Banner Bank Review

Banner Bank Savings

0.02% APY

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

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 143 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

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

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

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

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 tends to offer CDs with strong interest rates, especially the longer term options. But you can still compare CD rates to find better products. 

Connected Checking

Connected Checking 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 benefits 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 Checking

You also 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

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. 

Where Can I Find Banner Bank?

Banner Bank operates 143 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.