Sunflower Bank Debuts 14-Month CD Special With Rate-Leading APY
For a limited time, Sunflower Bank, N.A. (Sunflower Bank) is offering a 14-month CD Special earning a rate-leading 5.50% APY. The minimum opening deposit is $1k, with no stated balance cap.
The 14-month CD Special is also available as an IRA CD Special (Traditional and Roth), earning the same APY with the same deposit requirements.
The fine print on the landing page reads,
Promotional Annual Percentage Yield (APY) is accurate as of 5/4/23 and the interest rate and APY is subject to change at any time without prior notice. […] The advertised CD Special is available for Consumer (including Individual Retirement Accounts) and Business accounts. The CD Special is not available for Public Funds, and/or brokered deposits.
As stated in the Truth-in-Savings disclosure (not available on the Sunflower Bank website), the Early Withdrawal Penalty reads as follows:
The Bank will impose a penalty if it permits you to withdraw all or part of this Certificate of Deposit prior to maturity […] the greater of:
Ninety-one (91) days simple interest for certificate of deposit with a term of more than one year, at the current rate of interest being paid on this certificate of deposit, on the amount withdrawn; or
The amount by which the current interest rate being paid on this certificate of deposit is less than the interest rate offered by the bank on the date of early withdrawal for certificates of deposit of the same type and term, multiplied by the number of years (expressed as a decimal) remaining to maturity, on the amount withdrawn.
Availability and Account Opening
Headquartered in Denver, Colorado, Sunflower Bank has a brick-and-mortar presence in Arizona, Colorado, Kansas, New Mexico and Texas.
Sunflower Bank has a very limited online product line (a checking account and a savings account), with CDs not included. New customers must open a 14-month CD Special in-branch at any of 72 full-service branches located in Arizona (4), Colorado (13), Kansas (24), New Mexico (9) and Texas (22). Existing Sunflower Bank customers can open a 14-month CD Special at any of the above-mentioned branch locations or by calling their local branch.
Funding and Other Details
The following information was obtained from a conversation with CSR.
- Funding – ACH, wire, or check.
- Ownership – Individual, joint, or trust.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a Sunflower Bank liquid account.
- Interest – Compounded/credited monthly and can be withdrawn penalty-free.
- Beneficiaries – Unlimited with equal shares, Social Security numbers required for all beneficiaries.
- Grace Period – 10 business days before automatic renewal as a 12-month CD.
- Credit Check – ChexSystems.
Bank Overview
Sunflower Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.05% (excellent) based on December 31, 2022 data. In the past year, Sunflower Bank has increased its total non-brokered deposits by $673.06 million, an excellent annual growth rate of 14.46%. Please refer to our financial overview of Sunflower Bank (FDIC Certificate # 4767) for more details.
Sunflower Bank is currently the fourth largest bank headquartered in Colorado, with assets in excess of $7.4 billion, deposits of nearly $5.8 billion, and more than 171,000 customer accounts.
While the Sunflower Bank brand has 31-year history, the bank’s history goes back to 1892, when the original institution, The Farmers National Bank of Salina, first opened its doors. Between 1892 and 2022, there have been three rebrands (The First National Bank and Trust Company of Salina, 1963; First National Bank and Trust, 1989; and Sunflower Bank, N.A., 1992), 16 bank acquisitions, and three headquarter changes. Sunflower Bank also operates as First National 1870 in New Mexico (Albuquerque, Los Alamos, and Santa Fe) and Guardian Mortgage, the residential mortgage division.
How the 14-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Sunflower Bank 14-Month CD Special. The following table compares the 14-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 5/15/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.