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Sonoran Bank, N.A. Reward Checking Dropped To 3.26% APY, Effective 8/18/2010

Friday, August 27, 2010 - 9:49 PMSonoran Bank, N.A.
Sonoran Bank High Yield Checking is down from 4.26% APY to 3.26% for 0 - $30K and then 1.25% APY for over $30K. (I guess the latter is supposed to be some compensation for the former.)

High Yield Savings is down to from 2.01% APY to 1.75% APY for 0 - $30K and 1.25% for over $30K.

I missed this change; it was effective 8/18, the beginning of the current statement period.

Bye-bye, Sonoran.
2
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
1. Saturday, August 28, 2010 - 5:19 AM
Thanks glxpass. I noticed the savings account didn't used to have a balance cap. Any idea of when that was added?
1
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,675
2. Saturday, August 28, 2010 - 10:16 AM
Ken, the High Yield Savings is capped:  above $30K, the rate is reduced from 1.75% APY to 1.25% APY.  Admittedly, it's not much of a reduction from 1.75% APY.  As I stated previously, perhaps the higher rates after the cap are attempts to compensate for the 1% reduction in the High Yield Checking rate.

All these changes seem to have taken effect at the beginning of the current statement period, on 8/18/2010.  The disclosured at the Sonoran High Yield Checking and Savings dedicated site state that the APY is "accurate as of 08/18/10."  The rates on Sonoran All Rates page (which don't include High Yield Checking and Savings rates) all say "effective August 18, 2010."

Perhaps Sonoran underwent massive rate changes on that date.  At least the accounts I cared about saw the above-mentioned reductions.  :(
2
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
3. Monday, October 18, 2010 - 4:07 PM
The Sonoran High-Yield Checking and High-Yield Savings account Web site, www.sonoranhighyield.com, no longer exists.  Per a CSR, as of 10/6, Sonoran no longer offers their RCA and linked high-interest savings accounts.  Current account holders are still getting 3.26% APY on the RCA, but Sonoran can naturally change that at any time.
1
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
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