PiBank Evaluate: Professionals, Cons, and Alternate options

PiBank is a web-based monetary establishment that provides a single product: a no-fee, high-yield financial savings account. The corporate is a subsidiary of a full-service financial institution based mostly in Miami, however you possibly can open a PiBank Financial savings account from anyplace within the U.S. 

With a present financial savings annual proportion yield (APY) of 4.60% and no month-to-month charges or minimal steadiness necessities, PiBank will attraction to these seeking to maximize their return on financial savings. Nevertheless, with no ATM entry or different merchandise on supply, is PiBank a worthwhile place to place your hard-earned financial savings?

We cowl the important thing options, execs and cons on this full evaluation. We additionally share a few PiBank alternate options. 

PiBank is a web-based banking model of Intercredit Financial institution, N.A., a Miami-based financial institution established in 1992. PiBank was launched in Spain in 2018 and expanded to the U.S. in 2024. Whereas Intercredit Financial institution is a full-service monetary establishment, PiBank provides a single product — an on-line high-yield financial savings account. 

PiBank provides a no-fee, high-yield financial savings account for patrons searching for to earn the next rate of interest on their financial savings. This is a more in-depth take a look at the account’s options: 

PiBank Financial savings Account

The PiBank Financial savings Account is a no-fee on-line financial savings account that provides a aggressive APY. The account is FDIC-insured, and there are not any minimal steadiness necessities. Account curiosity is calculated each day and paid month-to-month, on the fifteenth (or the primary enterprise day following the fifteenth). 

Key Options

• Excessive-yield financial savings account 
• Aggressive 4.60% APY
• No month-to-month charges 
• No minimal steadiness necessities 
• FDIC-insured 

How Do I Switch Cash To And From My PiBank Financial savings Account?

You may deposit funds into your PiBank Financial savings by linking an exterior checking account. PiBank makes use of Plaid to facilitate incoming deposits, so that is an choice so long as Plaid helps your different financial institution. 

Sadly, the one solution to switch cash out of your PiBank Financial savings account is by way of a wire switch. There isn’t any ATM entry, and PiBank doesn’t assist funds made by way of Invoice Pay or Zelle. Observe that whereas PiBank doesn’t cost charges for wire transfers, chances are you’ll incur charges from the surface financial institution.

Can I Open Extra Than One Account With PiBank? 

Sure! There isn’t any restrict to the variety of PiBank Financial savings accounts you open. You may also open a joint account with an current PiBank buyer, so long as they’re in good standing. 

PiBank doesn’t cost any month-to-month upkeep charges or switch charges. Nevertheless, as talked about, chances are you’ll incur charges from the sending financial institution in case you are transferring cash to PiBank by way of wire switch. 

How Does PiBank Examine?

PiBank’s financial savings account is very aggressive with choices from high on-line banks, because of its excessive APY and no minimal deposit requirement. You might be incomes curiosity on each greenback you save. 

CIT Financial institution’s Platinum Financial savings Account provides a decrease APY of 4.00% and requires a minimal deposit of $100 to open. Nevertheless, CIT Financial institution itself does supply extra account choices, together with cash market accounts, certificates of deposit, an eChecking account, dwelling loans, and a self-directed investing account. 

Axos is one other standard on-line financial institution. Like CIT Financial institution, it has a wider product providing than PiBank, however its AXOS One on-line financial savings account presently provides a 4.46% APY, barely decrease than PiBank. And to attain that APY, sure account actions are required.

You may open a financial savings account with PiBank when you meet the next standards: 

• 18 years of age or older
• Legitimate Social Safety Quantity (SSN) 
• USA resident 
• Possess a sound driver’s license, U.S. passport, or state-issued ID

For those who qualify, you possibly can start the account opening course of by heading to the PiBank web site and clicking on “Develop into a Consumer.” From there, you will be guided by way of the web utility course of. Please guarantee you might have your ID prepared so as to scan the required paperwork. PiBank makes use of biometric authentication to confirm your id. As soon as you’ve got accomplished the appliance, you possibly can obtain the PiBank App in your iOS or Android machine and begin saving. 

PiBank ought to be thought of a protected and safe platform. It employs industry-standard safety protocols to make sure your private info is protected. The corporate complies with the SSAE 18 SOC 2 and PCI DSS safety requirements, that are rigorously reviewed and examined by third-party auditors. It additionally makes use of multi-factor and biometric authentication to guard your account. Lastly, deposits are protected by the FDIC, as much as $250,000 per particular person or $500,000 for joint accounts. 

You may contact PiBank buyer assist by cellphone at 1-877-678-0888, Monday by way of Sunday, 8:00 AM to eight:00 PM ET. In case your request just isn’t pressing, you even have the choice to request a callback on their web site. 

For those who’re primary precedence is discovering a web-based financial savings account that pays one of many highest APYs within the {industry} and would not cost charges, you will wish to put PiBank in your shortlist. Its 4.60% APY is presently nicely above related choices from most different on-line banks.

We additionally like the truth that PiBank is backed by a comparatively longstanding full-service financial institution (Intercredit Financial institution of Miami). Alternatively, when you’re in search of a web-based financial institution that may deal with all your banking wants, together with checking, investments, bank cards, and even loans, then you definitely is perhaps higher off trying elsewhere.