Banking » Reviews » Banner Bank Review 2024 : Savings & Checking Account, CDs and MMAs
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Banner Bank Review 2024 : Savings & Checking Account, CDs and MMAs

Although they have leveled up their use of technology, Banner Bank is still a traditional brick-and-mortar bank. Here are the things you should know.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Banner Bank

Banner Bank Logo
Banner Bank Logo

Banner Bank

Fees

$4 – $12

Our Rating

3.8
3.8/5

Current Promotion

None

APY Savings

0.50% – 4.08%

Banner Bank is the 3rd largest bank in Washington and ranks 126th of all the banks in the United States. The bank reports an asset of more than $12.6B. What started out as a small thrift bank in 1890 has now grown to be a big full-service bank with headquarters in Walla Walla, Washington.

The bank provides a range of offerings, including checking accounts, savings accounts, certificate of deposit (CD) accounts, as well as loans, mortgages, and insurance choices. While Banner Bank's savings accounts may not offer the most competitive interest rates available, the bank does offer multiple avenues for avoiding monthly fees.

Banner provides physical service in over 175 locations dispersed all over Washington, Oregon, California, and Idaho. Although they have leveled up their use of technology, Banner Bank is still a traditional brick-and-mortar bank.

  • Stability
  • Get Rewards And Reimbursements
  • $Award-Winning Service
  • Low Interest Deposit Rates
  • Fees
  • Limited Locations

Banner Bank Review

Savings Account

Banner Bank Logo
Banner Bank Logo

Savings Account

Fees

$10 Can be waived if you maintain a minimum daily balance of $5,000 or $10,000 average daily combined relationship balance

APY

0.50% – 4.08%

Initial Deposit

$25 – $100

Minimum Balance

None

Similar to the strategy for the checking accounts, Banner Bank’s savings accounts give customers choices that would fit their savings pattern.

  • The Connected Savings account offers several benefits, including daily compounded interest credited quarterly and a monthly service fee of $3, but the interest is low. Deposits and withdrawals are unlimited, while the account can be opened with as little as $25. eStatements provide secure and convenient access to statements while avoiding paper statement charges. Overdraft protection for Banner checking accounts is also available.
  • The High Yield Savings account offers tiered interest rates ranging from 0.50% – 4.08% APY, compounded daily and credited quarterly. The deposit required for the highest rates are very high. Additionally, the account provides overdraft protection for linked Banner checking accounts, eStatement access, and features like direct deposit, automatic savings, and automatic loan payments.
  • Money Market Savings Account – the money marketa ccount offers the same benefits as the savings accounts, while you can enjoy unlimited deposits and withdrawals, in addition to the interets rates it offers.

Overall, if you don't have a high deposit, the rates are much lower than the best savings account interest rates as of February 2024.

Checking Account

Banner Bank Logo
Banner Bank Logo

Checking Account

Fees

$4 – $12

APY

0%

Initial Deposit

$50

Promotion

$200/$500 $500 new account bundle bonus offer: open a new personal checking account and a new personal savings or money market at the same time, meet $26,000 deposit requirements for 90 days and set up monthly auto transfer OR $200 new account bundle bonus offer: open a new personal checking account and a new personal savings or money market at the same time, meet $2,000 deposit requirements for 90 days and set up monthly auto transfer.* Use offer code 23BU when you open your accounts online

The bank offers 4 different types of checking accounts whose features address the needs of various customer profiles. They have one as a starter account, a rewards account, an interest-earning account, and a high-end account for prime customers.

There is a very low minimum requirement to open an account and each account has an unlimited check writing feature.

Furthermore, customers can conveniently use digital wallets like Apple Pay, Google Pay, and Samsung Pay on compatible devices. Electronic statements are easily accessible without any additional cost. Overdraft protection is available by linking the checking account to a savings account or a line of credit for covering purchases. 

Although two of the accounts earn interest, customers should not expect too much. To make up for the low interest, the bank offers cashback rewards through their card partner. That’s an extra come-on considering that the bank charges a monthly service fee.

Additional benefits include direct deposit options, discounts on check orders, and a 50% reduction in safe deposit annual rental fees when using auto-pay. Cashier's checks and money orders funded from this account also incur no cost.

Unlike free online checking accounts, the Banner's digital account has a small monthly fee.

Here's a comparison between Banner's checking accounts:

FeaturesConnected checkingRewards CheckingBanner's Digital AccountBanner's Best Checking
Minimum to open$50$50$50$50
Monthly fee$4$6$3$12
ATM fees reimbursementAvailable for any ATM in the US up to 2x per monthAvailable for any ATM in the US up to 6x per monthUnlimited for any ATMUnlimited for any ATM
Online & mobile banking, bill pay, digital walletAvailableAvailableAvailableAvailable
Interest-earningNot availableNot availableNot availableTiered

Certificate Of Deposits (CDs)

Banner Bank Logo
Banner Bank Logo

Certificate Of Deposits (CDs)

Terms

3 months – 36 months

APY

2.53% – 4.34%

Initial Deposit

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