Solar Canyon Financial institution Assessment: Professionals, Cons, And Alternate options

Solar Canyon Financial institution is a web-based financial institution that provides 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 principally on-line, with just one bodily department in Arizona. 

We take a more in-depth look so you possibly can resolve if this financial institution is the fitting match on 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 on your funds. However you’ll be capable of faucet into extra enticing 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 assist. However for the needs of this assessment, I’ll deal with the private deposit merchandise provided 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 steadiness, the APYs provided are comparatively low.

Right here’s a more in-depth have 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 payment. The month-to-month payment is waived should you keep a steadiness of at the least $5,000 or a $20,000 mixed common steadiness 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) monthly. 

Associated: Finest Excessive-Curiosity Checking Accounts

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

Right here’s a more in-depth have 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 payment and requires a minimal opening deposit of $250. The month-to-month payment is waived should you keep a steadiness of at the least $250 or a $2,500 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts. 

Associated: Finest 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 enticing rates of interest connected.

Under is a more in-depth have a look at what’s provided:

• 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 normal FDIC insurance coverage, with protection of as much as $250,000 per depositor, Solar Canyon can join you with IntraFi Community Deposits. Primarily, this implies Solar Canyon can assist 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 this sort of safety.

Associated: Finest Financial institution CD Charges

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

With a purpose to open this account, you’ll must deposit at the least $2,500. The account comes with a waivable month-to-month payment of $10. The payment will be waived when you’ve got a minimal each day steadiness of $2,500 or a $5,000 mixed common steadiness throughout your Solar Canyon CDs, Gold Financial savings, Gold Cash Market, or Curiosity Checking Accounts.

Associated: 10 Finest Cash Market Accounts

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

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

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

If you’re on the lookout for a full-service on-line financial institution, Ally Financial institution is a best choice. It gives extra enticing charges for savers, together with an interest-bearing checking account, financial savings account, and CDs. It’s also possible to 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’d like an interest-bearing checking account with extra enticing charges and rewards, Primis Financial institution gives an account value wanting 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, electronic mail tackle, birthday, cellphone quantity, ZIP code, Social Safety Quantity, and extra. If authorized, 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 can assist you shield greater than $250,000 per depositor. However you’ll want to achieve out to the financial institution to substantiate you’re eligible for this enhanced degree of economic safety.

If it’s essential to get in contact with Solar Canyon Financial institution, you possibly can name 855-423-4602 or electronic mail information@suncanyon.com. Help is on the market 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 enable you to develop your funds. The catch is that many of the accounts include a month-to-month payment and the APYs provided 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 increased charges. Discover the prime high-yield financial savings accounts in the marketplace at present.