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Sunrise Banks Review

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Sunrise Banks Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Sunrise Banks was founded in 1962 and its headquarters are located in Saint Paul, Minnesota. Sunrise Banks owns $990 million in assets and deposits totaling $877 million, making it a medium-size bank. Sunrise Banks lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.8 stars out of 5, Sunrise Banks should be near the middle of the pack in your search for a bank. Sunrise Banks offers a mixture of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for gaining the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

Sunrise Banks features a savings rate of 0.07%, which is fair in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.36%, respectively, while its highest-yielding money market account has a rate of 0.07%. Given Sunrise Banks's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Sunrise Banks's Savings Rates Compare

Sunrise Banks Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Sunrise Banks generally has extremely low fees as compared against the national average. With no monthly fee, Sunrise Banks's checking account is perfect for those who need an easy checking account. Sunrise Banks doesn't refund out-of-network ATM charges, which means you'll be required to locate a Sunrise Banks ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Sunrise Banks is a brick-and-mortar bank, with seven total branches in Minnesota and South Dakota. It also offers access to mobile and web apps for a simple mobile-banking experience. You can use Sunrise Banks's mobile app to control your bank accounts by checking monthly statements, transferring money as well as accessing support representatives. Sunrise Banks receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Sunrise Banks is a medium-size bank owning assets totaling $990 million and $877 million in deposits. Sunrise Banks has an excellent Texas Ratio of 3.44%, indicating a negligible chance of failure. Additionally, Sunrise Banks is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.44%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Sunrise Banks to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $50
Checking Account 0.07% APY $1
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.36% APY
$500 for all terms
Money Market Accounts 0.07% APY 0.07% APY $10000 $15000

Sunrise Banks offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Sunrise Banks does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Sunrise Banks's CD rates are fair in comparison to the average U.S. bank.

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Find a Sunrise Banks Near Me

Sunrise Banks has seven physical locations across the U.S.

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