-
Financial Rates:
1.5
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Customer Service:
4.5
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Website Experience:
4.5
-
Bank Fees:
3.5
Pros:
- Higher rates than typical banks
- Good variety of accounts online
- Free ATM transactions
- Digital Wallet
Cons:
- Monthly fees for most accounts
- High opening required amounts
- Must wait for accounts to activate
- Tiered interest rates on accounts
What You Need to Know
The interest rates for Sun Canyon are higher than typical bank rates, but lower than online accounts. The accounts do have tiered interest rates. But even the lowest tier rates are higher than typical bank rates.
Sun Canyon Bank offers online accounts. Those accounts include:
- Checking account
- Savings account
- Money market account
- Standard CDs in 6, 12, and 24-month terms
Sun Canyon allows for eight ATM transactions each month, or up to $25 per billing cycle, free of fees. The other banking institution may charge a fee. Sun Canyon will not charge a fee for those first ATM transactions.
Through the mobile app, you can make purchases and payments with Sun Canyon Digital Wallet. You load your debit card into the mobile app. You can then make purchases. Sun Canyon also supports Apple, Google, and Samsung Pay.
Most Sun Canyon accounts have fees. The money market fee is $10. To avoid fees, you must keep at least $2,500 in the account. The savings account has a fee of $5 per month. To avoid this fee, you must have a balance of at least $250. The checking account has a fee of $5 if you have less than $5,000 in your checking account. To waive the fees, you can also have set combined balances. The savings account requires $2,500 in combined accounts. The MMA requires $5,000, and the checking account requires $20,000 in combined accounts.
The opening required amounts for Sun Canyon accounts are high. The savings account requires $250 to open. The checking account requires $1,000 to open. The CDs all require $1,000 to open. The money market account requires $2,500. You must keep these amounts in the accounts to avoid the monthly fees.
Apply for an account with Sun Canyon by filling out an application online. Once your application is complete, customer service sends an email when the account activates. You can start using the account once you receive the email.
To earn the most competitive rates, you must have a high account balance. The checking account requires $50,000 for the best rates and the money market requires $100,000. The savings account requires $250,000. Balance over $250 for the savings account and over $2,500 for the MMA and checking accounts earn interest, just not the highest rate.
Digital or Mobile Banking
Sun Canyon offers a mobile banking app on the App Store or Google Play. Between the app and online banking, you can:
- Deposit checks
- Pay bills
- Make Person-to-Person payments
- View account balances and statements
- Set up account alerts
- Transfer money between accounts
- Turn off debit cards
- Download information into Quicken or QuickBooks
- Use Digital Wallet
Cool Things
Person-to-Person Payments
Through the Sun Canyon mobile app, you can pay neighbors or those across the country or world with Person-to-Person payments. The money goes directly to the recipient's debit card. They are notified by email or text and can claim the money through their phone, tablet, or computer. Person-to-Person Payments is a free feature offered to Sun Canyon customers.
History
Sun Canyon Bank has been around for almost 50 years. They are a division of Banterra Bank. They have one branch location in Sun City West, Arizona.
Sun Canyon offers online checking, saving, and money market accounts. They also offer 6, 12, and 24-month CDs.
List of Common Bank Fees
- ATM fees in the United States: $0-3
- ATM fees internationally: Not listed
- Bill pay: $0
- CD early withdrawal fees: 30-365 days of interest
- Excessive withdrawal fees: $2 per withdrawal
- Monthly service fees: $5-10
- Overdraft service fees: $10-37
- Paper bank statements: $0
- Wire transfers (Domestic): $15-27
- Wire transfers (International): $20-40
Frequently Asked Questions
Yes. Sun Canyon Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
Through electronic transfers, direct deposits, or through bill pay. You can access your money through ATM and debit cards, checks, and Digital Wallet. Sun Canyon also offers access to Apple, Google, and Samsung Pay.
Yes, at the branch location in Arizona.
Contact customer service for specific transfer times.
Yes. You can have money directly deposited into Sun Canyon accounts.
Sun Canyon allows for eight ATM withdrawals without having a fee or up to $25 per statement cycle.
ATM fee reimbursement is not listed on the website. Sun Canyon does offer eight free ATM transactions or up to $25 each month.
Yes. Sun Canyon offers a mobile app. With the app, you can check account balances, set up alerts, and transfer money. You can deposit checks, pay bills, and make payments to other people.
Yes. Sun Canyon offers free bill pay for their online checking account.
Yes. The interest rates for Sun Canyon accounts are higher than typical bank rates. The rates are tiered. To earn the highest rates requires a large account balance. The lowest tier rates are still higher than typical bank rates.
Yes. To earn any interest requires an account balance of $2,500. To earn the highest interest rate requires a balance of $50,000 in the account.
The Sun Canyon money market account and the 12-month CD are popular.
The monthly fees range from $5-10. Waive the monthly fees by keeping set account balances in Sun Canyon accounts.
You can open accounts online. The interest rates are higher than typical bank rates but tiered. To earn the most competitive rate requires a large account balance. The accounts offer an ATM and debit card. Sun Canyon offers eight free ATM transactions, or up to $25 in ATM fees each cycle to customers.
Their security measures comply with federal laws. Their computers have safeguards. Their buildings and files are secure. Sun Canyon also offers account alerts. You can receive an alert letting you know about fraud or when account balances are low.
Yes. Sun Canyon offers small and commercial business checking accounts. To open a business account, contact customer service.
The interest rates are higher than typical brick-and-mortar bank rates. To earn the most competitive rate does requires a large account balance.
Through email, mail, or phone. You can visit the branch location in Arizona. You can follow Sun Canyon on Facebook. Customer service is open Monday through Friday from 7:30 a.m. to 5:30 p.m. CT. Saturday they are available from 8 a.m. to 12 p.m. CT.
Bank Information
Sun Canyon BankA Division of Banterra Bank
P.O. Box 291
Eldorado, Illinois 62930
855-423-4602
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.