Solar Canyon Financial institution Evaluate: Execs, Cons, And Alternate options

Solar Canyon Financial institution is a web based financial institution that gives aggressive CD charges.

As you discover your banking choices, Solar Canyon Financial institution is one to contemplate. It gives worthwhile APYs for some merchandise and enhanced insurance coverage protection choices. It operates largely on-line, with just one bodily department in Arizona. 

We take a better look so you possibly can determine if this financial institution is the appropriate match to your wants.

Solar Canyon Financial institution is a division of Banterra Financial institution, which is an Illinois-based financial institution based in 1975. As a division of an FDIC-insured financial institution, Solar Canyon Financial institution gives the safety you want to your funds. However you’ll be capable to faucet into extra engaging rates of interest than a conventional brick-and-mortar financial institution with a big bodily footprint.

Solar Canyon Financial institution gives a variety of economic merchandise, together with enterprise accounts and enterprise help. However for the needs of this overview, I’ll give attention to the non-public deposit merchandise supplied by the financial institution.

Solar Canyon gives an interest-bearing checking account. Whereas it’s good to earn one thing out of your checking account stability, the APYs supplied are comparatively low.

Right here’s a better take a look at the tiered curiosity construction:

• 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 of over $50,000.

You’ll want a minimal deposit of $1,000 to open this account. The account comes with a $5 month-to-month price. The month-to-month price is waived for those who preserve a stability of at the least $5,000 or a $20,000 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

You’ll obtain reimbursements on all ATM fees as much as eight transactions (or $25) per thirty days. 

Associated: Greatest Excessive-Curiosity Checking Accounts

Solar Canyon’s Gold Financial savings Account gives a technique to earn curiosity in your funds. However the APYs supplied are on the comparatively low finish.

Right here’s a better take a look at the tiered curiosity construction:

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

The account comes with a $5 month-to-month price and requires a minimal opening deposit of $250. The month-to-month price is waived for those who preserve a stability of at the least $250 or a $2,500 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts. 

Associated: Greatest Excessive Yield Financial savings Accounts

If you wish to tuck your funds away to earn curiosity, Solar Canyon Financial institution gives a variety of CD phrases. Some have engaging rates of interest hooked up.

Under is a better take a look at what’s supplied:

• 5.20% APY on a conventional CD with a 6-month time period.
• 5.09% APY on a conventional CD with a 12-month time period.
• 5.00% APY on a conventional CD with a 13-month time period.
• 3.55% APY on a conventional CD with a 15-month time period.
• 2.37% APY on a conventional CD with a 2-year time period. 

You’ll want a minimal deposit of $5,000 to open a CD with Solar Canyon Financial institution.

Along with customary FDIC insurance coverage, with protection of as much as $250,000 per depositor, Solar Canyon can join you with IntraFi Community Deposits. Basically, this implies Solar Canyon may help you acquire FDIC insurance coverage for multi-million greenback deposits. However you’ll must get in contact with a consultant to substantiate you’re eligible for one of these safety.

Associated: Greatest Financial institution CD Charges

Solar Canyon gives a cash market account that will help you retailer your financial savings whereas nonetheless incomes curiosity. As of writing, you possibly can earn 2.94% APY on balances of all ranges.

To be able to open this account, you’ll must deposit at the least $2,500. The account comes with a waivable month-to-month price of $10. The price might be waived in case you have a minimal each day stability of $2,500 or a $5,000 mixed common stability throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

Associated: 10 Greatest Cash Market Accounts

The charges you’ll encounter with Solar Canyon Financial institution differ based mostly on the accounts you open and the transactions you select to make. For instance, a lot of the accounts include a waivable month-to-month price. And the CDs include an early withdrawal penalty if it’s essential entry your funds early.

Be certain that to learn the wonderful print of any account you open to keep away from getting shocked by a price.

Solar Canyon Financial institution isn’t the one place to stash your funds. Right here’s the way it stacks up.

If you’re in search of a full-service on-line financial institution, Ally Financial institution is a best choice. It gives extra engaging charges for savers, together with an interest-bearing checking account, financial savings account, and CDs. You may as well discover mortgage merchandise, like mortgages and bank cards, by way of Ally, which makes it a good selection for conducting your banking wants by way of a single entity.

If you would like an interest-bearing checking account with extra engaging charges and rewards, Primis Financial institution gives an account price trying into. It solely requires a minimal deposit of $1 and doesn’t include any month-to-month charges. Plus, you possibly can earn 50 cents for each debit card buy you make.

If you wish to work with Solar Canyon Financial institution, begin by filling out an software on their web site. Be ready to offer your title, e mail tackle, birthday, telephone quantity, ZIP code, Social Safety Quantity, and extra. If accepted, you possibly can fund your account to begin utilizing it instantly.

Solar Canyon is a division of Banterra Financial institution, which gives account holders FDIC insurance coverage on deposits.

Moreover, Solar Canyon Financial institution works with the IntraFi Community Deposits that will help you defend greater than $250,000 per depositor. However you’ll want to succeed in out to the financial institution to substantiate you’re eligible for this enhanced degree of economic safety.

If it’s essential get in contact with Solar Canyon Financial institution, you possibly can name 855-423-4602 or e mail data@suncanyon.com. Help is out there on weekdays between 7:30 a.m. and 1 a.m. and Saturdays from 7 a.m. to 2 p.m. Central Time.

The financial institution additionally gives one bodily location inside a Safeway in Solar Metropolis West, Arizona.

Solar Canyon Financial institution gives interest-bearing accounts that may assist you to develop your funds. The catch is that a lot of the accounts include a month-to-month price and the APYs supplied are well-below a few of the prime choices in the marketplace.

If getting a prime APY is a precedence, it’s a good suggestion to buy round for larger charges. Discover the prime high-yield financial savings accounts in the marketplace as we speak.