Review of Sun Canyon Bank: Advantages, Disadvantages, and Other Options

Sun Canyon Bank, a division of Banterra Bank, is making waves in the online banking world with its competitive CD rates and enhanced insurance coverage options. Operating mostly online with just one physical branch in Arizona, Sun Canyon Bank offers a range of financial products, including interest-bearing checking accounts and CDs with attractive rates for certain terms.

For those interested in opening an account with Sun Canyon Bank, here’s a breakdown of the minimum deposit requirements:
– $1,000 for checking accounts
– $250 for savings accounts
– $5,000 for CDs
– $2,500 for money market accounts

Most accounts come with a waivable monthly fee, such as $5 per month for checking and savings accounts, which can be waived by maintaining a minimum balance. Additionally, Sun Canyon Bank offers reimbursements for up to eight ATM transactions per month, up to $25.

While Sun Canyon Bank provides FDIC insurance on deposits, it also partners with IntraFi Network Deposits to offer additional protection for deposits exceeding $250,000. To confirm eligibility for this enhanced level of financial protection, customers can reach out to the bank directly.

Overall, Sun Canyon Bank offers interest-bearing accounts that can help customers grow their funds. However, it’s essential to compare rates and fees with other banks to ensure you’re getting the best deal for your financial needs.