IberiaBank offers some great CD rates and waiveable service fees on their account. To find out if IberiaBank is right for you, continue reading the review below.
Located in the Southeast region, IberiaBank has about 200 full-service branches. They even offer intuitive digital service that will help you keep up with your finances.
Although this bank doesn’t offer the highest rates on savings accounts, you’ll be able to find several inexpensive products and accounts.
Checking Account Options
IberiaBank only has a couple of checking accounts; one is a standard checking account, and the other one collects interest, also having exclusive benefits.
This is the basic checking account that does not offer any interest payment.
It requires a $50 deposit to open and has a $8 monthly fee.
To waive this fee, you can either maintain a balance of $1000, set up direct deposits of $500, prove you’re a student, or have a small business checking account.
As the name suggests, this is the checking account that offers interest payments. This account comes with the benefits of:
- A safe deposit box for one year
- Official cashier checks
- 5 stop payments
It requires a $100 opening deposit, and has a $20 service fee.
To waive this fee you must maintain a $5000 balance, have $25,000 between all your accounts, or open a small business account.
To earn interest you must have at least $5000 in the account. The rate increases depending on how much money you maintain.
Compare Checking Accounts
Savings Account Options
Iberia only has one savings account, and is probably the weakest part of this bank. It offers a low rate, and since there’s no variety for their savings account, it’s what their customers are stuck with.
Statement Savings
This account has a low opening deposit of $50. There is a small monthly service fee that can be waived. The interest rate on this account is .05% for balances up to $9999. Past that it goes up at select ranges up to a cap of .55%.
Compare Savings Accounts
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CD Account Options
Unlike a lot of other banks, Iberia offers some of the best CD rates on the lower end of the time frame. This is great for people who need to save up over the next year or two, but the overall rates are not as high as some of the other banks.
This CD is IberiaBank’s standard CD, it has a minimum deposit of $1,000 and can range from 30 days to 60 months.
Unlike most promotional CDs, IberiaBank’s doesn’t require a new initial deposit.
The minimum deposit requirement of $1,000 is the same as the Standard CD. These last for 11 months to 23 months.
One unique aspect that IberiaBank does have when most banks don’t is the option of opening an online CD through VirtualBank.
The VirtualBank’s CD rates are much higher than the other 2 CDs. These last for 1 month to 60 months.
Compare CD Accounts
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. IberiaBank has 2 money market accounts that earns decent interest rates.
The money market rates for IberiaBank are similar to that of the Standard Savings account, but you will need a minimum balance of $10,000 avoid the $20 monthly service fee..
With this money market account, you can earn interest on your whole balance even if it gets below $5,000.
The plus of this is that you are allowed 4 free withdrawals per month; however, if you want to make an additional one after the 4 free ones are up, you will be charged $3 each.
You will also need a minimum balance of $5,000 to avoid the $15 month service fee.
Compare Money Market Accounts
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![]() With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. • Earn 1.55% APY on your funds • One of the nation's top rates — several times the national average. • Get up to 6 digital transfers/withdrawals per statement cycle • Save smart and get more for your money • Higher rates than traditional banks • Get 24/7 Account Access • Secure banking features • Open with as little as $100 • FDIC insured |
Reasons To Bank with IberiaBank
- IberiaBank greatly benefits mobile users who prefer to their banking online since they have a VirtualBank app and website.
- You can locate their 200 select ATM branches with the VirtualBank app.
- VirtualBank app allows you to view your balance, deposit checks, pay bills, transfer funds and can be accessed through Touch ID.
- Their CD rates are considered higher than most banks that have limited account options.
- There are 213 Iberia bank branches throughout Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, New York, and North Carolina.
- The High Interest Checking account is a good investment and earns competitive interest rates
Reasons Not To Bank with IberiaBank
- IberiaBank doesn’t offer the best savings account options since they only have one.
- They don’t have the best rates for most of their accounts.
- Their checking accounts are the strongest aspect, but the others pale in comparison to bigger banks.
IberiaBank Routing Number
IberiaBank’s routing number is 265270413. You can also find this number located on the lower left corner of your IberiaBank check.
Contact Customer Service
Reach IberiaBank Customer Service at 1 (800) 682-3231. Their hours vary from branch to branch, but they have 24 hour telephone banking. They have a separate phone number for different questions and concerns, so make sure you check them out on their website.
To find the branch closest to you, make sure you use their Locator so you can find out when you can get in touch with them.
How Iberia Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Huntington Bank: Huntington has various account options that offer no monthly service charge if you meet their can follow their guideline. All you have to do is have an “x” amount depending on your account type and your fee is waived. Additional features they have to offer includes overdraft protection, free mobile banking, online bill pay, access to over 800 branches and 1,800 ATMs, and much more.
- Wells Fargo: Wells Fargo offers nationwide service and offers convenient banking features/benefits such as free mobile banking, free online bill pay, free account alerts, overdraft protection, and much more.
- Banco Popular: They offer basic checking and savings accounts in the East coast. They had options for students in high school and college.
Bottom Line
If you are looking for a super simple bank that doesn’t offer too many complex options and are more focused on checking rather than savings, then perhaps IberiaBank would suit your interest. This bank is also recommended for those who prefer to do their banking online.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with IberiaBank, see our list of the latest Iberia Bank Bonuses! For more options from a variety of banks, see our list of the best bank promotions!
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