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.

There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.

The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.

The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.

MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.

MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.

To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.

The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.

To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.

Read the full MySavingsDirect review.