Solar Canyon Financial institution Evaluation: 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 think about. It presents 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 may determine if this financial institution is the correct 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 presents the safety you want to your funds. However you’ll be capable of faucet into extra engaging rates of interest than a standard brick-and-mortar financial institution with a big bodily footprint.

Solar Canyon Financial institution presents a variety of economic merchandise, together with enterprise accounts and enterprise assist. However for the needs of this evaluation, I’ll deal with the non-public deposit merchandise supplied by the financial institution.

Solar Canyon presents 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 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 in case you keep a stability of no less than $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 prices as much as eight transactions (or $25) monthly. 

Associated: Greatest Excessive-Curiosity Checking Accounts

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

Right here’s a better 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 in case you keep a stability of no less than $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 presents a variety of CD phrases. Some have engaging rates of interest hooked up.

Beneath is a better have a look at what’s supplied:

• 5.20% APY on a standard CD with a 6-month time period.
• 5.09% APY on a standard CD with a 12-month time period.
• 5.00% APY on a standard CD with a 13-month time period.
• 3.55% APY on a standard CD with a 15-month time period.
• 2.37% APY on a standard 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 commonplace 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 might help you receive FDIC insurance coverage for multi-million greenback deposits. However you’ll have to get in contact with a consultant to substantiate you might be eligible for any such safety.

Associated: Greatest Financial institution CD Charges

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

As a way to open this account, you’ll have to deposit no less than $2,500. The account comes with a waivable month-to-month payment of $10. The payment could be waived when you’ve got 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 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 is advisable entry your funds early.

Ensure to learn the fantastic print of any account you open to keep away from getting stunned 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 searching for a full-service on-line financial institution, Ally Financial institution is a best choice. It presents extra engaging charges for savers, together with an interest-bearing checking account, financial savings account, and CDs. You may also discover mortgage merchandise, like mortgages and bank cards, by Ally, which makes it a sensible choice for conducting your banking wants by a single entity.

If you’d like an interest-bearing checking account with extra engaging charges and rewards, Primis Financial institution presents an account value wanting into. It solely requires a minimal deposit of $1 and doesn’t include any month-to-month charges. Plus, you may 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 identify, e mail handle, birthday, telephone quantity, ZIP code, Social Safety Quantity, and extra. If accepted, you may fund your account to start out utilizing it instantly.

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

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

If it is advisable get in contact with Solar Canyon Financial institution, you may name 855-423-4602 or e 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 presents one bodily location inside a Safeway in Solar Metropolis West, Arizona.

Solar Canyon Financial institution presents interest-bearing accounts that may show you how to develop your funds. The catch is that many of the accounts include a month-to-month payment 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 at present.