FOR IMMEDIATE RELEASE
Tuesday, November 10, 2009
MEDIA CONTACT
Daniel Moran, Jr.
O: 480.706-6880 x122
M: 617.304.0064
dmoran@prfectmedia.com
SONORAN BANK LAUNCHES 5.03 % APY HIGH YIELD CHECKING AND 3.01% APY SAVINGS ACCOUNTS OFFERING COMPETITIVE INTEREST BEARING RATES
New Program Gives Sonoran Bank Competitive Edge over Other Banks, Demonstrating Sonoran's Commitment to the Phoenix Market
PHOENIX, Arizona (November 10, 2009)—Phoenix-based Sonoran Bank (www.sonoranbank.com) announced today the launch of its new High Yield Checking and Savings accounts for consumers. The new High Yield Checking account will offer consumers an annual percentage yield rate (APY) of 5.03% on balances up to $30,000 with additional benefits for people with balances exceeding that bench mark. The new High Yield Savings offers Sonoran's customers an APY of 3.01% on all balances up to $30,000. Neither of the accounts require a minimum balance and there are no monthly or penalty fees. The new accounts are designed to compete with other community and big bank products, giving added value in the form of money earned off their balance.
The new products have simple qualifiers that ask customers to complete three simple steps: switch to eStatements; have one direct deposit or Auto Debit; and make a minimum of 12 purchases with their debit cards. Additional benefits of the High Yield Checking account include free checking and nationwide ATM fee refunds. Any fees charged by other banks are directly deposited back into their accounts at the end of the statement cycle.
Each of these steps makes banking with Sonoran more convenient and secure for customers, while putting money back in their pockets. Customers that do not meet the minimum qualifiers are not penalized, and still earn .010% interest on the balance of their checking or savings account.
These new products were launched in direct response to the market and consumers spending and savings habits that have changed since the recession. Sonoran Bank has launched the new High Yield Checking and Savings accounts as an added service and value to new and existing customers.
"We wanted to expand our offerings to consumers, and felt that by designing the new High Yield Checking and Savings accounts, we can give customers the money they've earned by banking responsibly," said President and CEO, Jim Vigars of Sonoran Bank. "This product offers a highly competitive cash return to our customers for simply banking with Sonoran, with all dollars going directly into their wallets."
Additionally, when the two accounts are paired, Sonoran is able to help customers save money. Sonoran Bank will automatically deposit all ATM refunds and interest earned from the High Yield Checking account directly into the customer's High Yield Savings account. It makes savings so much simpler, and unlike similar products from competitors the funds deposited is interest earned and not money that comes out of their pocket.
Customers can apply directly online at www.sonoranhighyield.com or visit the Web site for complete details about the new High Yield Checking and Savings accounts now available at Sonoran Bank. For more information about Sonoran Bank and the new High Yield Checking and High Yield Savings accounts contact Daniel Moran with PRfect Media at 480.706.6880 x122 or by e-mail at dmoran@prfectmedia.com.
ABOUT SONORAN BANK
Founded in 2006, Sonoran Bank is a true community bank that quickly became the premier banking institution for Hispanic and minority small-to-medium sized businesses in Arizona. Named the only Minority Depository Institution in Arizona, by the FDIC, Sonoran Bank provides sound banking options for consumers, for profit and nonprofit businesses in the Phoenix metro area. Sonoran was approved to bid on failing banks in Arizona, Nevada, New Mexico and Utah. Despite the collapse of the banking industry in 2008, Sonoran has continued to operate normally and provide qualified businesses and consumers with access to loans. As a community bank, Sonoran actively raises monies and awareness for local nonprofit organizations that include Valley del Sol and the Arizona Hispanic Chamber of Commerce. For more information about Sonoran Bank visit www.sonoranbank.com.
ABOUT HIGH YIELD CHECKING
Patent Pending, Bancvue *Annual Percentage Yield (APY) accurate as of 08/06/09. Minimum to open account is $100. Rate tiers are as follows: 5.03% applies to balances of $.01 - $30,000 and 1.25% paid on balances over $30,000 as long as qualifications are met each statement cycle. .01% will be earned on all balances if qualifications are not met. All balances will earn 5.03% for balances below $30,000 and 1.25% for balances above $30,000 as long as qualifications are met. Rates may change after the account is opened. Fees may reduce earnings.
ABOUT HIGH YIELD SAVINGS
Patent Pending, Bancvue *Annual Percentage Yield (APY) accurate as of 08/19/09. Minimum to open account is $100. Rate tiers are as follows: 5.03% APY on checking balances up to $30,000, 1.25% APY will be paid on balances over $30,000 and 3.01% APY on full savings balances each statement cycle that qualifications are met. If qualifications are not met, full checking balance will receive 0.01% APY and full savings balances will earn 0.01% APY for the statement cycle. Rates are variable and can change at any time. Fees may reduce earnings.
