Certificate of Deposit (CD) rates play a pivotal role in shaping investment decisions due to their direct impact on the returns generated by these fixed-term instruments. Luther Burbank Savings CD rates, for instance, are of significance to investors looking for competitive options. The rates offered by Luther Burbank Savings directly influence the growth of invested capital, and individuals may compare these rates against industry standards to ensure that their financial objectives are met.

Let’s find out further details in the section below;

Luther Burbank Savings CD Rates Offers           

The specialized CD offers for Luther Burbank are given next;

7-Month Special CD

  • Term Duration: 7 months.
  • Minimum Opening Deposit: $1,000.
  • APY / Interest Rate: 5.00% / 4.81%.

Considerations

Be aware of any penalties associated with early withdrawal, as CDs typically have restrictions on accessing funds before maturity.

Pros & Cons

ProsCons
Short-term commitmentEarly withdrawal penalties may apply
Competitive APY of 5.00%Limited flexibility during the term
Minimum deposit of $1,000Automatic renewal may not suit all customers

13-Month Special CD

  • Term Duration: 13 months.
  • Minimum Opening Deposit: $1,000.
  • APY / Interest Rate: 5.25% / 5.05%.

Considerations

You better check if the CDs automatically renew at the end of the term and understand the terms and conditions for renewal.

Pros & Cons

ProsCons
Medium-term investment horizonEarly withdrawal penalties may apply
Higher APY of 5.25%

How do Luther Burbank Savings CD Rates Compare?

Luther Burbank Savings CD rates present a competitive option in the market, offering investors compelling choices for their financial goals. The 7-Month Special CD, featuring a 5.00% APY, provides a noteworthy short-term investment avenue with a minimum opening deposit of $1,000.

In comparison, the 13-Month Special CD offers a higher APY of 5.25%, catering to those seeking a slightly longer investment horizon with the same minimum deposit requirement. Luther Burbank Savings positions itself favorably by providing rates that are competitive and potentially more lucrative than some comparable offerings.

Investors looking for a balance between term length, return on investment, and minimum deposit requirements may find Luther Burbank Savings CD rates to be compelling when weighed against similar financial products in the market. This competitive edge makes Luther Burbank Savings a viable option for those prioritizing attractive CD rates in their investment strategy.

Overview Luther Burbank 

Luther Burbank first opened their stores in 1983. The bank is named after Luther Burbank, who was an American botanist, horticulturist, and pioneer in agricultural science, who lived and worked in Santa Rosa, California.

His legacy lives on in the form of the bank, which has since grown immensely to $8.1 billion in assets. Luther Burbank’s goal is to help their clients reach all of their financial goals whether it be for your home, your business, your real estate portfolio, or your dreams for the future.

The bank offers several services including competitive rates on both savings and lending products, excellent customer service, and even affordable housing loan programs. They also have something called the Grow Loan Program that is there to make purchasing and refinancing a home much easier for clients.

They offer a competitive fixed rate with a low down payment and no mortgage insurance requirement. This program is available for first-time homeowners as well as the Daisy Program which is a forgivable second trust deed loan.

The WISH program, otherwise known as The Workforce Initiative Subsidy for Homeownership also provides grants to qualified first-time homeowners to use towards a down payment on a home.

Availability

You must be a member of the Luther Burbank to open a CD. This means that you will need to open a checking or savings account. To do so, reach out to the bank for more information.

Locations Luther Burbank 

Branches in California

The branches in California are:

  • Beverly Hills Branch
  • Toluca Lake Branch
  • Pasadena Branch
  • El Segundo Branch
  • Encino Branch
  • Long Beach Branch

Frequently Asked Questions

What is the minimum deposit required for Luther Burbank Savings’ 7-Month Special CD?

The minimum opening deposit for the 7-Month Special CD at Luther Burbank Savings is $1,000.

Are there penalties for early withdrawal from Luther Burbank Savings’ 13-Month Special CD?

Yes, early withdrawal penalties may apply to the 13-month Special CD.

How does the 5.25% APY for Luther Burbank Savings’ 13-Month Special CD compare to industry averages?

Luther Burbank Savings offers a competitive 5.25% APY on the 13-Month Special CD, potentially exceeding industry averages, and providing an attractive return on investment.

Can I automatically renew my Luther Burbank Savings CD at the end of the term?

Yes, Luther Burbank Savings CDs have automatic renewal options.

How do Luther Burbank Savings CD rates respond to changes in market conditions?

CD rates at Luther Burbank Savings may be influenced by market conditions. For that, it is essential to monitor economic trends for insights into potential rate adjustments.