Banner Bank, headquartered in Walla Walla, Washington, is a regional bank that opens its arms to residents of the Pacific Northwest. They have both branch and loan offices in four states. These are:
Despite only having coverage in one corner of the country, the bank is still publicly traded on the Nasdaq and has almost $13 billion in assets.
Banner bank offers a full suite of deposit products including checking, savings, money market accounts, IRA and certificates of deposit.
For the purposes of this review we will only focus on their fixed-rate, CDs. They offer terms in ranges rather than a fixed number of months.
Banner Bank CD Rates + Account Details
Banner Bank and its deposit products are federally insured by the FDIC up to the applicable limits.
Banner Bank CDs can be applied for and opened online as well as in a local branch. You can find a local branch here and reach out via phone to set an appointment. Due to COVID-19, Banner Bank asks that you set an appointment to speak with a banker.
All Banner Bank CDs require a minimum deposit of $2,500 to open. The rates published below are accurate as of the timing of this post. We had to reach out to a representative for current yields as they are not published on their website.
Banner Bank CD Rates
|CD Term||with Banner Best Checking?||APY|
|12 – 17 months||No||0.15%|
|12 – 17 months||Yes||0.40%|
|24 – 35 months||No||0.0%|
|24 – 35 months||Yes||0.45%|
|60 – 119 months||No||0.25%|
|60 – 119 months||Yes||0.50%|
To give these yields above some context, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.47% APY, respectively.
If you decide to open the Banner Best Checking account to get the higher CD rate, please note that you will need to meet certain balance requirements to avoid a $12 monthly service fee. Here are the three ways to avoid the monthly fee:
- maintain a minimum daily balance of $5,000, or
- maintain an average daily balance of $10,000 or
- an average combined relationship deposit balances of $25,000
If you need access to funds in your Banner Bank CD prior to its maturity you will be required to pay an early withdrawal fee. Banner Bank does not publish their early withdrawal fees online, however, so you will need to reach out to a local representative to see what these are.
Banner Bank has a standard 10 day grace period in which you can add or withdraw funds from your CD penalty free. Banner Bank will send you reminders of when your grace period is approaching but we would recommend setting up your own as well. If nothing is done during this grace period, the CD will automatically renew for the same terms at the going interest rate and APY.
Although Banner Bank’s 12 month CD is considered competitive when pitted against the current national average, the requirement of opening a basic checking account (and its requirements to avoid fees) in conjunction with the CD to get the higher APY make it hardly worth the hassle.
Banner Bank has been known to offer promotional deposits in the past though, so it’s worth checking in with them from time to time.