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HomeInvestmentSolar Canyon Financial institution Overview: Execs, Cons, And Alternate options

Solar Canyon Financial institution Overview: Execs, Cons, And Alternate options


sun canyon bank review

Solar Canyon Financial institution is a web-based 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 largely on-line, with just one bodily department in Arizona. 

We take a better look so you may resolve if this financial institution is the correct match in your wants.

sun canyon bank logo
  • Solar Canyon Financial institution is a division of Banterra Financial institution.
  • The financial institution provides an interest-bearing checking account and CDs with comparatively engaging charges for some phrases.
  • Most accounts include a waivable month-to-month charge hooked up.
  • $1,000 for checking
  • $250 for financial savings
  • $5,000 for CDs 
  • $2,500 for cash markets
  • $5 per thirty days for checking and financial savings – waivable
  • $10 on cash market – waivable
  • $0 on CDs

Checking, Financial savings, CDs, And Cash Market

What Is Solar Canyon Financial institution?

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 in your funds. However you’ll be capable of faucet into extra engaging rates of interest than a standard brick-and-mortar financial institution with a big bodily footprint.

What Does It Provide?

Solar Canyon Financial institution provides a spread of economic merchandise, together with enterprise accounts and enterprise help. However for the needs of this assessment, I’ll give attention to the non-public deposit merchandise supplied by the financial institution.

Curiosity Checking Account

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

Right here’s a better 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 charge. The month-to-month charge is waived when you keep a stability of a minimum of $5,000 or a $20,000 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

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

Associated: Greatest Excessive-Curiosity Checking Accounts

Solar Canyon Gold Financial savings Account

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

Right here’s a better 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 charge and requires a minimal opening deposit of $250. The month-to-month charge is waived when you keep a stability of a minimum of $250 or a $2,500 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts. 

Associated: Greatest Excessive Yield Financial savings Accounts

Certificates of Deposit

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

Under is a better have a look at what’s supplied:

  • 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 customary 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 might help you acquire FDIC insurance coverage for multi-million greenback deposits. However you’ll have to get in contact with a consultant to substantiate you might be eligible for one of these safety.

Associated: Greatest Financial institution CD Charges

Solar Canyon Gold Cash Market Account

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

In an effort to open this account, you’ll have to deposit a minimum of $2,500. The account comes with a waivable month-to-month charge of $10. The charge may be waived when you’ve got a minimal every day stability of $2,500 or a $5,000 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

Associated: 10 Greatest Cash Market Accounts

Are There Any Charges?

The charges you’ll encounter with Solar Canyon Financial institution differ primarily based on the accounts you open and the transactions you select to make. For instance, many of the accounts include a waivable month-to-month charge. And the CDs include an early withdrawal penalty if you might want to entry your funds early.

Ensure that to learn the advantageous print of any account you open to keep away from getting stunned by a charge.

How Does Solar Canyon Financial institution Examine?

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 in search of a full-service on-line financial institution, Ally Financial institution is a best choice. It provides extra engaging charges for savers, together with an interest-bearing checking account, financial savings account, and CDs. You can even discover mortgage merchandise, like mortgages and bank cards, by way of Ally, which makes it a good selection for conducting your banking wants by way of a single entity.

If you need an interest-bearing checking account with extra engaging 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 may earn 50 cents for each debit card buy you make.

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sun canyon bank logo
primis bank logo

Checking, financial savings, CDs, and cash markets

Checking, financial savings, CDs, and cash markets

0.01% on balances as much as $25,000 and 0.02% on balances above $25,000 

$5 per thirty days on checking and financial savings – waivable

Cell

How Do I Open An Account?

If you wish to work with Solar Canyon Financial institution, begin by filling out an software on their web site. Be ready to offer your title, electronic mail tackle, birthday, telephone quantity, ZIP code, Social Safety Quantity, and extra. If accepted, you may fund your account to start out utilizing it instantly.

Is It Protected And Safe?

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 stage of economic safety.

How Do I Contact Solar Canyon Financial institution?

If you might want to get in contact with Solar Canyon Financial institution, you may name 855-423-4602 or electronic mail information@suncanyon.com. Assist is on the market 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.

Is It Price It?

Solar Canyon Financial institution provides interest-bearing accounts that may allow you to develop your funds. The catch is that many of the accounts include a month-to-month charge and the APYs supplied are well-below among 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 highest high-yield financial savings accounts in the marketplace right now.

Solar Canyon Financial institution Options

  • Checking
  • Financial savings
  • CDs
  • Cash Market
  • $1,000 for checking
  • $250 for financial savings
  • $5,000 for CDs
  • $2,500 for cash markets
  • $5 per thirty days for checking and financial savings – waivable
  • $10 on cash market – waivable
  • $0 on CDs
  • 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.
  • 0.10% APY on balances between $250 and $24,999.
  • 0.20% APY on balances above $25,000.
  • 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. 

APY On Cash Market Accounts

  • 2.94% APY on balances of all ranges

One bodily location inside a Safeway in Solar Metropolis West, Arizona

Reimbursement for as much as eight ATM transactions from any ATM, as much as $25 per thirty days. 

Monday-Friday, 7:30 AM-1 AM (CT)

Saturday-Sunday 7 AM-2 PM (CT)

Internet/Desktop Account Entry

Sure (by way of Banterra Financial institution)



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