Sun Canyon Bank Review: Pros, Cons, And Alternatives

Solar Canyon Financial institution is an internet financial institution that gives aggressive CD charges.

As you discover your banking choices, Solar Canyon Financial institution is one to contemplate. It provides worthwhile APYs for some merchandise and enhanced insurance coverage protection choices. It operates principally on-line, with just one bodily department in Arizona. 

We take a more in-depth look so you’ll be able to resolve if this financial institution is the fitting match to your wants.

Solar Canyon Financial institution is a division of Banterra Financial institution, which is an Illinois-based financial institution based in 1975. As a division of an FDIC-insured financial institution, Solar Canyon Financial institution provides the safety you want to your funds. However you’ll be capable to faucet into extra enticing rates of interest than a standard brick-and-mortar financial institution with a big bodily footprint.

Solar Canyon Financial institution provides a spread of monetary merchandise, together with enterprise accounts and enterprise help. However for the needs of this overview, I’ll give attention to the private deposit merchandise provided by the financial institution.

Solar Canyon provides an interest-bearing checking account. Whereas it’s good to earn one thing out of your checking account steadiness, the APYs provided are comparatively low.

Right here’s a more in-depth have a look at the tiered curiosity construction:

• 0.02% APY on balances between $2,500 and $24,999.
• 0.04% APY on balances between $25,000 and $49,999.
• 0.10% APY on balances of over $50,000.

You’ll want a minimal deposit of $1,000 to open this account. The account comes with a $5 month-to-month payment. The month-to-month payment is waived when you keep a steadiness of not less than $5,000 or a $20,000 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

You’ll obtain reimbursements on all ATM prices as much as eight transactions (or $25) per 30 days. 

Associated: Best High-Interest Checking Accounts

Solar Canyon’s Gold Financial savings Account provides a approach to earn curiosity in your funds. However the APYs provided are on the comparatively low finish.

Right here’s a more in-depth have a look at the tiered curiosity construction:

• 0.10% APY on balances between $250 and $24,999.
• 0.20% APY on balances above $25,000.

The account comes with a $5 month-to-month payment and requires a minimal opening deposit of $250. The month-to-month payment is waived when you keep a steadiness of not less than $250 or a $2,500 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts. 

Associated: Best High Yield Savings Accounts

If you wish to tuck your funds away to earn curiosity, Solar Canyon Financial institution provides a spread of CD phrases. Some have enticing rates of interest connected.

Under is a more in-depth have a look at what’s provided:

• 5.20% APY on a standard CD with a 6-month time period.
• 5.09% APY on a standard CD with a 12-month time period.
• 5.00% APY on a standard CD with a 13-month time period.
• 3.55% APY on a standard CD with a 15-month time period.
• 2.37% APY on a standard CD with a 2-year time period. 

You’ll want a minimal deposit of $5,000 to open a CD with Solar Canyon Financial institution.

Along with commonplace FDIC insurance coverage, with protection of as much as $250,000 per depositor, Solar Canyon can join you with IntraFi Community Deposits. Primarily, this implies Solar Canyon will help you get hold of FDIC insurance coverage for multi-million greenback deposits. However you’ll must get in contact with a consultant to substantiate you might be eligible for the sort of safety.

Associated: Best Bank CD Rates

Solar Canyon provides a cash market account that can assist you retailer your financial savings whereas nonetheless incomes curiosity. As of writing, you’ll be able to earn 2.94% APY on balances of all ranges.

With a purpose to open this account, you’ll must deposit not less than $2,500. The account comes with a waivable month-to-month payment of $10. The payment might be waived when you have a minimal day by day steadiness of $2,500 or a $5,000 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

Associated: 10 Best Money Market Accounts

The charges you’ll encounter with Solar Canyon Financial institution fluctuate based mostly on the accounts you open and the transactions you select to make. For instance, a lot of the accounts include a waivable month-to-month payment. And the CDs include an early withdrawal penalty if you should entry your funds early.

Ensure to learn the high quality print of any account you open to keep away from getting shocked by a payment.

Solar Canyon Financial institution isn’t the one place to stash your funds. Right here’s the way it stacks up.

In case you are on the lookout for a full-service on-line financial institution, Ally Financial institution is a best choice. It provides extra enticing charges for savers, together with an interest-bearing checking account, financial savings account, and CDs. You may also discover mortgage merchandise, like mortgages and bank cards, by means of Ally, which makes it a good selection for conducting your banking wants by means of a single entity.

If you would like an interest-bearing checking account with extra enticing charges and rewards, Primis Financial institution provides an account value trying into. It solely requires a minimal deposit of $1 and doesn’t include any month-to-month charges. Plus, you’ll be able to earn 50 cents for each debit card buy you make.

If you wish to work with Solar Canyon Financial institution, begin by filling out an utility on their web site. Be ready to offer your identify, e-mail handle, birthday, cellphone quantity, ZIP code, Social Safety Quantity, and extra. If accredited, you’ll be able to fund your account to begin utilizing it instantly.

Solar Canyon is a division of Banterra Financial institution, which provides account holders FDIC insurance coverage on deposits.

Moreover, Solar Canyon Financial institution works with the IntraFi Community Deposits that can assist you shield greater than $250,000 per depositor. However you’ll want to achieve out to the financial institution to substantiate you might be eligible for this enhanced degree of monetary safety.

If you should get in contact with Solar Canyon Financial institution, you’ll be able to name 855-423-4602 or e-mail [email protected]. Assist is obtainable on weekdays between 7:30 a.m. and 1 a.m. and Saturdays from 7 a.m. to 2 p.m. Central Time.

The financial institution additionally provides one bodily location inside a Safeway in Solar Metropolis West, Arizona.

Solar Canyon Financial institution provides interest-bearing accounts that may provide help to develop your funds. The catch is that a lot of the accounts include a month-to-month payment and the APYs provided are well-below a few of the prime choices in the marketplace.

If getting a prime APY is a precedence, it’s a good suggestion to buy round for larger charges. Discover the top high-yield savings accounts on the market right this moment.