Pibank high yield savings account review

Pibank, a brand of Miami-based Intercredit Bank, offers an online savings account that earns an outstanding APY. There are no fees or minimum balance requirements and you get the convenience of online and mobile banking. 

Our verdict

The Pibank Savings account is one of the best online savings accounts if you want to take advantage of a high APY and low fees. You can open an account online in minutes and this high-yield savings account is available to residents of all 50 states. Opening a Pibank high-yield savings account is simple, making it an excellent choice for customers who prioritize convenience and efficiency.

You might consider saving with Pibank if you:

• Are ready to try an online savings option
• Want to earn a superior APY on savings balances without monthly maintenance fees
• Don’t need an ATM card or debit card to access your money
• Prefer a savings account with no opening deposit or minimum balance requirements
• Appreciate a simple and user-friendly process for customers

Pibank doesn’t offer other banking products currently. But that may not be a hurdle if you’re only interested in opening a savings account, versus checking or CD accounts. Pibank USA focuses on high-yield savings accounts for customers across the country.

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Compared to other online savings accounts

Primis Bank personal savings account

The Primis Bank personal savings account offers a competitive APY and you can open this account online with just $1. The rate isn’t as high as what you could get with Pibank but still well above what traditional banks offer. There are no minimum balances, no service fees, and no cap on transactions. 

Read our full editorial review of the Primis Bank Personal Savings account

ableBanking high-yield savings account

ableBanking’s high-yield savings accounts are actually CD accounts, meaning you’re locking your money in for a set period. You can choose from four terms: 6-month, 1-year, 2-year, or 3-year CDs. All CDs earn competitive rates, but you’ll get the best APY with the 6-month CD; a $5,000 minimum deposit is required.  

Read our full editorial review of the ableBanking High Yield Savings account

Rising Bank high-yield savings account

Rising Bank’s high-yield savings option earns an impressive APY, which ranks it among the best online savings accounts. There are no monthly fees and you’ll have access to online and mobile banking for convenience. The opening deposit requirement for this account is on the higher side; you’ll need $1,000 to get started. 

Read our full editorial review of the Rising Bank High-Yield Savings account

Newtek Bank personal high-yield savings account

Newtek Bank’s personal high-yield savings account has plenty of benefits: no monthly fees or service fees; a great rate; and no opening deposit requirement. You can manage your account online or through mobile banking. Deposits are FDIC-insured. 

Read our full editorial review of the Newtek Bank Personal High Yield Savings account

Interest rates

Pibank is head and shoulders above the crowd when it comes to savings rates. The APY is one of the best you’ll find for any online savings option. The advertised rate is subject to change without notice. Note: Interest rates and account terms may be updated or adjusted at any time, so be sure to check for the latest information. The reason for rate changes may be due to market conditions or changes in bank policy.

You can earn the same APY across all balances. That’s a plus compared to other banks that apply interest based on your balance tier.

You don’t need to meet any specific requirements to earn interest. Again, that’s an advantage as some banks may expect you to meet minimum balance or direct deposit requirements.

Interest is calculated based on the funds you have deposited in your account. Are interest rates the only thing to consider when looking for a new savings account? No, but it’s important to know how much potential your money has to grow based on the APY you could earn.

Fees

Online banks have a reputation for being fee-friendly and Pibank is no exception. When they say no fees, they mean no fees. Pibank does not charge fees for wire transfers; however, other banks may charge fees for incoming or outgoing wire transactions, so it’s important to check with your bank before making a transfer. Additionally, the Pibank high-yield savings account does not support payments through services like Bill Pay or Zelle—its primary function is for saving, not for making payments.

ATM access

Some banks offer an ATM card with a savings account. Pibank isn’t one of them, unfortunately.

If you need to withdraw cash, you’ll need to transfer money from your Pibank savings account to an external account first. You can then withdraw cash from the external account using your debit card or ATM card.

This account may not be ideal for a person who prefers in-person banking services or requires face-to-face support.

If you’d prefer a savings account that includes an ATM card, take time to consider:

• The size of the bank’s ATM network and how many ATMs are fee-free
• Where ATMs are located near you
• What type of transactions you can complete (e.g., withdrawals, cash or check deposits, etc.)

It’s also a good idea to consider whether the bank charges you to use another bank’s ATM or reimburses foreign ATM surcharges that other banks charge you.

Account management

Pibank offers online and mobile banking access so you can manage your money safely and securely online. You can log in to:

• View account history and transactions
• View your statements
• Link external accounts
• Schedule ACH or wire transfers

The Pibank app allows you to manage your accounts, open or close savings accounts, and access a user-friendly interface with strong security protocols to protect your sensitive information. The Pibank website provides secure access to important resources and customer tools, including interest calculators and account management features. Security measures such as multi-factor authentication and technical safeguards are in place to protect your data. Please note that access to the website may be blocked if suspicious words or activities are detected, as part of Pibank’s security protocols.

Pibank’s mobile app isn’t set up for mobile check deposits. You can’t access Zelle transfers or bill pay services either.

You can still link your account to the Zelle app for transfers. Zelle’s standard transfer limits apply to payments you send or receive with friends and family.

FDIC insurance

FDIC insurance covers depositors at member banks in case the bank fails. Bank failures are rare but it’s reassuring to know that the FDIC has your back if the unexpected happens.

Pibank is a Member FDIC institution through Intercredit Bank, ensuring deposit safety for account holders. Your deposits are secure, up to the standard coverage limit. The FDIC insures deposits up to $250,000 per account owner.

That limit applies at every FDIC-member bank you have accounts with.

What to look for in a savings account

When you’re ready to compare savings accounts, it helps to ask the right questions. Simply choosing the right account can make a big difference in how you manage your finances. Here are some of the most important points to consider as you shop around for the right bank.

• Would you prefer a traditional bank or an online bank?
• What APY can you earn?
• Is the APY tiered or does it apply to all balances?
• Are there minimum balance requirements?
• What’s the opening deposit required?
• Is there a monthly fee?
• What other fees does the bank charge?
• Will you get an ATM card?
• Which ATMs can you use and are they fee-free?
• Does the bank reimburse foreign ATM fees?
• What do you need to open an account?
• Are there any limits on deposits or withdrawals?
• Will you get online and mobile banking access?
• Does the bank offer mobile check deposits?
• Is customer service available 24/7?
• What other kinds of accounts does the bank offer?
• Does the bank have positive/negative reviews?

You might start your search for a savings account with your current bank then branch out to check online banks. The most important thing is to find a savings account that offers the best combination of features, access, and interest to meet your financial needs.

Frequently asked questions

Is Pibank a legitimate bank?

Pibank is a legitimate bank and a division of Intercredit Bank. Pibank offers FDIC-insured high-yield savings accounts online. 

Are online savings accounts good?

Online savings accounts can offer some advantages, including higher rates and lower fees. Some online savings accounts also offer ATM access so you can easily withdraw cash on the go. You may not get branch banking access, but you could grow your money faster while shelling out less for fees. 

How to open an online savings account? 

If you want to open a savings account online, you’ll first need to choose a bank, then complete the application. You’ll need to be at least 18 to open a savings account in your name, depending on where you live, and you’ll need a valid government-issued ID. You’ll also have to make a minimum opening deposit if one is required. You can do that by linking an external bank account using your account number and bank routing number.