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It has 54 locations throughout Indiana.
Lake City Bank has competitive short-term CDs and a good money market account.
The Essential Checking account is the only account that doesnt offer an option for waiving the monthly maintenance fee.
However, the account doesnt offer many perks beyond that.
Other savings accounts feature higher yields and still allow you to avoid the monthly maintenance fee.
Lake City Bank CD Accounts
Lake City offers CD accounts with a wide range of terms.
Short-term CDs have the highest rates for now.
Meanwhile, you could only get up toAPY on a Preferred Money Market account.
AAPY is respectable, but you cant increase your Investors Money Market accounts APY by putting in more money.
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 apps functionality and customer support.
The companys 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 toAPY 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 offers savings accounts and CDs.
Notably, it’s possible for you to use your CD as collateral for a personal loan.
Lake City Bank vs.
Horizon Bank
Horizon Bank has similar APYs for its CDs.
you could get a 5-month CD Special with aAPY and a 7-month CD Special with aAPY.
However, these CDs require a $10,000 minimum deposit.
Horizon Bank only offersAPY 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 isnt an expensive option.
you could waive the monthly service fee with a reasonable balance.
The bank has several branches in Indiana which makes it a niche option to consider.
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 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.
All factors were then scored and combined, with the lowest score being the best.
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.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 18, 2024.
