Update 5/25/2010: Gold Canyon Bank lowered their rates drastically – now their best rate for a money market account is only 1.10% and their lowest rate is 0.50%.
Gold Canyon Bank gives consumers in their coverage area a good reason to put their money in the bank. Their high money market rates can be obtained with a minimum balance of $1000.
This money market deal has the following tiered structure:
You can earn the entry level interest rate of 1.00% APY on deposits of 0 to $9,9999; 1.26% APY for $10K to $25K; 1.31% APY for $25K to $100K; 1.36% APY for balances of $100K to $250K; 1.41% APY for $250K to $500K; and the highest interest rate of 1.46% for deposits through $500K.
The bank has been known for being very modest in terms of adjusting their current money market rates. They have remained very competitive and attractive despite the shaky market situation. The yield of the savings are compounded every month and credited in the same interval.
The interest rates that we have here are still published on the bank's website as of January 27, 2010. Again, don't forget to check for the latest figures before signing up for anything.
The bank bills $10 for every transaction that goes over the monthly limit of 6 withdrawals. Guided by the banking laws, account holders can issue three checks every month to deduct from the money market account.
If you decide to sign up for this money market account, make sure to keep your balance above $1000 to avoid the monthly service charge of $9.95.
It appears that interested consumers must visit a branch to open an account. Canyon Bank has branches in Gold Canyon and in Peoria which are suburbs of Phoenix, Arizona.
Bauer Financial gave Gold Canyon Bank 3 stars(which is pretty good compared to many other banks these days) while Bankrate.com gave them only a 2-star rating. These were based on their March 2009 financial reports. The bank's FDIC certificate number is 58066.
