Dedicated to Deposits: Deals, Data, and Discussion

High-Yield Online Savings Account and Sign-up Bonus at BankOn for NE, CO, KS, MO & WY Only


Update 9/14/10: The rate has fallen to 1.15% APY. The bonus is now $25.

Pinnacle Bank of Nebraska has launched an internet bank called BankOn. The internet bank has a no-minimum online savings account with a 2.05% APY as of 10/12/09. Unfortunately, it's not a nationwide deal. When you select the Apply Now button, the first page of the application states that they are only accepting online applications from Colorado, Kansas, Missouri, Nebraska and Wyoming residents. It looks like a good deal for residents of those states.

You are required to open BOTH the checking account and money market account. The only small print related to the bonus that I can see is that the bonus will be paid within 10 business days of account opening. Also, there's a limit of one per household. So it looks like an easy $50.

There's no mention about a hard credit inquiry in the application process (which can temporarily ding your credit score). I'll check with the bank tomorrow. Update 10/13/09: According to the CSR, they do check your credit report. She wasn't sure if this would be a hard pull.

There's also no mention about an ACH transfer service which allows you to transfer funds to and from your bank accounts at other institutions. I'll also check on this tomorrow. Internet banks often neglect this critical internet banking feature. Some may have a basic service, but it often lacks important features such as the capability to link to multiple external accounts, fast transfers in which little or no interest is lost and the allowance of large transfers. Update 10/13/09: The CSR wasn't too familiar with the ACH features. She suggested that transfer features were part of the bill pay service. I'll have to email for clarifications.

Below is a list of the important features described on the bank's website. I was able to get a few additional details from the disclosure documents which are available in the middle of the online application.

BankOn Checking and Money Market Savings Shared Features:

  • No required minimum balance after opening
  • No monthly fees
  • No checks
  • E-statements only
  • Online only accounts
  • Online application via
  • Options to fund account: Credit or debit card or U.S. checking account
  • Online application allows for joint accounts, but doesn't allow for beneficiaries
  • Dormant Account Fee: $50.00 annually (per fee schedule)
  • Incoming Wires: $12.00 per wire (per fee schedule)
  • Must be a U.S. citizen or a U.S. resident alien
  • Only available to residents of NE, CO, KS, MO & WY

BankOn Money Market Savings Features:

  • 2.05% APY as of 10/12/2009
  • No minimum initial deposit

BankOn Checking Features:

  • No interest
  • $100 minimum initial deposit
  • Free Bill Pay
  • Visa Check Card with Cash Back Rewards (0.50% on signature-based purchases paid monthly to account)
  • Free foreign ATM transactions (but no mention of reimbursements of other banks' fees)

The state restriction may be good if you live in one of the eligible states. It should reduce the chance that they'll be overwhelmed with deposits. As we've seen many times this year, new online banks offering good deals are often overwhelmed with new customers, and they end up suspending new applications or restricting availability.

There's always the question about if it's worthwhile to chase rates at a new bank. I discussed this issue at length in this post.

FDIC/Financial Info:

BankOn is provided by Pinnacle Bank. One thing Pinnacle Bank did right is to include a link to the BankOn website at their main website at Pinnacle Bank is a FDIC member, and you can verify this and their website address at this FDIC page. According to the 6/30/09 FDIC data, the bank has $2.4 billion in assets, $2.1 billion in deposits and 57 branches.

Pinnacle Bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Both ratings are based on 6/30/09 financial data.

Rate History:

  • 09/14/10: 1.15% APY
  • 04/26/10: 1.60% APY; $25 new account bonus
  • 02/21/10: 1.85% APY
  • 01/20/10: $25 new account bonus
  • 10/12/09: 2.05% APY; $50 new account bonus

  Tags: Wyoming, Kansas, Colorado, Missouri, Nebraska, checking account, savings account

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Comment #1 by CornHusker (anonymous) posted on
open process is not that hard...if your name is not similar to someone else's name on the OFAC list. they said can not open account for me as my name is on OFAC list which I am not. Using my wife's name everything is smooth. There bank system is like what Redneck use, which I think is from Fiserv. billpay/fund transfer system is same as Darby use, which is from iPay (ACH speed not so fast)

when open you can use credit card for initial fund upto $2000

and following is the email after they process your application, received same day, and login is verified to work the next business day

Comment #2 by CornHusker (anonymous) posted on
Thank you for opening an account with Pinnacle Bank. We look forward to serving your financial needs. A few things to remember:

1. You will be able to view your new accounts within two business days of opening your account. To view them, go to Pinnacle Bank's website at and click on 'First Time Login'. Enter your new Account Number and Account Type where required, and enter the last 4 digits of your social security number as the password. You will then be able to choose a new Username and Password which will be used each time you utilize your online banking accounts.
2. If you need to make a deposit, we offer a number of simple solutions for you to choose from:
1. Use the Inbound Transfer feature on PinnPay to transfer money from any bank account you have at any U.S. bank. First, sign up for PinnPay - Online Bill Pay from Pinnacle Bank. To enroll in PinnPay, log on to your account at and click on the PinnPay Enrollment. Once enrolled, use the Transfers option to set up your inbound transfer accounts. If you need assistance, call 1-800-869-8640 or use the Online Chat feature in PinnPay.
2. Sign up for Direct Deposit of your payroll or other recurring income. Contact your employer to begin the process. They will need the bank's routing number, 104913912, along with your bank[on] account number.
3. Mail your deposit to Pinnacle Bank, 1401 N Street, Lincoln, NE 68529.
4. Drop your deposit off at any Pinnacle Bank location. To find the nearest location near you, visit and click on the Locations/ATMs link.
5. Use your bank[on] Visa Debit Card to make a deposit at any ATM that accepts deposits.
3. You will be receiving your bank[on] debit card within two weeks of opening your accounts. Remember to make signature based transactions to earn cash back each time you use your card.
4. Because this is an online account, you will not be issued any paper checks with this account. If you try to write a check on this account, it will be returned to you.

If you have any questions, please call us toll-free at 1.800.227.7715.

Thanks again for choosing Pinnacle Bank.