Peak Bank High-Yield Savings Review: Is It Worth Your Money?
Written by
Rudri Patel
Edited by
Sequoya Davis
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High-yield savings for long-term growth.
If you're looking for a high-yield savings account and aren't an existing customer at Peak Bank, the high-yield savings account is good option for long-term growth. With a minimum deposit of $100 and no monthly maintenance fees, it's easy to take a chance and earn a competitive APY on your savings account.
Peak Bank is the online division of Idaho First Bank. Peak Bank’s mission is to “empower customers to reach their financial summit.” Through the online platform, Peak Bank CDs and high-yield savings accounts offer a higher APY than most of its competitors.
Current Peak Bank High-Yield Savings Rates
The APY for a high-yield savings account offers APY. This APY applies only to new customers opening a high-yield savings account. The minimum deposit is $100.
Peak Bank’s APY is 10 to 12 times the national average and outpaces more traditional statement savings and competitor’s high-yield savings accounts. These annual percentage yields only apply to new customers.
| Balance | APY | Eligibility | Minimum Deposit |
|---|---|---|---|
| $0.01 -$9,999 | New customer | $100 | |
| $10,000 – $24,999 | New customer | $100 | |
| $25,000 – $49,999 | New customer | $100 | |
| $50,000 – $249,999 | New customer | $100 | |
| $250,000 – $9,999,990 | New customer | $100 | |
| $10,000,000 and above | New customer | $100 |
Min. Balance to Earn APY $0.01
Peak Bank offers new customers an option to open a high-yield savings account that earns APY. The minimum deposit is $100 and there is no monthly maintenance fee. There are very few high-yield savings accounts that offer such a high APY.
Fees
No monthly maintenance fee
APY
Up to
Min Opening
$100
Pros
- Low minimum deposit
- Competitive APY
- High banking app score
- FDIC-insured funds
Cons
- High APY is only available for new customers
- Online only
- Rate can fluctuate
Quick Take
The APY is 10 to 12 times the national average and outpaces more traditional statement savings and competitor’s high-yield savings accounts. Peak Bank’s high-yield savings accounts offer the APYs available only to new accounts.
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Features and Benefits
It is helpful to know the features and benefits of Peak’s high-yield savings account to help you decide whether you want to invest in this financial product.
- Competitive APY: The high-yield savings account has a APY. This APY is higher than most savings accounts.
- No monthly maintenance fee: You do not have to pay a monthly maintenance fee with Peak’s high-yield savings account.
- Minimum deposit: The high-yield savings account requires only a $100 minimum deposit.
- FDIC insurance: Funds are FDIC-insured.
- Eligibility: You must be a new customer to take advantage of the APY.
How To Open a Peak Bank High-Yield Savings Account
To be eligible for a high-yield savings account from Peak Bank, you must be a new customer and be at least 18 years old.
Step-by-Step Guide to Opening Account
To apply for an account, complete the following steps:
- Log in to the Peak Bank website.
- Click on “Start Saving.”
- Select the financial product you’d like to open.
- You can also click on “Apply Now” from the high-yield savings account page.
What You Need To Apply
You will need to provide your Social Security number, date of birth and contact information.
You will likely be asked to provide some form of government ID, either a state-issued license or passport. To open the account you need at least $100.
You should hear about your application within two business days after applying.
Pros and Cons of Peak Bank High-Yield Savings
Knowing the advantages and disadvantages of a financial product can help you decide if it is the right investment for you. Here are the pros and cons of a Peak Bank high-yield savings account:
Pros
- Low minimum deposit: It is only $100 to open the account.
- No monthly maintenance fee: There are no associated fees to maintain a savings account.
- Competitive APY: You earn APY on the account.
- High banking app score: Rate 4.9 out of 5 stars in the Apple Store.
Cons
- Eligibility requirements: Only new customers can take advantage of the APY.
- Online only: Peak Bank is online only. There is no physical access to branches.
- No debit card: There is no debit card associated with the savings account.
- Fluctuating rate: The APY can change during the course of the account.
Who Should Consider This Account?
Peak Bank’s high-yield savings is best for those seeking an online option to grow their money. Customers who want the benefit of the high APY of APY and don’t mind the rate fluctuations are ideal candidates for this product. Those who’d like to forego access to a physical location and don’t mind talking to customer service over the phone are likely individuals who would thrive with a high-yield savings account at Peak Bank.
Peak Bank vs. Competitors
How does Peak Bank fare against its competitors? Here’s a look:
Ally Bank vs. Peak Bank
Ally Bank offers a $0 minimum deposit high-yield savings account with no monthly maintenance fees. Like Peak Bank, the high-yield savings account is only available online. However, the APY is , which is lower than what Peak Bank offers. Ally’s high-yield savings account is available to all customers, while Peak Bank restricts access to this financial product to new customers only.
BMO Alto vs. Peak Bank
Like Peak Bank, BMO Alto’s high-yield savings is accessible online only. While Peak Bank’s high-yield savings requires a $100 minimum deposit, and no deposit minimum is required at BMO Alto. BMO Alto offers a APY, while Peak Bank’s high-yield savings account APY is BMO Alto’s high-yield savings account is available to all customers.
Bank of America vs. Peak Bank
Bank of America has a $100 minimum deposit and charges an $8 monthly maintenance fee. The APY of is substantially lower compared to Peak Bank’s APY of up to .
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fee
$0
$8 waivable monthly maintenance fee per statement cycle
APY
APY
APY
Up to
to for most accounts, 5% to 20% booster for Preferred Rewards members
Min Opening
Min Opening
Min Opening
$100
$0
$100
Peak Bank High-Yield Savings Account FAQ
Here are some answers to frequently asked questions about Peak Bank's high-yield savings account.- What is the APY for Peak Bank's high-yield savings?
- For new customers, the APY is 4.54%.
- Are there any hidden fees?
- There are no monthly maintenance fees with a high-yield Peak Bank savings account.
- How often does interest compound?
- How the interest compounds on a high-yield savings account is not advertised on the website. Typically, though, high-yield savings accounts compound either daily or monthly.
- Is Peak Bank FDIC-insured?
- Yes, Peak Bank is FDIC-insured.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 3, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
