PiBank Review: Pros, Cons, and Alternatives

PiBank is an online financial institution that offers a single product: a no-fee, high-yield savings account. The company is a subsidiary of a full-service bank based in Miami, but you can open a PiBank Savings account from anywhere in the U.S. 

With a current savings annual percentage yield (APY) of 4.60% and no monthly fees or minimum balance requirements, PiBank will appeal to those looking to maximize their return on savings. However, with no ATM access or other products on offer, is PiBank a worthwhile place to put your hard-earned savings?

We cover the key features, pros and cons in this full review. We also share a couple of PiBank alternatives. 

What Is PiBank?

PiBank is an online banking brand of Intercredit Bank, N.A., a Miami-based bank established in 1992. PiBank was launched in Spain in 2018 and expanded to the U.S. in 2024. While Intercredit Bank is a full-service financial institution, PiBank offers a single product — an online high-yield savings account. 

What Does It Offer?

PiBank offers a no-fee, high-yield savings account for customers seeking to earn a higher interest rate on their savings. Here's a closer look at the account's features: 

PiBank Savings Account

The PiBank Savings Account is a no-fee online savings account that offers a competitive APY. The account is FDIC-insured, and there are no minimum balance requirements. Account interest is calculated daily and paid monthly, on the 15th (or the first business day following the 15th). 

Key Features

• High-yield savings account 
• Competitive 4.60% APY
• No monthly fees 
• No minimum balance requirements 
• FDIC-insured 

How Do I Transfer Money To And From My PiBank Savings Account?

You can deposit funds into your PiBank Savings by linking an external bank account. PiBank uses Plaid to facilitate incoming deposits, so this is an option as long as Plaid supports your other bank. 

Unfortunately, the only way to transfer money out of your PiBank Savings account is via a wire transfer. There is no ATM access, and PiBank does not support payments made through Bill Pay or Zelle. Note that while PiBank does not charge fees for wire transfers, you may incur fees from the outside bank.

Can I Open More Than One Account With PiBank? 

Yes! There is no limit to the number of PiBank Savings accounts you open. You can also open a joint account with an existing PiBank customer, as long as they are in good standing. 

Are There Any Fees?

PiBank does not charge any monthly maintenance fees or transfer fees. However, as mentioned, you may incur fees from the sending bank if you are transferring money to PiBank via wire transfer. 

How Does PiBank Compare?

PiBank's savings account is highly competitive with offerings from top online banks, thanks to its high APY and no minimum deposit requirement. You are earning interest on every dollar you save. 

CIT Bank's Platinum Savings Account offers a lower APY of 4.00% and requires a minimum deposit of $100 to open. However, CIT Bank itself does offer more account options, including money market accounts, certificates of deposit, an eChecking account, home loans, and a self-directed investing account. 

Axos is another popular online bank. Like CIT Bank, it has a much broader product offering than PiBank, but its AXOS One online savings account currently offers a 4.46% APY, slightly lower than PiBank. And to achieve that APY, certain account activities are required.

How Do I Open An Account?

You can open a savings account with PiBank if you meet the following criteria: 

• 18 years of age or older
• Valid Social Security Number (SSN) 
• USA resident 
• Possess a valid driver's license, U.S. passport, or state-issued ID

If you qualify, you can begin the account opening process by heading to the PiBank website and clicking on “Become a Client.” From there, you'll be guided through the online application process. Please ensure you have your ID ready so that you can scan the required documents. PiBank uses biometric authentication to verify your identity. Once you've completed the application, you can download the PiBank App for your iOS or Android device and start saving. 

Is It Safe And Secure?

PiBank should be considered a safe and secure platform. It employs industry-standard security protocols to ensure your personal information is protected. The company complies with the SSAE 18 SOC 2 and PCI DSS security standards, which are rigorously reviewed and tested by third-party auditors. It also uses multi-factor and biometric authentication to protect your account. Lastly, deposits are protected by the FDIC, up to $250,000 per individual or $500,000 for joint accounts. 

How Do I Contact PiBank?

You can contact PiBank customer support by phone at 1-877-678-0888, Monday through Sunday, 8:00 AM to 8:00 PM ET. If your request is not urgent, you also have the option to request a callback on their website. 

Is It Worth It?

If you're number one priority is finding an online savings account that pays one of the highest APYs in the industry and doesn't charge fees, you'll want to put PiBank on your shortlist. Its 4.60% APY is currently well above similar offerings from most other online banks.

We also like the fact that PiBank is backed by a relatively longstanding full-service bank (Intercredit Bank of Miami). On the other hand, if you're looking for an online bank that can handle all of your banking needs, including checking, investments, credit cards, and even loans, then you might be better off looking elsewhere. 

PiBank Features