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?
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||0.35%|
|18 Month Fixed||0.40%|
|30 Month Fixed||0.55%|
|42 Month Fixed||0.65%|
|1.50% Beginning Farmers|
Robert, a lifetime native of Luana, Iowa, was crucial in helping shape Luana Savings Bank into the community-driven, nationally-recognized, successful institution it's become today. Robert was born into agriculture, the lifeblood of Northeast Iowa. Robert became involved at Luana Savings Bank while continuing to run his own farm. This work ethic and first-hand Ag knowledge grew Luana Savings Bank into what it is today. Robert helped grow Luana Savings Bank through offering flexible, fair products and services needed by his fellow neighbors. Even at 95 years young, Robert continued to participate in Bank operations and thoroughly enjoyed visiting with staff and customers at the Luana branch on a daily basis. Today, Luana Savings Bank continues to outpace metropolitan financial institutions because we continue to embrace those same neighborly values instilled by Robert Schultz.
|Deposit Amount||Preferred APY*||Current APY|
|$750k and above||1.870%||1.210%|
|$250k - $749,999.99||1.670%||1.010%|
|$100,000 - $249,999.99||1.460%||0.910%|
|$50,000 - $99,999.99||1.260%||0.800%|
|$25,000 - $49,999.99||1.060%||0.700%|
|$0 - $24,999.99||0.860%||0.600%|