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.
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.
|CD Term||with Banner Best Checking?||APY|
To give these yields above some context, the current national average for a 12 month CD and a 60 month CD sit at 1.49% APY and 1.35% APY, respectively, according to FDIC data.
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
Compounding and Crediting Interest
Interest is compounded daily on all Banner Bank CDs. You will need to reach out to a local representative to find out the crediting schedule of interest payments. The frequency will be based on your CD’s term.
Grace Period and Early Withdrawal Fees
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.
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’s CD rates are finally starting to become more competitive following the Fed’s latest rate hike and are now sitting above the national average for each term by a respectable margin.
That said, better yields can still be found through some online banks and nationally available credit unions.