Peak Bank Review 2025
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Edited by
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At a glance
Overview
Peak Bank is the online division of FDIC-insured Idaho First Bank. It offers two types of accounts: certificates of deposit (CDs) and a savings account, the latter of which has one of the most competitive annual percentage yields on the market. But Peak Bank doesn't offer customer service on the weekends and its website may be frustrating for prospective customers, as it lacks some critical information, particularly withdrawal limits and withdrawal penalties.
Highlights:
High APY No Monthly FeesHighlights:
CDs
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Peak Bank is a strong option for those comfortable solely banking online and savers primarily focused on earning a top savings account yield. Its high-yield savings account is great for a high APY but lacks some other features, such as the ability to separate money into different savings goals. And the limited customer service availability might not make it the right bank for you.
Pros
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Peak Bank offers one of the top savings account yields.
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Accounts are available nationwide.
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No monthly fees.
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Low minimum deposit requirements.
Cons
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Peak Bank's customer support is limited during the week and there is no customer support over the weekend, in contrast to many online banks, many of which offer 24/7 support.
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Peak Bank's website doesn't provide important account disclosures before you apply for an account, so you have to call.
Peak Bank products
Peak Bank Envision High Yield Savings
Pros
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Peak Bank offers one of the best savings account rates on the market.
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The minimum to open the account is $100.
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You won't pay a monthly fee with this account.
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Mobile check deposit is available via the mobile app.
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There's no limit to the amount of times you can withdraw per month.
Cons
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You can't send wire transfers from this account (though you can receive them).
Peak Bank Certificates of Deposit
Pros
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At $500, the minimum deposit requirement on most terms is lower than what you typically find elsewhere.
Cons
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Peak Bank only offers four CD terms; the shortest is 11 months and the longest is three years.
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Though the rates are OK, you can find higher APYs for most of the terms elsewhere.
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Early withdrawal penalty information isn't available on the website; you should know and compare this penalty before you open a CD.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | N/A |
| Non-sufficient funds fee | N/A |
| Account maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
Customer experience
Branch access. As an online-only bank, Peak doesn't have branches. But it is FDIC-insured through its parent bank, Idaho First Bank.
Customer support. Support is available via an online contact form, email or phone. You can reach a customer service agent from 9 a.m. to 5 p.m. Mountain Time on weekdays. There's no support on weekends.
Digital experience. Peak Bank customers can bank online or via the Idaho First Bank mobile app, which is highly rated by both iOS and Android users. The app allows users to do most basic digital banking tasks, including mobile check deposit.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
