Peak Bank High Yield Savings Account 2024 Review

Peak Bank is a division of Idaho First Bank that offers high-yield CDs and a high-yield savings account online. If you have at least $100 to open an account, you could earn an exceptional savings rate with no monthly maintenance fees. 

The Peak Bank High Yield Savings account is one of the best online savings accounts, as far as rates go. The APY is well above the national average and it's easy to open an account online. 

You might consider saving with Peak Bank if you:

• Are comfortable choosing an online bank vs. a traditional bank
• Want to get a solid APY for your money, without monthly maintenance fees
• Don't need an ATM card or debit card to access savings
• Have at least $100 to get started

If you're looking for CDs, you can find them here. Peak Bank offers a range of CD options, with no monthly fees. However, if you want to get the highest rate you're better off sticking with the High Yield Savings account.

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Compared to Other Online Savings Accounts

Primis Bank Personal Savings Account

The Primis Bank Personal Savings account features a solid APY and requires just $1 to open. There are no monthly maintenance fees, transaction limits, or minimum balance requirements and incoming wire transfers are free. Primis doesn't have an account maximum and never caps your interest earnings either. 

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

Barclays Tiered Savings Account

The Barclays Tiered Savings account aligns your balance with your APY. The more you save, the better the rate you'll earn and there are no monthly maintenance fees or minimum opening deposit requirements. Compared to other online savings accounts, Barclays holds its own with competitive rates. 

Read our full editorial review of the Barclays Tiered Savings account

Rising Bank High-Yield Savings Account

Rising Bank offers a high-yield savings account with an APY that's well above the national average. You'll need $1,000 to open this account but there are no monthly maintenance fees. You can manage your money online or through the Rising Bank mobile app for added convenience. 

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

LendingClub High-Yield Savings Account

LendingClub's High-Yield Savings account pays a great rate when you deposit $250 per month or more. There's no minimum deposit requirement to open the account and no monthly maintenance fees. If you're interested in keeping all of your money in one place you could also open a LendingClub Rewards Checking account. 

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

Interest Rates

Getting a great rate on savings matters, since you want to grow your money as much as possible. 

Peak Bank's savings APY is one of the highest you'll find at any online bank. The same rate applies across all balances, up to $10 million. 

When comparing savings account rates it's important to look at the details. For example, will you need to meet a minimum balance requirement to earn the advertised APY? Or does the rate cap out at a certain balance threshold?

Those are helpful questions to ask so you know what you're getting. At the end of the day, the best savings account for you is the one that gives you the best rate for your money, includes helpful features, and doesn't charge a lot of fees. 

Fees

Bank fees are best avoided if you can. The more you pay in fees, the less interest you get to keep.

Here's what you'll pay with Peak Bank.

Other Service Fees - Peak Bank High Yield Savings Account

If there's one potential downside to this account it's the lack of transparency surrounding fees. Neither Peak Bank nor Idaho First Bank make it easy to find a complete fee schedule online. 

ATM Access

Peak Bank doesn't offer an ATM card or a debit card with its high-yield savings accounts. Whether that's a plus or minus for you depends on how often you need to withdraw cash from savings. 

Some banks do give you an ATM card with your savings or money market account. That's convenient if you need cash quickly for any reason. 

When considering savings accounts that include an ATM card, take a look at:

• How many fee-free ATMs you'll have access to
• Where ATMs are located near you
• What transactions you can complete at an ATM (e.g., withdrawals, deposits, etc.)

Also, take a look at what fees you might pay to use another bank's ATM and whether your bank reimburses foreign ATM surcharges. 

Account Management

You'll have access to online and mobile banking to manage your account. Peak Bank doesn't have its own app; instead, you'll use Idaho First Bank's app to log in. 

If you need to deposit money, you can:

• Schedule an ACH transfer from a linked bank account
• Set up an incoming wire transfer
• Deposit checks through the mobile app

To withdraw funds from savings you'll need to use an ACH transfer to move money to another bank account. 

Account deposit and withdrawal limits apply. You can find them in your account agreement. If you need help, you can reach Peak Bank customer service by phone or email. There's no live chat support option available at this time. 

FDIC Insurance

FDIC insurance protects bank deposits if a bank should fail. That doesn't happen often but if it does the FDIC helps the bank's customers get their money back. 

Peak Bank is FDIC-insured through Idaho First Bank. You don't need to do anything to enroll in FDIC coverage, it's automatic. 

While Peak Bank allows you to keep up to $10 million in your account, the FDIC only insures $250,000. That limit applies at every member bank you have accounts with. 

What to Look for in a Savings Account

With so many options to choose from, it's important to compare savings accounts to find one that best fits your needs. Here are some questions to consider that can help you narrow down the list. 

• Is an online savings account or a traditional savings account better?
• Does the bank have branches or ATMs?
• What APY does the bank offer?
• Are rates tiered by balance or will you earn the same APY, regardless of how much or how little you save?
• What's the opening deposit requirement?
• Is there a minimum balance requirement to earn interest?
• Is interest capped in any way?
• What's the minimum opening deposit requirement?
• Is there a monthly fee? If so, are there ways to avoid it?
• What other fees will you pay?
• What do you need to open an account?
• Do you need to open an account with new money to get the advertised APY?
• Is there a limit on the number of withdrawals you can make?
• Will you get online and mobile banking access?
• Does the account include an ATM card or debit card?
• If so, which ATMs can you use? 
• Does the bank reimburse foreign ATM fees? 
• Does the bank offer any built-in savings or money management tools?
• What options do you have for contacting customer service?
• What other types of accounts does the bank offer?
• What do other people like or dislike about the bank?  

You can start by looking at what your current bank offers and then branch out your search to include competitor banks. Online banks can offer savings accounts with higher rates and fewer fees, but you may prefer a traditional bank if you'd like branch access. 

Frequently Asked Questions

Is an online savings account a good place to save? 

Online savings accounts can offer some benefits that traditional savings accounts don't, including higher APYs and fewer fees. You don't get branch banking access but that may not be as important to you if your priority is getting the best savings rate. 

Is Peak Bank a legitimate bank?

Peak Bank is a legitimate bank and it's the online division of Idaho First Bank. The bank currently offers high-yield savings accounts and high-yield CD accounts online. 

Do online savings accounts have a catch?

Online savings accounts don't have a catch, per se, but some may have certain requirements you need to meet to earn interest or avoid a fee. For example, you may need to set up direct deposit to qualify for the highest advertised APY or maintain a minimum daily balance to avoid a monthly maintenance fee.