What is a bank?
You might be surprised to learn a bank is a business like a beauty salon, hardware store, or convenience station. Banks, similar to other industries - like restaurants - must adhere to strict regulations. Like any company, banks that fail to make profits also go out of business.
Banks also pay income tax just like other local businesses. Banks are important to the economy…but so is food. Farmers are taxed, and so are grocery stores. Imagine a profitable business that didn’t pay income tax – would that be fair? Think about your own employer – do they pay taxes?
Do you?!
That’s why Luana Savings Bank, along with American Bankers Association, Iowa Bankers Association and hundreds of other local community banks oppose credit unions. Community banks are...
| 18 Month Variable | 1.51% |
| 18 Month Fixed | 1.61% |
| 30 Month Fixed | 1.61% |
| 42 Month Fixed | 1.61% |
| 1.50% Beginning Farmers |
| 4.00% Variable |
| 3.90% Fixed |
| Deposit Amount | Preferred APY* | Current APY |
|---|---|---|
| $750k and above | 1.870% | 1.620% |
| $250k - $749,999.99 | 1.670% | 1.410% |
| $100,000 - $249,999.99 | 1.460% | 1.210% |
| $50,000 - $99,999.99 | 1.260% | 1.010% |
| $25,000 - $49,999.99 | 1.060% | 0.810% |
| $0 - $24,999.99 | 0.860% | 0.600% |
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