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Banner Bank Review

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by Javier Simon Updated
Banner Bank

For more than 100 years, Banner Bank has been providing communities in the Western United States with a variety of financial services. The bank offers a variety of products from checking accounts and IRAs to loans and other investment options. According to online marketing, Banner Bank also supports local businesses in line with its mission to become your neighborhood bank and help you find financial success.

Banner Bank’s savings accounts don’t have the best interest rates out there, but the bank does give you several ways to waive monthly fees. It also has a versatile set of offerings that can cater to someone seeking a simple account to a customer look for cashback rewards and other bonus features.

Products Offered

Product Key Details
Savings Accounts
  • Two options
  • Monthly service fees can be waived
  • Interest compounds daily and is credited quarterly
Certificate of Deposit
  • Terms range from 7 days to 119 months
  • Interest rate on some terms increases when you also open a Banner's Best Checking account
Money Market Account
  • Tiered interest rates
  • Monthly service charge can be waived
Checking Accounts
  • Checking account options include two that earn interest
  • Rewards Plus Checking account gives you cash back on purchases
  • Monthly fees can be waived

 

Banner Bank Interest Rate Comparison

Banner Bank Overview 

Banner Bank opened its doors more than 100 years ago in Walla Walla, Washington. Today, it operates 178 full-service branches and 13 loan centers throughout the Western United States. You can meet nearly all your banking needs here. It offers checking, savings and certificate of deposit (CD) accounts as well as loans, mortgages and insurance options. It also supports commercial real estate financing and business commercial financing.

Banner Bank Account Features

While Banner Bank’s savings accounts don’t necessarily beat the competition in the interest rate arena, they do give you several opportunities to waive monthly fees—which could otherwise eat away at your savings in the long run. One of its checking accounts also gives you cashback on purchases. Its offerings can suit a variety of customers from someone seeking a bare-bones, hassle-free account to those looking for more complex options that can unlock some bonus features.

Banner Bank Connected Savings

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $3 monthly fee unless you meet the following requirements
  • Maintain a daily balance of at least $100
  • Set an automatic transfer of at least $25 from a Banner Bank checking account
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset: 0.05% APY

Banner Bank’s Connected Savings doesn’t offer the best annual percentage yield (APY) out there, but its $3 monthly service charge is far lower than one you’d find at a bigger bank. You can waive the charge by maintaining a minimum daily balance of $100. The bank also waives the fee for all account holders who are younger than 18. 

You can link this savings account to a Banner Bank checking account for overdraft protection. In the event that a purchase is processed even though there is not enough money in your account, the bank will automatically transfer available funds from your savings account. This will prevent you from incurring an overdraft fee

The account also offers free unlimited deposits, online and mobile banking and an automatic savings plan feature. But as with all savings accounts, federal law generally limits withdrawals to six per statement cycle. Each one you make beyond that point will trigger a $5 fee per withdrawal. 

Overall, this is a simple and inexpensive savings product. But you can compare savings accounts to find higher APYs at other banks.

Banner Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service charge unless you maintain a minimum daily balance of $1,000.
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset.
  • For balances of $0 - $24,999.99: 0.10% APY
  • For balances of $25,000 - $99,999: 0.15% APY
  • For balances of $100,000 and over: 0.20% APY

Banner Bank’s Money Market account (MMA) offers a tiered interest rate which means that your rate will increase as you deposit more money. However, the highest APY offered is still relatively low compared to some online banks. Still, it outshines rates of savings accounts at several brick-and-mortar banks. So, it may be worth sacrificing a little bit of interest power to secure access to a physical branch if you value personal customer service. 

In addition, you can waive the $10 monthly service charge by maintaining a minimum daily balance of $1,000. This might encourage you to keep funds in the account and let them keep growing. 

