Thatâ€™s just plain inconvenient. If youâ€™re saving up for a specific purchase, for example, this means youâ€™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.
We canâ€™t say much for Lakeland Bankâ€™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. Theyâ€™re not horrible rates, but these top-yielding CD accounts offer even higher rates, and theyâ€™re not on special.
It probably wonâ€™t come as a shock by now, but weâ€™d say that Lakeland Bankâ€™s money market account offers very poor rates. Sure, theyâ€™re better than the bank offers on its savings accounts, but thatâ€™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 wonâ€™t need to wait until you have hundreds of thousands of dollars saved up to earn super-high interest rates.
Just like with Lakeland Bankâ€™s regular CDs, we canâ€™t really say with much certainty how they compare with other banks since they donâ€™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.
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