Written by Kim Porter | Edited by Ali Cybulski | Published on 2/11/2025
Pibank, a brand of Miami-based Intercredit Bank, is an online institution that serves customers nationwide.
Savings
Its only product is a high-yield savings account that comes with a competitive 4.60% annual percentage yield (APY). There are no monthly maintenance fees and over-the-limit transaction fees associated with the account. It requires no minimum opening deposit and no minimum balance.
Service
If you need Pibank customer service, you can reach live help at 877-678-0888 from 8 a.m. to 8 p.m. Eastern time, Monday through Sunday. You may also visit the bank’s Help page to request a callback or send a secure message.
Alternatively, you can sign in to your account online and send a secure email or access mobile banking 24/7.
Online/Mobile
The bank’s mobile app allows you to manage your account, track your balance and make transfers. Note that reviewers for Android and iOS systems have given the app poor ratings.
Pibank pros and cons
Pros:
• Competitive APY
• Live customer service daily
• Account with no fees, no minimum balance requirements
Cons:
• Limited product offerings
• No ATM network or bank branches
• Poorly rated mobile app
FDIC Insured And Customer Support
This bank is indeed FDIC insured up to $250,000.00. The reason why they don't show up on fdic.gov/bankfind is because they are associated with another bank. Their android mobile bank app has been easy to use for both withdrawal and deposits. I was also able to setup my 3 beneficiaries right from the app. Their customer support team picked up immediately on the initial call and was able to answer all of my concerns.
Very Unusual Online Bank
Just opened my account a week ago (9/3/24) and so far so good but i find it unusual to have an online only bank be only be run using a mobile app for all transactions. You apply online which was straight forward but then you need to download their app to make deposits/transfers which is fine but no option for web based access which I use a lot for my other banks. Its a fairly new (2024) branch of Intercredit Bank. No other product besides the HY savings (5.5%) at this time.
Warning! No ACH Transfers, Wire Only.
Effective April 14th,2025 the following amendments will take effect:
• Pibank will no longer initiate or accept incoming or outgoing ACH Transfers (including microdeposits)
• A maximum account balance limit of $5,000,000
Top Returns, Bad Overall
I'm usually on top of high yield savings accounts. I have used Wealthfront (5% yield) for a long time now and found this one and decided to give it a try. The return is indeed higher but in my opinion, not worth it.
1. No web account management. The website is only to promote themselves. Once you're a customer, there's only a phone app for your account and a very primitive one that feels like a prototype, more than a production ready app.
2. Takes too long if you need the funds. I requested a transfer 4 days ago and still haven't received it! Wealthfront does it on the same day, which is not common. But with most savings accounts I have tried, at least you get the funds next day. Like other reviews have mentioned, you talk to customer service and the answer is: "just wait".
So yes, you get a marginally higher rate, but it comes at a price. Not worth it in my opinion.
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 25258 |
| Year Established | 1984 |
| Employees | 128 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -1.23% |
| Return on Equity - YTD | -15.64% |
| Annual Interest Income | $37.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.06B$589.9MM |
| Loans | Q4 2024vs Q4 2023 | $532MM$447.9MM |
| Deposits | Q4 2024vs Q4 2023 | $933.8MM$497.3MM |
| Equity Capital | Q4 2024vs Q4 2023 | $82.1MM$45.2MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $8.3MM$7.2MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $434K$3.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$113K |