Banner’s Best Savings

Key Features Details
Minimum Deposit $100
Access to Your Account Online, by phone or at a branch
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service fee unless you maintain a minimum daily balance of $5,000
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset.
  • For balances of $0 - $24,999.99: 0.08% APY
  • For balances of $25,000 - $99,999: 0.15% APY
  • For balances of $100,000 - $249,999: 0.25% APY
  • For balances of $250,000 and over: 0.30% APY

Banner’s Best Savings account offers easy access to your money through a debit card. The perk is not too common among savings accounts, and you can use it to make unlimited withdrawals at ATMs. 

However, you have to maintain a minimum daily balance of $5,000 to avoid the $10 monthly service charge.

Banner Bank Certificate of Deposit (CD) Accounts

Key Features Details
Minimum Deposit $2,500
Access to Your CD  Online, by phone or at a branch
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee, but you’ll face an early withdrawal penalty
Current Terms and Rates Standard CDs
  • 7 days - 5 months: 0.05% APY 
  • 6 - 11 months: 0.25% APY
  • 12 - 23 months: 0.35% APY
  • 24 - 35 months: 0.45% APY
  • 36 - 119 months: 1.45% APY
Special Bump CDs
  • 12 - 17 months: 0.35% APY
  • 13 months: 0.55% APY
  • 36 months: 1.35% APY

Banner Bank offers a variety of certificate of deposit (CD) accounts. These savings vehicles allow you to save money for a set period of time as it grows at an interest rate that’s typically higher than your standard savings or money market accounts. However, you can’t touch your money until the end of that time period or term without facing a penalty.

With Banner, you can choose a term length ranging from seven days to 36 months for fixed-rate CDs. This means the rate doesn’t change throughout the term length. However, you can also invest in special CDs that may experience a one-time rate increase. For both types, interest compounds daily and is credited at the end of the term.  

Overall, Banner Bank offers CDs with strong interest rates, especially the longer term options. But you can still compare CD rates to find better products. 

GoodStart Checking

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $3 monthly service charge unless you make at least one debit card transaction per statement cycle

GoodStart Checking is a basic checking account that’s great for the customer who wants a hassle-free account that’s easy to manage. You can open one with as little as $50, and you’ll get a free debit MasterCard by signing up. By making just one debit card transaction per month, you can waive the monthly service fee. Otherwise, it’s a low $3 charge.

If you use your debit card at an ATM outside the U.S., however, you’ll be charged a 1.10% currency conversion fee. The bank advises that you complete a travel notice before going abroad so it can adjust your card restrictions. 

You can also link this account to a Banner Bank savings account for overdraft protection. The account offers free online and mobile banking. You can use the Banner Bank app to make deposits by snapping a photo of a check. You also get free notary services with this account. 

Connected Checking

 Key Features Details
 Minimum Deposit $50
 Access to Your Checking Account Online, mobile and physical branches.
 Security FDIC insurance up to the maximum amount allowed by law.
 Fees  No monthly service charge

Connected Checking is a considerable step above the GoodStart Checking account. For starters, you won’t owe a monthly service charge and you don’t need to maintain a minimum balance to keep the account open. This account also carries the same low minimum opening deposit balance of $50. 

As a bonus, the bank will also reimburse all fees you incur at non-Banner Bank ATMs you use inside the U.S. Account holders who are at least 65 years old get 50% off any check style, or they can pay only shipping and handling for Banner logo wallet checks. 

In addition, you get the same benefits offered through Good Start checking such as free online and mobile banking as well as free notary services and a free debit MasterCard that’s compatible with Apple Pay, Samsung Pay and Google Pay.

Rewards Plus Checking

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7 monthly service fee unless you meet the following requirements
  • Maintain a minimum daily balance of $1,500 
  • Keep an average combined relationship deposit balance of $10,000.
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset: 0.05% APY

Rewards Plus Checking may suit the customer who shops often using his or her debit card. With this interest-bearing account, you earn interest plus $0.05 for every debit card transaction. You can also waive the $7 monthly service fee if you maintain a minimum balance of $1,500. 

In addition to these perks, you get all the benefits offered through the Connected Checking account such as unlimited check writing and free notary public services. 

