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Solar Canyon Financial institution Assessment: Execs, Cons, And Options

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Solar Canyon Financial institution is a web-based financial institution that provides aggressive CD charges.

As you discover your banking choices, Solar Canyon Financial institution is one to think about. 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 better look so you’ll be able to resolve if this financial institution is the precise match to your wants.


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Fast Abstract

  • Solar Canyon Financial institution is a division of Banterra Financial institution.
  • The financial institution provides an interest-bearing checking account and CDs with comparatively enticing charges for some phrases.
  • Most accounts include a waivable month-to-month charge connected.

Solar Canyon Financial institution Particulars

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Product Title

Solar Canyon Financial institution

Min Deposit

  • $1,000 for checking
  • $250 for financial savings
  • $5,000 for CDs 
  • $2,500 for cash markets

APY On Financial savings

  • as much as 0.02% APY

Month-to-month Charges

  • $5 monthly for checking and financial savings – waivable
  • $10 on cash market – waivable
  • $0 on CDs

Account Sorts

Checking, Financial savings, CDs, And Cash Market

Promotions

None

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 to your funds. However you’ll have the ability to faucet into extra enticing 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 assist. However for the needs of this evaluation, I’ll give attention to the private 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 steadiness, 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 should you keep a steadiness of a minimum of $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 costs as much as eight transactions (or $25) monthly. 

Associated: Finest Excessive-Curiosity Checking Accounts

Solar Canyon Gold Financial savings Account

Solar Canyon’s Gold Financial savings Account provides a solution 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 should you keep a steadiness of a minimum of $250 or a $2,500 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts. 

Associated: Finest 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 enticing rates of interest connected.

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. Basically, this implies Solar Canyon can assist you get hold of FDIC insurance coverage for multi-million greenback deposits. However you’ll have to get in contact with a consultant to substantiate you’re eligible for one of these safety.

Associated: Finest 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’ll be able to earn 2.94% APY on balances of all ranges.

So as 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 if in case you have a minimal every 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 Finest Cash Market Accounts

Are There Any Charges?

The charges you’ll encounter with Solar Canyon Financial institution range 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 it’s essential entry your funds early.

Be certain that to learn the wonderful 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.

If you’re 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 can too 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 would like an interest-bearing checking account with extra enticing charges and rewards, Primis Financial institution provides an account price 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.

Header
sun canyon bank logo
primis bank logo

Ranking

Account Sorts

Checking, financial savings, CDs, and cash markets

Checking, financial savings, CDs, and cash markets

Checking and financial savings

APY On Financial savings

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

4.20% 

5.07%

Month-to-month Charges

$5 monthly on checking and financial savings – waivable

None

None

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 supply your title, e-mail handle, birthday, telephone quantity, ZIP code, Social Safety Quantity, and extra. If permitted, you’ll be able to 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’re eligible for this enhanced degree of economic safety.

How Do I Contact Solar Canyon Financial institution?

If it’s essential get in contact with Solar Canyon Financial institution, you’ll be able to name 855-423-4602 or e-mail information@suncanyon.com. Help is accessible 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 show you how 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 a few of the high choices in the marketplace.

If getting a high APY is a precedence, it’s a good suggestion to buy round for increased charges. Discover the high high-yield financial savings accounts in the marketplace at present.

Solar Canyon Financial institution Options

Account Sorts

  • Checking
  • Financial savings
  • CDs
  • Cash Market

Minimal Deposit

  • $1,000 for checking
  • $250 for financial savings
  • $5,000 for CDs
  • $2,500 for cash markets

Month-to-month Charges

  • $5 monthly for checking and financial savings – waivable
  • $10 on cash market – waivable
  • $0 on CDs

APY On Checking

  • 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.

APY On Financial savings

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

APY On CDs

  • 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

Branches

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

ATM Availability

Reimbursement for as much as eight ATM transactions from any ATM, as much as $25 monthly. 

Buyer Service Quantity

855-423-4602

Buyer Service Hours

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

Saturday-Sunday 7 AM-2 PM (CT)

Cellular App Availability

No

Internet/Desktop Account Entry

Sure

Invoice Pay

Sure

FDIC Certificates

Sure (by way of Banterra Financial institution)

Promotions

None

Editor: Ashley Barnett

Reviewed by: Robert Farrington

The submit Solar Canyon Financial institution Assessment: Execs, Cons, And Options appeared first on The School Investor.

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