Arizona-based Sun Canyon Bank (Sun Canyon) made a bold statement this week with the introduction of its 1-year CD Special. Earning a rate-leading 5.35% APY, the 1-year CD requires a minimum $5k opening deposit, with no stated balance cap.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
If your account has an original maturity of one year to less than two years –
We may impose a penalty equal to 180 days interest on the amount withdrawn.
Availability and Account Opening
Headquartered in Sun City West, Arizona, Sun Canyon Bank is a division of Banterra Bank, which has a brick-and-mortar presence in Arizona, Illinois, Indiana, Kentucky, Missouri, and Utah.
Sun Canyon Bank’s limited product line is available online to all U.S. citizens/resident aliens who have a valid Social Security number.
Select the “Apply Now” button at the top right-hand corner of our page. Tell us about yourself, select the account type you would like to open and follow the instructions on how to finalize your account. We’ll communicate with you via email and let you know when your account has been activated. It’s that simple. If you’re an Arizona resident, simply stop by our branch and with a few easy steps, a Sun Canyon representative can open a CD account for you.
Funding and Other Details
The following information is from the Sun Canyon FAQs page and a conversation with a bank official.
- Funding – ACH.
- Interest – Compounded daily and credited quarterly. Interest cannot be withdrawn before maturity.
- Maturing Funds – Cashier’s check or internal transfer to a Sun Canyon savings or checking account.
- Beneficiaries – Unlimited, equal shares, Social Security numbers are preferred, but not required.
- Grace Period –10 calendar days before automatic renewal.
- Credit Check – ChexSystems.
As a division of Banterra Bank, Sun Canyon Bank operates under Banterra Bank’s FDIC Certificate and shares its financial history.
Sun Canyon Bank/Banterra Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.24% (excellent) based on June 30, 2022 data. In the past year, the bank has increased its total non-brokered deposits by $284.18 million, an excellent annual growth rate of 8.89%. Please refer to our financial overview of Sun Canyon Bank/Banterra Bank (FDIC Certificate # 17514) for more details.
As stated on the FDIC Notice page,
All deposit accounts through Sun Canyon Bank are FDIC insured through Banterra Bank (up to balances of $250,000; CDARS® and ICS® are separate products, both providing multi-million-dollar FDIC insurance through a bank network program). All deposit accounts of the same ownership and/or vesting held at Banterra Bank are combined and insured under the same FDIC Certificate 17514. All deposit accounts through Sun Canyon Bank are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Banterra Bank.
Opening its doors in 1955, Banterra Bank was originally known as the Bank of Egypt, located in Marion, Illinois. (Southern Illinois was known as “Little Egypt” or “Egypt” since the early 1800s, although no definitive reason for the moniker has ever been established.) It was nearly 35 years before the Banterra re-brand occurred. Between 1998 and 2014, eight banks in Illinois, Kentucky, and Missouri were acquired, expanding Banterra’s footprint from St. Louis to Louisville. Nearly four years ago, Banterra Bank announced “the opening of Sun Canyon Bank, a new western-division and digital bank brand.” According to a June 2019 press release,
“Expanding our banking experience and services with an exciting new bank brand in the western area of the United States is a milestone for Banterra and was just the right move for our growing company,” said Jeff May, President & CEO of Banterra Bank and Sun Canyon Bank. “Our main focus with this brand will be to help customers earn more on their money, while also offering some of the best digital banking products – because frankly, digital banking is where the banking industry will continue to grow.”
Banterra Bank is currently the 16th largest bank headquartered in Illinois, with assets in excess of $2.6 billion and deposits of more than $2.4 billion.
How the 1-Year CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Sun Canyon Bank 1-Year CD Special. The following table compares the 1-Year 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 3/18/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.