Banner Bank
Fees
Minimum Deposit
Current Promotion
APY Savings
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.
Their operations mostly cover the west, providing banking products as well as services in commercial real estate, construction, residential, agricultural and consumer loans. The bank employs around 2,149 employees.
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
Investing Products, High Customer Rating
Stability is one of the bank’s notable descriptions. One proof of this is their recent merger with AltaPacific Bank which created a larger collective presence in California.
According to their official website, Banner Bank will be the surviving brand later in 2020 after the bank’s system conversion.
Although this does not necessarily broaden their reach outside the present service area, it will boost the number of branches in the states that they a presently serving.
A quick survey of their product offerings will reveal that they focus mostly on loans and credit such as home loans and home equity, student loans, vehicle loans, and personal loans.
But they also have deposit products ranging from checking accounts, savings accounts, CDs, and IRAs. Online and mobile banking are also available as well as investment banking. The bank is a complete package when it comes to financial services..
Here are the main products Banner bank offers for savers:
Savings Account
Initial Deposit
Minimum Balance
APY
| Features | Connected Savings | Money Market | Banner's Best Savings |
|---|---|---|---|
| Minimum opening | $25 | $100 | $100 |
| Monthly fee | $3 | $10 | $10 |
| Minimum daily balance to waive fee | $100 | $1,000 | $5,000 |
| Interest rate | Competitive interest | Competitive tiered interest | Premium tiered interest |
| Unlimited deposits & withdrawals | Available | Available | Available |
| Online & Mobile banking | Available | Available | Available |
| Automatic saving and loan plan | Available | Available | Available |
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 works like a starter account with low minimum, low monthly fee, low daily balance, and a not-so-high interest rate.
On the high end, there’s the Banner’s Best Savings Account that requires a high minimum daily balance to qualify the depositor to a premium interest rate.
All accounts come with mobile and online banking facilities plus unlimited deposits and withdrawal options.
Checking Account
Initial Deposit
Fees
APY
| Features | Connected checking | Rewards Checking | Interest Checking | Banner's Best Checking |
|---|---|---|---|---|
| Minimum to open | $50 | $50 | $50 | $50 |
| Cashback option | Not available | $0.05 for debit transactions | $0.05 for debit transactions | $0.05 for debit transactions |
| ATM fees reimbursement | Available for any ATM in the US up to 4x per month | Available for any ATM in the US up to 6x per month | Available for any ATM in the US up to 6x per month | Unlimited for any ATM fees in the US |
| Online & mobile banking, bill pay, digital wallet | Available | Available | Available | Available |
| Monthly fee | 0 | $6 | $7 but waivable | $12 but waivable |
| Interest-earning | Not available | Not available | Fixed | Tiered |
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.
The bank reimburses ATM fees up to a certain limit except for the Best Checking account that has unlimited reimbursement.
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.
Certificate Of Deposits (CDs)
Initial Deposit
Minimum Balance
APY
| Minimum opening balance | $2,500 |
| Monthly fee | None |
| Terms | 90 days to 10 years |
| Interest rate | Fixed |
| Mobile and online banking | Available |
Banner Bank has positioned its CD for people with excess funds and are willing to just leave their money in the bank for the entire term whether it be 90 days or 10 years.
The interest rate is much higher than any of their other products as well as the eventual yield. Generally, the bank compounds the interest daily so customers can enjoy higher returns.
For customers who can shell out $2,500 to open an account, this product is good enough. There’s no monthly fee and customers can access their account through mobile or online banking.
The downside is, aside from the high opening balance, the shortest term available is 90 days. Some banks offer a 30-day term for CDs and there are banks that even go for one week.
Benefits & Drawbacks
- Stability
Being the 3rd largest bank in Washington and having a total asset of more than $12B is no joke. This bank can stand on its own two feet.
In the uncertain financial universe, it’s an advantage to have a bank with a solid track record of stability. When it comes to your money, peace of mind is of utmost importance.
- Get Rewards And Reimbursements
Banner Bank has an agreement with Mastercard so that customers can earn cashback for using their debit cards.
Somehow, this offsets whatever customers give up on interest rates, albeit a little. Plus, the ATM reimbursements also helps in a way to save money.
- Award-Winning Service
Banking is more of a relationship rather than a transaction. Banner bank puts a premium on service so clients can expect a good experience when they deal with the staff.
- Low Interest Deposit Rates
When your purpose of putting money in your account is to get a good return, don’t expect Banner Bank to be your genie in this department. The rates, as they describe, are ‘competitive’. But they are below the national average rates.
For example, the American express savings account APY is much higher – 4.00% as of June 2023.
- Fees
The thing about traditional banks is that they need to charge fees to enable them to operate.
So, expect them to be strict when it comes to some fees. This means that it would be almost impossible to do banking without having to pay a fee here and there.
- Limited Locations
Many regional banks grow big but only within the same area and very few extend their reach all over the country.
If you don’t live, work, or do business in their service area, you won’t have access to their branches. This means that only residents of the four states would directly benefit from banking with them.
Should You Consider Banner Bank?
If you still want to do your banking the old way by visiting a branch and interacting with a teller, this bank is good for you.
Banner Bank is keeping its brick-and-mortar branches to provide banking services to individual customers and to the community.
However, the bank has already provided the convenience of mobile and online banking to its customers so even the younger market can feel comfortable making it their bank.
If you happen to live or do your business in any of the states they cover, this is also a good fit for you. Their extensive branch network guarantees that you can find them in major locations within these states.
But if you’re after a good return for your deposits, this may not be your best choice. They are not known for their deposit interest rates. Yes, the service is good but if you want a nice figure on your bottom line, some other banks can give you a much higher yield for your money.
Checking Account Alternatives
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.20%
| 4.85%
| 4.00% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
|
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