Written by Melanie Pincus | Edited by Ali Cybulski | Published on 06/04/2025
Peak Bank is an online-only division of Idaho First Bank, a traditional bank based in McCall, Idaho. Idaho First Bank was founded in 2005 and serves customers in Idaho and central Oregon, though Peak Bank operates nationwide.
As a digital-only organization, Peak Bank doesn’t have branch locations. The bank doesn’t advertise ATM access on its website, and its products don’t require it. Peak Bank only offers consumer accounts, not business accounts.
- Savings account: Peak Bank offers a high-yield savings account (HYSA) with a $100 minimum balance to open. The account earns its highest rate until your balance hits $10 million, at which point the interest rate drops. Once you’ve had the account for five business days, you can transfer funds externally. HYSAs are useful for stashing funds at competitive interest rates while maintaining easy access to your money.
- Certificates of deposit (CDs): Peak Bank offers two short-term CDs, a medium-term CD and a long-term CD. As is typical, an early withdrawal penalty applies if you withdraw money from a CD before its maturity date. Aim to deposit only money you can keep in the account for the full term.
Customer service: Contact Peak Bank at 866-484-5705 from 9 a.m. to 5 p.m. Mountain time Monday through Friday. The bank also offers support by email at [email protected].
Idaho First Bank has an A+ rating from the Better Business Bureau. Trustpilot doesn’t have many Peak Bank reviews at this time.
Peak Bank customers can use the Idaho First Bank app for mobile banking, which is highly rated in the Apple and Google app stores.
Pros and cons of Peak Bank
PROS
• Charges no monthly maintenance fees for the HYSA
• Requires a relatively low minimum opening deposit for most CDs ($500)
• Serves customers nationwide
CONS
• Operates without physical branch locations
• Offers a limited product line that does not include checking accounts
• Provides limited review information online
Customer V Account
I too was confused by "customer" and "account," but after reading a post here from Customer Service that a Peak Bank account holder may open another account that offers a higher APY. I did that with no problem, and a few days later transferred the majority of funds from my existing saving account to the new account now earning a higher rate. No bumps in the road along the way.
Confusing Rate Information
I've had my account since August of 2024. A little confusing in the beginning with using Idaho First to create an account. Very confusing with interest rates. Online account only shows interest rate, no APY. Peak website shows 4.54 APY. So does DepositAccounts.com. But keep in mind, that it's for new customers only. As of today (March 2025) the real APY for existing customers is 4.35. And you can only see it on your monthly statement. Or by asking customer support, which by way, is excellent. They always reply to online messages and to emails.
They Force You To Use Plaid For Initial Funding
Their online application requires an initial funding transfer, which can only be done thru Plaid. There is no option to use the traditional account number/routing number method where they send you test transactions and you verify the amounts. Instead, they force you to log into your external bank account and grant a third party company, Plaid, full access to all your banking data, including full statements, balances, transactions, cancelled checks etc. It's a security nightmare. Imagine if Plaid were to get hacked! I won't spend any more time talking about why this is a terrible idea, because there is already plenty of good info online about this. Anyway, I called the bank and asked if I could bypass Plaid and fund my new account another way, but they said they were not allowed to do that. So I had no option but to cancel my application. I give them points for answering the phone promptly, but that's the only good thing I can say about them. Hard to respect a bank that doesn't respect my data.
Deceptive Bank
The APY IS NOT 4.75%. This bank will lure you in and then after a week they will lower the rate to 4%. without any notification hoping you won’t notice
Then if you question why the rate is not as advertised they will tell you the 4.75 is for
NEW customers only !!!
A week later you’re not considered a new customer anymore !!!
How disgusting this bank is. They need to be reported immediately. Shame on them
They are sneaky thieves and cannot be trusted at all.
Idaho First DBA. “peak bank “ should be ashamed of themselves for exploiting unsuspecting consumers HOW dare they
They’re criminals
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58095 |
| Year Established | 2005 |
| Employees | 91 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.71% |
| Return on Equity - YTD | 7.1% |
| Annual Interest Income | $12.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $961.6MM$655.4MM |
| Loans | Q1 2025vs Q1 2024 | $571.6MM$535.1MM |
| Deposits | Q1 2025vs Q1 2024 | $863.1MM$577.1MM |
| Equity Capital | Q1 2025vs Q1 2024 | $94.2MM$68.6MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $7.4MM$6.8MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $0$1.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |