Peak Bank Review 2026
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At a glance
Overview
Peak Bank is the online division of FDIC-insured Idaho First Bank. It offers two types of accounts: certificates of deposit (CDs) and a savings account, the latter of which has one of the most competitive annual percentage yields on the market. But Peak Bank doesn't offer customer service on the weekends and its website may be frustrating for prospective customers, as it lacks some critical information, particularly a schedule of fees and CD withdrawal penalties.
Highlights:
High APY No Monthly FeesHighlights:
CDs
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Peak Bank is a strong option for those comfortable solely banking online and savers primarily focused on earning a top savings account yield. It has one of the best high-yield savings account rates available but lacks convenient features, such as the ability to separate money into different savings goals. And the limited customer service availability might not make it the right bank for you.
Pros
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Peak Bank offers one of the top savings account yields.
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Accounts are available nationwide.
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No monthly fees.
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Low minimum deposit requirements.
Cons
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Peak Bank's customer support is limited during the week and there is no customer support over the weekend, in contrast to many online banks, many of which offer 24/7 support.
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Peak Bank's website doesn't provide important account disclosures before you apply for an account, so you have to call.
Peak Bank products
Peak Bank Envision High Yield Savings
Pros
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Peak Bank offers one of the best savings account rates on the market.
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The minimum to open the account is $100.
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You won't pay a monthly fee with this account.
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Mobile check deposit is available via the mobile app.
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There's no limit to the amount of times you can withdraw per month.
Cons
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You can't send wire transfers from this account (though you can receive them).
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No debit card or check-writing privileges.
Peak Bank's Envision High Yield Savings Account nails the fundamentals: a stellar annual percentage rate (APY), no monthly fees and no monthly withdrawal limit (though the maximum you can withdraw in a day is $10,000). But spending money from this account is inconvenient: It doesn't come with a debit card, checks or outgoing wire privileges. The only way to remove money is via a bank-to-bank transfer. Plus, because Peak Bank lacks ATMs, you can't deposit cash into this account. Finally, you can only view disclosures and a schedule of fees for this account after completing most of the application process. This is information many banks disclose upfront.
Peak Bank Certificates of Deposit
Pros
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At $500, the minimum deposit requirement is lower than what you typically find elsewhere.
Cons
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Peak Bank only offers three CD terms: one, two and three years.
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Though the rates are well above the national average, you can find higher APYs at other online banks.
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Early withdrawal penalty information isn't available on the website.
Peak Bank's CDs offer solid returns with a relatively accessible minimum deposit requirement. However, you have just three terms to choose among — by comparison, many online banks offer terms ranging from six months to five years. There are no specialty CDs (such as bump-up or no-penalty options). You can find greater flexibility and higher rates on the same CD terms at other online banks.
Also notable: Peak Bank says a penalty "may be imposed for early withdrawal," but you won't find that penalty listed on its website. While you can view penalty information during the application process or by calling, most other banks make it much easier to find this information. You should know the early withdrawal penalty when you're comparing CD accounts.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | N/A |
| Non-sufficient funds fee | N/A |
| Account maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
Customer experience
Branch access. As an online-only bank, Peak doesn't have branches or even ATMs. But it is FDIC-insured through its parent bank, Idaho First Bank.
Customer support. Support is available via an online contact form, email or phone. You can reach a customer service agent from 9 a.m. to 5 p.m. Mountain Time on weekdays. There's no support on weekends. Some competitors offer extended customer support hours, or even 24/7 support.
Digital experience. A good digital experience is key for an online bank. Peak Bank customers can bank online or via the Idaho First Bank mobile app, which is highly rated by both iOS and Android users. The app allows users to do most basic digital banking tasks, including mobile check deposit.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
