Sun Canyon Bank Review: Pros, Cons and Alternatives

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Sun Canyon Bank is an online bank that offers competitive CD rates.

As you explore your banking options, consider Sun Canyon Bank. It offers worthwhile APYs on some products and advanced insurance coverage options. The company operates largely online and only has one physical location in Arizona.

We'll take a closer look so you can decide if this bank is right for your needs.

• Sun Canyon Bank is a division of Banterra Bank.
• The bank offers an interest-bearing checking account and CDs with relatively attractive conditions for some terms.
• Most accounts have a replaceable monthly fee.

What is Sun Canyon Bank?

Sun Canyon Bank is a division of Banterra Bank, an Illinois-based bank founded in 1975. As a division of an FDIC-insured bank, Sun Canyon Bank provides the security you need for your funds. However, you can benefit from more attractive interest rates than at a traditional brick-and-mortar bank with a large physical presence.

What does it offer?

Sun Canyon Bank offers a range of financial products including business accounts and business support. However, for the purposes of this review, I will focus on the retail deposit products offered by the bank.

Interest checking account

Sun Canyon offers an interest-bearing checking account. Although it's nice to earn something from your checking account balance, the APRs offered are relatively low.

Here's a closer look at the tiered interest rate structure:

• 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 over $50,000.

To open this account you need a minimum deposit of $1,000. The account has a monthly fee of $5. The monthly fee is waived if you have a balance of at least $5,000 or a combined average balance of $20,000 on your Sun Canyon CDs, gold savings accounts, gold money market accounts or interest checking accounts.

Get a refund of all ATM fees for up to eight transactions (or $25) per month.

Related: Best High-Interest Checking Accounts

Sun Canyon Gold Savings Account

Sun Canyon's Gold Savings Account offers a way to earn interest on your money. However, the APYs offered are on the relatively low end.

Here's a closer look at the tiered interest rate structure:

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

The account has a monthly fee of $5 and requires a minimum deposit of $250. The monthly fee is waived if you have a balance of at least $250 or a combined average balance of $2,500 on your Sun Canyon CDs, gold savings accounts, gold money market accounts or interest checking accounts.

Related: The best high-yield savings accounts

Certificates of Deposit

If you want to invest your money to earn interest, Sun Canyon Bank offers a variety of CD terms. Some come with attractive interest rates.

Below is a closer look at what's on offer:

• 5.20% APR for a traditional 6-month CD.
• 5.09% APR for a traditional 12-month CD.
• 5.00% APR on a traditional 13-month CD.
• 3.55% APR for a 15-month traditional CD.
• 2.37% APR for a traditional 2-year CD.

You need a minimum deposit of $5,000 to open a CD with Sun Canyon Bank.

In addition to standard FDIC insurance with coverage up to $250,000 per depositor, Sun Canyon can connect you to IntraFi Network Deposits. Essentially, this means that Sun Canyon can help you obtain FDIC insurance on multimillion-dollar deposits. However, you must contact a representative to confirm that you are eligible for this type of protection.

Related: Best Bank CD Rates

Sun Canyon Gold Money Market Account

Sun Canyon offers a money market account that allows you to store your savings while earning interest. As of this writing, you can earn 2.94% APY on balances of all levels.

To open this account you must deposit at least $2,500. The account has a waivable monthly fee of $10. The fee may be waived if you maintain a minimum daily balance of $2,500 or a combined average balance of $5,000 in your Sun Canyon CDs, gold savings accounts, gold money market accounts or interest checking accounts.

Related: The 10 Best Money Market Accounts

Are there any fees?

The fees charged at Sun Canyon Bank vary depending on the accounts you open and the transactions you make. For example, most accounts come with a waivable monthly fee. And the CDs come with an early withdrawal penalty if you need to access your money early.

Be sure to read the fine print of every account you open to avoid being surprised with a fee.

How does Sun Canyon Bank compare?

Sun Canyon Bank isn't the only place to keep your money. This is how it stacks up.

If you're looking for a full-service online bank, Ally Bank is your first choice. It offers more attractive terms for savers, including an interest-bearing checking account, savings account and CDs. You can also find credit products like mortgages and credit cards on Ally, making it a good choice for handling your banking needs through a single entity.

If you want an interest-bearing checking account with more attractive interest rates and rewards, Primis Bank offers an account that's worth looking into. It only requires a minimum deposit of $1 and has no monthly fees. Plus, you can earn 50 cents for every debit card purchase you make.

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	Checking, Savings, CDs and Money Markets	Checking, Savings, CDs and Money Markets
	0.01% on balances up to $25,000 and 0.02% on balances over $25,000
	$5 per month for checking and savings – waivable
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How do I open an account?

If you want to work with Sun Canyon Bank, first fill out an application on their website. Be prepared to provide your name, email address, birthday, phone number, zip code, social security number and more. If approved, you can fund your account for immediate use.

Is it safe and secure?

Sun Canyon is a division of Banterra Bank that offers FDIC insurance on deposits to account holders.

Additionally, Sun Canyon Bank partners with the IntraFi Network Deposits to help you protect more than $250,000 per depositor. However, you must contact the bank to confirm that you are eligible for this extended financial protection.

How do I contact Sun Canyon Bank?

If you need to contact Sun Canyon Bank, you can call 855-423-4602 or email info@suncanyon.com. Support is available weekdays from 7:30 a.m. to 1:00 a.m. and Saturdays from 7:00 a.m. to 2:00 p.m. Central Time.

The bank also offers a physical location within a Safeway in Sun City West, Arizona.

Is it worth it?

Sun Canyon Bank offers interest-bearing accounts to help you grow your capital. The catch is that most accounts have a monthly fee and the APYs offered are well below some of the top options on the market.

If you value a top APY, it's a good idea to shop around for higher interest rates. Discover the best high-yield savings accounts on the market today.

Sun Canyon Bench Features

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