Sun Canyon Bank is an online bank that offers competitive CD rates.

As you explore your banking options, Sun Canyon Bank is one to consider. It offers worthwhile APYs for some products and enhanced insurance coverage options. It operates mostly online, with only one physical branch in Arizona. 

We take a closer look so you can decide if this bank is the right fit for your needs.

Sun Canyon Bank is a division of Banterra Bank, which is an Illinois-based bank founded in 1975. As a division of an FDIC-insured bank, Sun Canyon Bank offers the security you need for your funds. But you’ll be able to tap into more attractive interest rates than a traditional brick-and-mortar bank with a large physical footprint.

Sun Canyon Bank offers a range of financial products, including business accounts and business support. But for the purposes of this review, I will focus on the personal deposit products offered by the bank.

Sun Canyon offers an interest-bearing checking account. While it’s nice to earn something from your checking account balance, the APYs offered are relatively low.

Here’s a closer look at the tiered interest structure:

• 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 need a minimum deposit of $1,000 to open this account. The account comes with a $5 monthly fee. The monthly fee is waived if you maintain a balance of at least $5,000 or a $20,000 combined average balance across your Sun Canyon CDs, Gold Savings, Gold Money Market, or Interest Checking Accounts.

You will receive reimbursements on all ATM charges up to eight transactions (or $25) per month. 

Related: Best High-Interest Checking Accounts

Sun Canyon’s Gold Savings Account offers a way to earn interest on your funds. But the APYs offered are on the relatively low end.

Here’s a closer look at the tiered interest structure:

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

The account comes with a $5 monthly fee and requires a minimum opening deposit of $250. The monthly fee is waived if you maintain a balance of at least $250 or a $2,500 combined average balance across your Sun Canyon CDs, Gold Savings, Gold Money Market, or Interest Checking Accounts. 

Related: Best High Yield Savings Accounts

If you want to tuck your funds away to earn interest, Sun Canyon Bank offers a range of CD terms. Some have attractive interest rates attached.

Below is a closer look at what’s offered:

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

You’ll need a minimum deposit of $5,000 to open a CD with Sun Canyon Bank.

In addition to standard FDIC insurance, with coverage of up to $250,000 per depositor, Sun Canyon can connect you with IntraFi Network Deposits. Essentially, this means Sun Canyon can help you obtain FDIC insurance for multi-million dollar deposits. But you’ll need to get in touch with a representative to confirm you are eligible for this type of protection.

Related: Best Bank CD Rates

Sun Canyon offers a money market account to help you store your savings while still earning interest. As of writing, you can earn 2.94% APY on balances of all levels.

In order to open this account, you’ll need to deposit at least $2,500. The account comes with a waivable monthly fee of $10. The fee can be waived if you have a minimum daily balance of $2,500 or a $5,000 combined average balance across your Sun Canyon CDs, Gold Savings, Gold Money Market, or Interest Checking Accounts.

Related: 10 Best Money Market Accounts

The fees you’ll encounter with Sun Canyon Bank vary based on the accounts you open and the transactions you choose to make. For example, most of the accounts come with a waivable monthly fee. And the CDs come with an early withdrawal penalty if you need to access your funds early.

Make sure to read the fine print of any account you open to avoid getting surprised by a fee.

Sun Canyon Bank isn’t the only place to stash your funds. Here’s how it stacks up.

If you are looking for a full-service online bank, Ally Bank is a top choice. It offers more attractive rates for savers, including an interest-bearing checking account, savings account, and CDs. You can also find loan products, like mortgages and credit cards, through Ally, which makes it a good choice for conducting your banking needs through a single entity.

If you want an interest-bearing checking account with more attractive rates and rewards, Primis Bank offers an account worth looking into. It only requires a minimum deposit of $1 and doesn’t come with any monthly fees. Plus, you can earn 50 cents for every debit card purchase you make.

If you want to work with Sun Canyon Bank, start by filling out an application on their website. Be prepared to provide your name, email address, birthday, phone number, ZIP code, Social Security Number, and more. If approved, you can fund your account to start using it immediately.

Sun Canyon is a division of Banterra Bank, which offers account holders FDIC insurance on deposits.

Additionally, Sun Canyon Bank works with the IntraFi Network Deposits to help you protect more than $250,000 per depositor. But you’ll need to reach out to the bank to confirm you are eligible for this enhanced level of financial protection.

If you need to get in touch with Sun Canyon Bank, you can call 855-423-4602 or email [email protected]. Support is available on weekdays between 7:30 a.m. and 1 a.m. and Saturdays from 7 a.m. to 2 p.m. Central Time.

The bank also offers one physical location within a Safeway in Sun City West, Arizona.

Sun Canyon Bank offers interest-bearing accounts that can help you grow your funds. The catch is that most of the accounts come with a monthly fee and the APYs offered are well-below some of the top options on the market.

If getting a top APY is a priority, it’s a good idea to shop around for higher rates. Explore the top high-yield savings accounts on the market today.