Pibank Savings - FAQ's

The Pibank Savings is designed for saving: Its super-competitive rates and lack of fees makes it the ideal place for your money to grow. And, of course, it’s FDIC-insured.

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At Pibank, you only need the following:
  • You must be 18 years or older.
  • Have a valid Social Security Number.
  • Reside in the USA.
  • Have a valid driver’s license, state-issued ID or US issued passport (for US citizen).

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Opening your Pibank Savings is as easy as pie, you just need to follow these steps:
  1. Go to the "Become a Client" on the website ( you can do it in your mobile device or computer).
  2. You will be required to have a valid driver’s license, state-issued ID, or US issued passport on-hand and ensure you have good lighting conditions in order to scan the required documents.

    Note: Pibank’s Biometric Customer Identity Verification (BCIV) uses the AuthID biometric authentication facial recognition system to verify the identity of the individual. This is becoming more commonly used in the industry as it is more secured and efficient especially with online activity. Based on the results of the match, this could result in the denial of the Pibank account opening. It is Pibank Policy not to reactivate the account opening application process or to give the specifics of the denial reason unless the reason is due to adverse information from a Chexsystems related report.
  3. Download the Pibank App on your phone.
It’s that simple to start your Pibank Savings.

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The interest on your Pibank Savings account is calculated daily and credited monthly on the 15th. If the 15th falls on a weekend or a federal holiday, the payment will be made on the next business day. Please note: Since this is a variable rate account, the interest rate and Annual Percentage Yield (APY) are subject to change at our discretion at anytime without notice.

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We would hate to see you go, but if you decide to do so, you can close it through the Pibank App. Just keep in mind that your Pibank Savings should have zero balance ($0) before requesting closure. Once your request is approved, our team will promptly close your Pibank Savings.

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Yes, you can open as many Pibank Savings accounts as you’d like—individually or as a Joint Account with an existing Pibank customer in good standing. Simply go to your Pibank App and select Open a New Pibank Savings to get started.

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For the latest interest rates, visit our Pibank Savings page. Rates may change at any time without notice.

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You will enjoy:
  • No fees
  • No minimum balance
  • Personalized customer service
  • FDIC insurance of $250K per signer (e.g. $500K for two signers)

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Yes, for your security there is a daily transfer limit. If you wish to transfer more than the set limit, you will be able to request it through the Pibank App.

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Yes, Pibank is a 100% online, where you will be able to manage your financial needs through our Pibank App.

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To help prevent fraud, funds are generally available within one (1) - five (5) business days after they’re credited to your account.

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Pibank Savings is exclusively for saving. With your Pibank Savings account, you can transfer money via wire transfers. Pibank does not charge fees for wire transfers, but your bank sending or receiving funds may charge fees for outgoing and incoming wire transfers. Please note that Pibank Savings does not support payments through Bill Pay or Zelle®.

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Per Pibank policy, we do not disclose the specific reason for the denial of an account application unless the denial is due to adverse information from a ChexSystems report. If ChexSystems information is involved, you may separately request a copy of your report directly from ChexSystems.

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Interest begins to accrue as soon as your funds are credited to your account. Transfers made through Plaid before the cutoff time of 12:00 noon, typically take within three (3) business days, while wire transfers received before the cutoff time of 3:00pm are credited on the next business day. If the wire transfer is made after the 3:00pm cutoff time, it will be credited within *two (2) business days. *Please note: Federal holidays and weekends (Saturday and Sunday) are not considered business days. For more details, please refer to your Pibank Deposit Agreement. We also recommend consulting with the financial institution you’re transferring funds from for information on their cutoff times and fee schedules. Pibank does not charge fees for wire transfers; however, the bank sending or receiving the funds may charge fees for outgoing and incoming wire transfers.

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What is the maximum balance allowed in a Pibank Savings Account?
The maximum account balance allowed in a Pibank Savings Account is five million dollars ($5,000,000).

What happens if my account balance exceeds the $5 million limit?
Pibank has a maximum account balance limit of $5 million dollars per account, and we monitor account balances regularly to ensure compliance with this policy. If your account balance exceeds this limit, Pibank may take one or more of the following actions:

  • Return excess funds to the originating bank.
  • Notify you to adjust your account balance.
  • Terminate your account if the balance exceeds the limit repeatedly or remains unresolved within the specified timeframe outlined in the notification.
  • Restrict access to your account or specific transactions until the balance is reduced.

We encourage account holders to monitor their balances carefully and contact us if you have questions about maintaining compliance with this policy.

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At Pibank, several steps are required to open a savings account. These steps ensure compliance with regulatory and security standards, including:

  • Know Your Customer (KYC) Questionnaire: Information required to verify your identity and financial profile.
  • OFAC Check: Screening against the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) list.
  • ChexSystems Report: Review of your prior history with other financial institutions for issues such as overdrafts, unpaid fees, or if there was fraudulent activity.
  • Biometric Authentication: Pibank’s Biometric Customer Identity Verification (BCIV) system uses the AuthID facial recognition technology to verify identity securely and efficiently, particularly for online account opening.

The collective results from each of these steps are used to determine whether your Pibank account can be opened or not.  If there are any issues arise during these processes, your application may be denied.

As a reminder, prior to opening an account all Pibank customers are provided with the Deposit Agreement and Terms and Conditions’ information which provides relate details of the customer onboarding process.

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Unfortunately, if your joint accountholder is denied, it is Pibank’s policy not to allow the account opening process to proceed for all listed accountholders. Each party of the joint account must meet all the necessary steps and requirements for the account to be opened. At Pibank, several steps are required to open a savings account. These steps ensure compliance with regulatory and security standards, including:
  • Know Your Customer (KYC) Questionnaire: Information required to verify your identity and financial profile.
  • OFAC Check: Screening against the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) list.
  • ChexSystems Report: Review of your prior history with other financial institutions for issues such as overdrafts, unpaid fees, or if there was fraudulent activity.
  • Biometric Authentication: Pibank’s Biometric Customer Identity Verification (BCIV) system uses the AuthID facial recognition technology to verify identity securely and efficiently, particularly for online account opening.
The collective results from each of these steps are used to determine whether your Pibank account can be opened or not.  If there are any issues arise during these processes, your application may be denied. As a reminder, prior to opening an account all Pibank customers are provided with the Deposit Agreement and Terms and Conditions’ information which provides relate details of the customer onboarding process.

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ChexSystems is a consumer reporting agency that tracks an individual’s banking history, including overdrafts, unpaid balances, returned checks, or suspected fraudulent activity. To request your ChexSystems report, please visit their website at www.chexsystems.com or call 1-800-428-9623. If you feel there is a dispute on information from them, you can then dispute any inaccuracies on your report directly with ChexSystems.

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Pibank’s Biometric Customer Identity Verification (BCIV) process, uses the AuthID biometric authentication facial recognition system to verify the identity of the individuals by matching your facial features with your submitted identification documents, such as:

  • Valid driver’s license
  • Passport
  • State issued ID

This technology is highly secure and helps prevent identity theft and is commonly used for online transactions due to its accuracy and efficiency.  This is becoming more commonly used in the industry as it is more secured and efficient especially with online activity.

If you have concerns about the denial, please ensure your information is accurate and up to date before taking any further steps.

As a reminder, prior to opening an account all Pibank customers are provided with the Deposit Agreement and Terms and Conditions information which provides related details of the customer onboarding process.

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