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Bank of the West VS Sun Canyon Bank

Which bank is better for you?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Business accounts are available
  • Direct deposit is not required
  • A variety of different lengths of CDs
  • Transfer money to others with PopMoney

Cons:

  • Low-interest rates on accounts
  • High initial required amounts for CDs
  • High required amounts for accounts
  • Products change based on states
  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
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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
Bank of the West Review

Bank of the West offers checking, savings, CDs, and money market accounts for your business. Credit cards, loans, and lines of credit are also available. Bank of the West offers payroll services and payment processing options. Foreign exchange services for business accounts are also available. Interest rates for their different business accounts are not listed on the website.

Bank of the West does not require you to have direct deposit into their checking account. There is a monthly maintenance fee, but you can waive that fee by depositing money into your account each month. You can deposit any amount by an ATM, in-branch, direct, or mobile deposit to waive the fee.

Bank of the West offers Flexible-Term CDs, Premium Money Market CD, and a Relationship CD. Within these different CD types are a variety of term lengths, except the Relationship CD. That only has a 12-month term option. To apply for a CD and get the specific term lengths and rates you have to visit a branch. You cannot apply online.

With Popmoney you can send or receive money with only an email, text, or account number. You decide where the money is deposited. You will receive an alert when the transaction is complete. There is a fee to send money overnight, and not all customers qualify to use Popmoney.

Personal banking accounts of Bank of the West do not have competitive interest rates. The rates are much less than online-only banks but similar to typical bank interest rates.

To open a CD, you must have an opening balance of $1,000 for the Flexible-Term CDs and Premier Money Market CDs. To open a Relationship CD, you must have $2,500 and a checking account with Bank of the West.

To waive the Premier Checking account fee, you must have $25,000 in qualifying accounts. The Choice Money Market account requires $5,000. CD accounts require $1,000 to $2,500 to open. The Classic Savings account requires $300. There are other options for ways to have monthly fees waived. Know the options if you cannot keep the required amounts of money in the accounts.

Bank of the West accounts are not available in all states. To apply for an account, you must have an address in one of the states listed. Interest rates and products differ between states. The name of the bank may be slightly different as well depending on the area.

Read the full Bank of the West review.

Sun Canyon Bank Review

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.

Read the full Sun Canyon Bank review.