| 5 star: | (6) | |
| 4 star: | (4) | |
| 3 star: | (1) | |
| 2 star: | (1) | |
| 1 star: | (5) |
JUST DON'T. I'm sure the positive reviews are fake. The rate will be lower than what is advertised once the account is open. Customer service gives answers that make absolutely no sense and are extremely rude. I requested that my account be closed and they refused. If you set up Plaid, make sure to login and disconnect from Idaho First Bank (Peak Bank's administrator). Also contact your bank to put an alert on your account in case Idaho First Bank gets your account info. This is a SCAM! I'm trying to figure out who else to report them to - Better Business Bureau, etc.I'm finding that all of these lesser-known banks are similar, so I'm planning to go with a major bank with a slightly lower rate.
This bank takes up to 10 business days to post deposits into your account. When asked, I was told they have stated criteria for why it takes so long to give you access to your own money. This is about twice as long as the other high yield savings accounts with similar interest rates. I'm seriously considering closing this account and switching to a different bank.
With a rate environment that is dropping, I've moved cash into higher yielding Money Market accounts. The best yields are internet based banks such as Peak. No problem opening several new accounts recently. Why PEAK wants to make it hard to confirm identity is a mystery. Upload your SS card? Really? No-one asks you to do that.
Upload your drivers license. None of the major players do that either. Provide your drivers license number; sure. Give them an upload picture?
Let's just make it hard for the new customer. I closed the application on the "upload your social security card" request. Unnecessary. Never have I been asked to do that. What garbage!
Great rate for NEW ACCOUNTS only. They will hold 2-3 months and then it's right back to where you started
No issues setting up the account, its a little difficult to get used the process since once you register under the Peak Bank Website, you have to go the Parent Bank (Idaho First Bank) and create a new account, It sorta felt like I was creating an account with two different banks, However its the same bank, so once I Familiarized myself to the process, it was Cake. For questions, I simply reached out to the customer support thru Idaho First Bank and they where able to help me thru the process.
The customer service department was incredibly rude and they canceled my application without explanation. Great way to turn away a new customer. There are plenty others banks which are more friendly with better rate!
This being a small backwoods bank you have to expect and beware of ridiculous issues you won't come across with larger institutions. Repeatedly, I've had issues with ACH transfers being rejected here because they claim the transfer is being sent to a checking account instead of a savings account. I don't even have that choice sometimes, so that's ridiculous. A transfer with the Routing and Account number should just go through. Waste of time and annoyance.
I just checked. My Hi-yield savings (called Envision) is 4.27%. Yes, it was 4.75% and stayed that way after the FED lowered rates. About two weeks ago it was lowered to 4.27%. As a comparison, I have a hi-yield with Merchants Bank of Indiana which was also 4.75% but it lowered instantly to 4.25% when the Fed lowered in December. I do not like Peap's ACH limit of $10,000 a day, and I will close because of that limitation.
easy online process, no issues and even had a quick interaction with customer service over chat. Bank is backed and owned by larger financial institution, which was added comfort. already took out another CD in addition to HYS.
Opened a HYSA in minutes with rates that are much higher than what my branch banks are offering. Took minutes to complete. Quick funding. The calculator on the website is a helpful tool.
Really liked how easy it was to apply and fund my HYSA. Just took a day or two. The rate is pretty hard to beat, and the mobile app is easy to use. Like Peak a lot so far.
I was able to open a HYSA in less than 5 minutes, funded it and easily got into my account. Pretty seamless and easy and strong rate on my account.
I've only had HY Savings (5.30% 07/05/24) account for less than 2 weeks and so far things are going well. Push/pull transfers initiating from my ext. checking took 2 business days for funding so thats a plus!
The website is very simple and straightforward.