Banner Bank offers a range of certificate of deposit (CD) accounts starting at seven days and maxing out at 36 months. It’s important to keep in mind that the offerings and rates you see from Banner Bank will depend on your location. This means you may see different rates and terms than the ones we give below.
Banner Bank doesn’t really offer competitive rates on its CDs compared to the best CD rates. The best rate comes with its 36-Month Bump CD. Not only does this account have a great rate, but it offers the opportunity to bump up your rate once at some point during the account’s term. This is especially beneficial if interest rates see an increase since you can then take advantage of that increase instead of keeping the rate you started with for the entire 36 months.
The offerings below are based on a Southern California zip code.
|Certificate of Deposit||Minimum Deposit||APY|
|3 Month||$2,500||0.05%||Compare CD Rates|
|6 - 11 Month||$2,500||0.35%||Compare CD Rates|
|13 Month||$2,500||0.75%||Compare CD Rates|
|12 - 17 Month||$2,500||0.45%||Compare CD Rates|
|36 Month Bump Up CD||$2,500||1.66%||Compare CD Rates|
13-Month CD Interest Rate Comparison
Overview of Banner Bank CDs
Banner Bank’s range of CD offerings allows its customers to open the accounts that work best for them. This means you can open a three-month CD for your closer expenses or open a 36-month account for expenses further off. You could also choose to open both, or more, at the same time to set up a CD ladder. That way, you have a semi-steady stream of income through the varying maturity dates of your CDs. If you want to create a CD ladder, just be sure you can meet the minimum deposit for each account. Banner Bank’s minimum amount is a little high, so you’ll want to be extra responsible with your funds.
How Much You Earn With Banner Bank Certificate of Deposits Over Time
Typically you’ll earn the most with a CD if you open a longer-term account with a pretty high deposit. This is especially true, though, with Banner Bank since most of its accounts offer low rates. Its 36-Month Bump CD has the best rate, so although you will have to wait 36 months to access your funds, you will at least have a solid growth of funds to benefit from.
Luckily, Banner Bank compounds interest daily, which means your balance will earn interest each day, becoming a new balance that will also earn interest. The amounts below reflect what your final balance could look like according to a set initial deposit and the account’s term length.
|Initial Deposit||3-Month CD||13-Month CD||36-Month CD|
How Banner Bank CDs Rates Compare to Other Banks
Again, Banner Bank doesn’t offer competitive CD rates overall. When looking for best terns when comparing CD rates, you’ll want to look at online banks like Ally and Marcus by Goldman Sachs. These banks don’t have branches anywhere, unlike Banner Bank which at least has a few out west. But they offer huge savings, especially with their CD accounts. Ally doesn’t even require a minimum deposit to open a CD, making the accounts more accessible.
If you’re looking for a bank with widespread branch access, like Chase, you won’t find great CD rates there, either. Even Banner Bank’s rates outperform Chase’s standard CD rates by a wide margin.
|CD Account||Banner Bank||Chase||Ally||Marcus by Goldman Sachs|
Compare 13-Month CD to Other Competitive Offers
Should You Get a Banner Bank CD Account?
You should only really get a Banner Bank CD if you’re opening the 36-Month Bump CD. This account has the bank’s highest CD rate by a longshot so it’ll get you the biggest savings. You should also make sure you can afford the minimum deposit before you open the account. That way, you won’t be stuck needing to make an early withdrawal and paying a penalty.