Banner Bank Reviews - What Is It?
WARNING: DO NOT USE Banner Bank Until You Read This Review!
Is it a Scam? Does It Really Work?
Banner Bank is an FDIC-insured bank that dates back to 1890, so it is a well-experienced bank in the country. As of December 31, 2017, it held equity of $1.30 billion on $9.48 billion in assets. The bank opened its doors in Walla Walla, Washington, and it currently operates thirteen loan centers throughout the Western United States and 178 full-service branches. Banner Bank can meet almost all of your banking needs - it offers savings, checking, certificate of deposit (CD) accounts, mortgages, loans, and insurance options. The bank also supports business commercial financing and commercial real estate financing. Due to the efforts of 2,029 full-time employees in many states, at present Banner Bank holds leases and loans worth $7.36 billion, real estate loans of which are worth $5.94 billion. Today U.S. bank customers have $7.98 billion in deposits with Banner Bank. The bank has earned 4 out of 5 stars for soundness and safety.
For over 100 years, the bank has been serving communities in the Western United States with a great choice of financial services. It offers different products from IRAs and checking accounts to loans and investment options. Banner Bank supports local businesses and intends to make you more successful financially. Savings accounts at Banner Bank have rather good interest rates in addition to several ways of waiving your monthly fees. It has a diverse set of offerings that can be useful for someone who is looking for a simple account, bonus features and cashback rewards. 178 full-service branches and 13 loan offices of Banner Bank can be found in Washington, Idaho, California, and Oregon. You can access your account through the mobile banking app or 24/7 online. their customer service can be contacted at 509-527-3636 or 800-272-9933 Monday through Friday between 7 a.m. and 7 p.m. (PDT).
Customer Reviews - Does Banner Bank Really Work?
We have thoroughly studied the details about Banner Bank and found out that it has a great number of advantages. As it was said already, the bank offers a wide variety of products. Interest compounds on a daily basis and is credited quarterly. But it should be carried in mind that interest rate increases on some terms when you also open a Banner's Best Checking account. Checking account options are two and both of them earn interest. Rewards Plus Checking account returns cash back to you on purchases. Your monthly service fees can be waived. Banner Bank Interest Rate is 0.05%, while National Average Interest Rate is 0.25%.
While savings accounts at Banner Bank don't necessarily beat the competition in terms of interest rate, they do offer you several opportunities to waive your fees each month. This could eat away at your savings. One of its checking accounts gives you cashback when purchasing something. Its offerings can be suitable for different customers including those looking for a bare-bones, hassle-free account as well as more complex options with bonus features. Connected Savings at Banner Bank don't offer the best annual percentage yield (APY), but it has lower monthly service charge ($3) than that at a bigger bank. The charge can be waived by maintaining a minimum daily balance of $100. They also waive the fee for account holders under 18.
Your savings account can be linked to a Banner Bank checking account for overdraft protection. In case if a purchase is processed despite lack of money in your account, the funds from your savings account will be automatically transferred. This will protect you from an overdraft fee.
The account comes with an automatic savings plan feature, online and mobile banking, and free unlimited deposits. As with all savings accounts, withdrawals are limited to six per statement cycle. More withdrawals will require a $5 fee per withdrawal. Generally, this is a cheap and simple savings product.
Banner Bank's Money Market account (MMA) comes with a tiered interest rate. The more money you deposit, the more your rate will increase. Nevertheless, the highest APY offered is still low when compared to other online banks. It has better rates of savings accounts compared to those at some brick-and-mortar banks. Besides, you can waive the $10 monthly service charge if you have a minimum daily balance of $1,000. So, you are advised to keep funds in the account and allow them to grow constantly.
Banner Bank offers a wide variety of certificate of deposit (CD) accounts that will let you save money for a definite period of time as it grows at an interest rate that is usually higher than that of your money market or standard savings accounts. You should not use your money until the end of the term; otherwise, you'll have to pay a penalty. The bank allows you choose the length of term ranging from 7 days to 36 months for fixed-rate CDs. During this period of time, the rate will not change but you will be able to invest in special CDs that may face a one-time rate increase. Interest is credited at the end of the term. It compounds on a daily basis. Banner Bank offers CDs with strong interest rates, including with the longer term options.
GoodStart Checking is a major checking account that will be suitable for the customers looking for an easy-to-manage and hassle-free account. You can open it having just $50, and by signing up you will also get a free debit MasterCard. You can waive the monthly service fee by making only one debit card transaction a month. Otherwise, the charge will be $3. Using your debit card at an ATM outside the U.S. you will be charged a currency conversion fee that is 1.10%. You are advised to complete a travel notice before you go abroad for it to adjust your card restrictions. This account can be linked to a Banner Bank savings account for overdraft protection. It comes with free mobile and online banking. There is a Banner Bank app that allows to make deposits. All you will need to do is to snap a photo of a check. This account also comes with free notary services. It is high time to take a look at the actual testimonials left by the clients of Banner Bank online.
"Banner Bank is a good local bank! I have been their client since 2013. At first I opened a small savings account as they offered a free 50$ promotion. I was impressed by their customer service and switched my accounts to them. I liked the fact that they had lower fees than those at Bank of America, especially for monthly services. The customer service line of Banner Bank is easy to get a hold of a live person. After being six years with them, I can confidently recommend Banner Bank to everyone."
"I have positive experience with Banner Bank. I have cooperated with this bank for three years now, and I can say I like it a lot. They are on a more personal level with their clients unlike the big banks. I like the reps who work at my local bank and I know them by name. I can see that they just do not want my money like big banks do. I appreciate the personal attention from these people and I feel like a part of their family. I will continue using this bank in the future."
"I have not had any positive experience with any of the big banking institutions. They have too impersonal customer service and have fees for almost everything. Then I went to Banner Bank and after trying out this small local bank I can say for sure I will never go back to a big bank. Banner Bank has perfect customer service. The clerks remember me. The only drawback is that their website is a little slow, but it's not a big problem for me. I have not had any negative impressions from using this bank. For me it is the best bank!"
My Final Summary
Banner Bank is a small bank but it offers the same features as bigger banks do. With this bank, you can check your statements and balances, pay bills, set up Text Banking and transfer money to other accounts. You can waive monthly service charges for checking and savings accounts. You can access your money at over 170 branches throughout the USA including in California, Washington, Idaho, and Oregon. You can access your accounts 24/7 through your mobile app or online. It is easy to use and allows you to deposit checks by sending a photo directly from your mobile device. The bank will reimburse you for non-network ATM surcharges but you will need to open definite accounts. By linking savings and checking accounts, you can enjoy overdraft protection. You can stick to the bank products that meet your banking needs on the most suitable terms. Overall, Banner Bank is a perfect option for those who appreciate face-to-face customer service and want banking products with light fees. The bank's options can suit a wide variety of customers from those with basic banking needs to those with more complicated financial requirements. With all this in mind, I would recommend Banner Bank.
Banner Bank Pricing and Rates
Banner Money Market Account requires a Minimum Deposit of $100. The monthly service charge is $10 unless you have a minimum daily balance of $1,000. Banner's Best Savings account requires a Minimum Deposit of $100. It comes with a monthly service fee of $10, but you have to maintain a minimum daily balance of $5,000 not to pay $10. Banner Bank Certificate of Deposit (CD) Accounts require a Minimum Deposit of $2,500. There is no monthly service fee. GoodStart Checking account requires a Minimum Deposit of $50. The monthly service charge is $3, but you can avoid it if you make at least one debit card transaction within the cycle.