A savings account is the cornerstone of your financial planning, simply because setting money aside for future goals or life’s unexpected situations provides both peace of mind and opportunities for growth. It’s also important, because with smart saving strategies, you can earn considerable interest and increase your funds. 

There are various savings account options with Sun Canyon Bank including: Gold Savings, Gold Money Market and CDs (Certificate of Deposit). Each offering has benefits and items to consider, based on your savings needs.  

Three things to consider when determining savings accounts that are best for you.  

  • Interest Rates & Annual Percentage Yield 

  • Balance Requirements 

  • Withdrawal Limits 

Savings Account  

A basic or traditional savings account is often the best first step to kick start your savings efforts, based on your deposit amount. 

  • For example, if your initial deposit is at least $250 and you maintain that same minimum as a daily balance, you can earn interest on your money with a Sun Canyon Gold Savings account. 

  • With this account, interest is based on tiered balances, so the more you save, the more you earn. The minimum balance required is $250, or $2500 combined average balance in identified Sun Canyon CD, Gold Savings, Gold Money Market, or Interest Checking accounts. Failure to maintain this minimum balance will result in a monthly fee of five dollars. The money in your savings account is FDIC insured up to $250,000. The minimum limits of any savings account are in place to assist you with your savings efforts and maximize your return. 

Money Market Accounts 

If you build your savings or have a beginning deposit above $2,500 and want to have easy access to your funds, you should consider Sun Canyon’s Gold Money Market account. 

  • Like the Gold Savings, the Gold Money Market account offers higher interest rate opportunities with a tiered interest method based on the daily balance of your account. These rates are monitored regularly, to ensure account holders get the best rates available, resulting in the best earnings. For example, individuals with deposits starting at $100,000 will earn more interest than the lower tier. 

  • With a $2,500 minimum daily balance, or $5,000 combined average balance in identified Sun Canyon CD, Gold Savings, Gold Money Market, or Interest Checking account, there will be no monthly fee. A $10 monthly fee will be charged when the balance requirements are not maintained. All deposits, up to $250,000 will be FDIC insured. 

Certificates of Deposit (CDs) 

CDs allow you to earn higher interest rates than any other savings accounts by locking in your rate for the entire term of the certificate.  Sun Canyon offers a variety of terms, ranging from six months to two years. 

IntraFi® Network Deposits 

For funds that exceed $250,000, Sun Canyon Bank offers multi-million-dollar, FDIC insured deposits through IntraFi Network Deposits.  With IntraFi, a customer’s deposit is broken out into individual deposits up to $250,000 to a network of qualified banks, while offering the customer the simplicity of working with just Sun Canyon.   

IntraFi product offerings include: 

• ICS (IntraFi Cash Service®) - Your funds are placed into savings or money market accounts. 

• CDARS (Certificate of Deposit Account Registry Service®) - Your funds are placed into CDs. 

If you’re looking to get more from your savings account and develop a savings strategy that works for you and your family, the Sun Canyon team is here to help. Contact us to learn more or start the process of opening an account online.  

 Products and terms may be subject to change. Please refer to the “Truth in Savings” disclosures provided at account opening for more information.