Banner’s Best Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $12 monthly service charge unless you meet one of the following requirements
  • Maintain a minimum daily balance of $5,000 or average daily balance of $10,000
  • Keep an average combined deposit balance of $25,000 in all your Banner checking and savings accounts.
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset.
  • For balances of $0 - $99,999: 0.05% APY
  • For balances of $100,000 (+): 0.10% APY  

Banner’s Best Checking account could be the right option for customers who want Banner to handle all their banking needs. By opening account, you can get a 0.25% raise on posted rates for new and renewed CDs.

In addition, the bank will rebate you for any fees charged by non-Banner bank ATM owners in the U.S. You also get all the benefits that come with the Connected Checking account.  

But although Banner Bank offers several products with beneficial features, you can compare checking accounts to find one that best meets your needs. 

Banner Bank IRA CDs

Key Features Details
Minimum Deposit $250
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees, but you may face an early withdrawal penalty as well as applicable IRS penalties
Current Terms and Rates Call the bank to find out the most accurate rates for your area. Rates based on a phonecall with SmartAsset.
  • 7 days - 5 months: 0.10% APY or 0.35% with Banner’s Best Checking account
  • 6 - 11 months: 0.25% APY or 0.50% with Banner’s Best Checking account
  • 12 - 23 months: 0.35% APY or 0.60% APY with Banner’s Best Checking account
  • 24 - 35 months: 0.45% APY or 0.70% APY with Banner’s Best Checking account
  • 36 - 60 months: 1.45% APY or 1.70% APY with Banner’s Best Checking account

Banner Bank lets you plan for retirement by investing in IRA CDs. They function like regular CDs, but they come with the tax advantages unique to IRAs. You can park your money in a traditional IRA, Roth IRA or Education IRA. 

The traditional option allows your money to grow tax-deferred. This means you won’t owe taxes on it until you begin making qualified withdrawals at age 59.5. If you take the Roth route, your money is taxed going in, but your earnings are tax free if you start taking money out at age 59.5.  

As a bonus, Banner will raise the posted interest rates on some CDs if you have a Best Checking account open with the bank. 

Where Can I Find Banner Bank?

Banner Bank operates 178 full-service branches and 13 loan offices throughout the Western United States. You can find them in California, Idaho, Oregon and Washington. You can access your account 24/7 online or through the mobile banking app.  

You can also contact customer service at 509-527-3636 or 800-272-9933 Monday through Friday between 7 a.m. and 7 p.m. (PDT). 

What Can You Do Online With Banner Bank? 

Banner Bank offers some basic online features. You can check your balances and statements. You can also pay bills, transfer money to other accounts and set up Text Banking. This feature allows you to send text message requests for information like your account balance or account history.  

How Do I Access My Money?

You can access your money at more than 170 branches throughout California, Idaho, Washington, and Oregon. You can also access your accounts 24/7 online and through the mobile app, which allows you to deposit checks by snapping a photo from your mobile device.

How Can I Save More Money With Banner Bank?

Banner Bank doesn’t offer you savings options with the strongest interest rates, but it gives you the opportunity to waive monthly fees, which can pile up over time. The bank will also reimburse you for non-network ATM surcharges if you open certain accounts. By linking checking and savings accounts, you can also have the peace of mind that comes with overdraft protection. 

In addition, you can always stick to the Banner Bank products that meet your needs as you compare the features of the best savings accounts in the market today. 

What’s the Process for Opening an Account With Banner Bank?

Legal residents of California, Idaho, Washington, and Oregon can open an account online. You’d need your government-issued ID, your Social Security number and basic contact information such as your email address.

What’s the Catch?

You can find savings options with stronger interest rates at some online banks, but Banner Bank gives you the option of having a physical branch to handle your financial needs and real people to talk to. The bank is community-focused, and that’s evident in its customer service. It also offers a range of options from personal banking products to ones that cater to businesses of varying sizes. 

Bottom Line

Banner Bank is the right option for you if you value face-to-face customer service and are seeking banking products that are light on fees. The bank offers options that can suit a variety of customers from someone with basic banking needs to a person with a more complex financial picture.

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