GoldWater Bank Review: One location with One great product!

GoldWater Bank out of Scottsdale, Arizona is somewhat of an anomaly within the banking industry. Although they only have one branch, it looks as if it could pass as a castle. You can’t help but feel like your inside a 5-star hotel when walking through the lobby or sitting with a representative.

The bank is managed by a team of 5 executives, 13 employees and 7 directors on the board. And although this bank is seemingly small in physical size and number of employees they still offer their products to customers around the world. Therefor, you aren’t required to reside in the Scottsdale community in order to apply for a product.

Their most noteworthy product is a Rewards Checking Account boasting an APY of 5.02% on balances up to $20,000. With this account you must:

- Receive online e-statements
- Have three (3) bill pay transactions per month
- Have one (1) direct deposit per month
- Have ten (10) debit card transactions per month

In order to earn the advertised rate. You must also maintain a balance of atleast $1,000 to avoid a $15 service fee. If your account exceeds the $20k threashold the remaining balance will still garner a 1.0% APY (which still beats most money market accounts).

Highest yielding money market account rates in Arizona

Below are the highest yielding money market account rates serving citizens of the state of Arizona.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Arizona, we have found that in most instances you will be able to lock in more competitive rates with national institutions. Before committing to one of the banks listed below, you may want to browse through our archive of best money market accounts.

Below, we have listed the top 2 banks and/or credit unions serving the state of Arizona which are offering the highest returns on their money market accounts.

Top 2 MMA (money market account) rates in Arizona:

(click on the institution for more information)

• Gold Canyon Bank: Gold Canyon, AZ. Money market account yielding up to 2.17% APY. Gold Canyon Bank has set up their money market rates in six tiers based on minimum balance amount. The interest rates associated with balance amount is as follows: with a balance of less than $9,999 you will earn an APY of 1.26%, with a balance of between $10k and $24,999 you will earn an APY of 1.81%, with a balance of between $25k and $99,999 you will earn an APY of 1.87%, with a balance of between $100k and $249,999 you will earn an APY of 1.97%, with a balance of between $250k and $499,999 you will earn an APY of 2.02% and for any balance above $500k you will earn 2.17% APY. Keep in mind the FDIC only insures bank deposits up to $250,000. The current national average for money market rates sits at roughly 1.20% APY, to put this offer in perspective. Gold Canyon Bank only has two branches, one in Peoria, Arizona and the other in Gold Canyon.
• Home National Bank: Scottsdale, AZ. Money market account yielding a rather unimpressive (but still higher than the national average) interest rate of 1.40% APY with a minimum balance of $10,000. The minimum to open this account is only $1,500, but you will receive a lower interest rate for this balance. You are entitled to 6 withdrawals per statement cycle with this account, of which, 3 can be personal check. Although the interest rate paid on this money market account is one of the more lucrative offers serving Arizona exclusively, one could find more competitive rates offered by national institutions. Home National Bank has locations in Arizona, Kansas and Oklahoma and was founded in 1888.

Both of the institutions listed above are federally insured by the FDIC. If you live in the state of Arizona and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

Highest yielding 18 month CD rates. Where to find them?

BankVibe reader Sean just tipped us off on a pretty lucrative 18 month CD rate offered through an Arizona bank called “Gold Canyon Bank.” Currently they have a few different rates associated with their 18 month certificates which vary based on deposit amount. The breakdown of their rates are as follows:

18 month CD with minimum deposit of $10,000 yields 2.38% APY, with a minimum deposit of $50,000 you receive 2.43% APY and with a minimum deposit of $100,000 you receive 2.22% APY.

The tiers in which Gold Canyon Bank has set up are somewhat unique in that they provide varying rates based on deposit, but what makes it even more unique is that they are offering a lower interest rate on the highest deposit (2.22% APY on $100k). This is a bit counter-intuitive and I am not sure what the reason is behind it. If you have any insight, please share by leaving a comment.

Unfortunately, these products are only available to residents in the state of Arizona. Gold Canyon Bank has two branches in AZ, one in Gold Canyon and the other in Peoria. If you live outside of the state you may want to compare CD rates available nationwide to find the best deal. You may also want to search through our archive of 18 month CD’s to find a promotional offer in your state or city.

The national average for 18 month CD’s currently hovers around 1.55% APY.

Best Certificate of Deposit Rates in Arizona (Top 3)

Below are the top 3 certificate of deposit rates for residents of the state of Arizona. These rates come in the form of 12 month CDs, 24 month CDs and 36 month CDs. Generally the longer the maturity the higher the interest rate. If you reside in Arizona and know of a better CD rate, please share by leaving a comment below!

The local banks and credit unions in Arizona offer very decent rates when compared to the rates offered by the larger national banks. This is not always the case. For many states in the northeast you are better off banking through large national banks (IE Discover, Ally, etc) as these banks will get you better rates than the local ones. Compare CD rates.

Top 3 CD Rates from Arizona Banks:

(clicking on the institution will bring you to their rates page)

Metro Phoenix Bank: 12 month CD yielding 2.52% APY with a $5,000 minimum deposit amount. Metro Phoenix Bank strives to serve the banking needs of businesses in the Phoenix metropolitan area. They have a strong focus on business banking (rather than consumer banking) and claim to differentiate itself from its competition by intending to generally limit itself to commercial and real estate banking customers.

Gateway Commercial Bank: 24 month CD yielding 2.75% APY with a $1,000 minimum deposit amount. Gateway Commercial Bank of Mesa, Arizona also strives to serve the local businesses. The want to be considered the “hometown bank” for small businesses in Mesa and the surrounding areas. They are a locally owned and operated institution.

Trust Bank: 36 month CD yielding 3.10% APY with a $500 minimum deposit amount. Trust Bank of Tempe, Arizona is more consumer focused when compared to the previous two institutions. They pride themselves on customer service and the integration of user-friendly online banking technologies. Founded in 1912, Trust Bank was originally called Olney Trust and Banking Company.