Pibank is a mobile-first savings account with no minimum balance and no monthly fees
Pibank is a digital savings account offered by Customers Bank, a real bank with FDIC insurance. You open it entirely on your phone, deposit money through transfers or direct deposit, and earn interest on your balance. There are no monthly maintenance fees, no minimum opening deposit, and no minimum balance to keep the account open.
The account is designed for people who want a straightforward place to save without visiting a branch or dealing with paperwork. You manage everything through the Pibank mobile app — checking your balance, moving money, setting savings goals, and tracking interest earned.
Because Pibank is backed by Customers Bank (FDIC-insured), your deposits are protected up to $250,000 per account holder, the same as any traditional bank savings account.
Key Takeaways
- Pibank is a digital savings account run by Customers Bank with FDIC insurance protection on your deposits.
- You can open an account with no minimum deposit and no monthly fees, and manage it entirely through a mobile app.
- Interest rates on Pibank savings accounts vary and change over time, so check the current rate before opening.
- Money transfers into and out of your Pibank account typically take one to three business days through ACH transfers.
- Pibank does not offer checking accounts, debit cards, or bill pay — it is savings-only.
How to open a Pibank savings account
Opening takes about five minutes on your phone. Download the Pibank app, tap "Create Account," and enter your name, date of birth, Social Security number, and address. Pibank runs a soft credit check (which does not affect your credit score) and verifies your identity using information from your credit file.
Once approved, you can begin depositing money immediately. You can transfer funds from another bank account using ACH (Automated Clearing House), or set up direct deposit from your employer or government benefits. ACH transfers typically arrive within one to three business days.
You do not need to visit a branch, mail anything, or sign documents. Everything happens in the app.
Interest rates and how earnings work
Pibank pays interest on your savings balance, but the rate changes based on market conditions and Federal Reserve decisions. The rate you earn today may be different from the rate next month. Before opening an account, check the current rate on the Pibank website or app — it is displayed clearly during account setup.
Interest is calculated daily on your full balance and deposited into your account monthly. If you have $5,000 in your account and Pibank is paying 4% annual interest, you earn roughly $16.67 that month (the exact amount depends on the number of days in the month). The interest compounds, meaning you earn interest on your interest.
Pibank does not charge fees that eat into your earnings — no monthly maintenance fee, no overdraft fees (because you cannot overdraft a savings account), and no inactivity fees.
Deposits and withdrawals
You can deposit money into Pibank only through electronic transfer. You cannot deposit cash at a branch, mail a check, or use an ATM. Your options are ACH transfer from another bank account or direct deposit from your employer or benefits provider.
Withdrawals work the same way — you transfer money out to another bank account you own. The transfer typically takes one to three business days. If you need cash immediately, you would have to withdraw to your checking account first, then get cash from an ATM or teller.
Pibank does not issue a debit card, so you cannot spend directly from the account. It is designed as a holding place for money you want to save, not a place to spend from.
What Pibank does not offer
Pibank is savings-only. You cannot open a checking account, get a debit card, or pay bills directly from Pibank. If you need those features, you would use Pibank alongside a checking account at another bank.
Pibank also does not offer overdraft protection, which means if you somehow try to withdraw more than your balance, the transaction will be declined rather than covered by a loan. This is standard for savings accounts and protects you from overdraft fees.
There is no customer service phone line — support is available only through the app or email. If you prefer to talk to a person on the phone, Pibank is not the right fit.
FDIC insurance and account safety
Your money in Pibank is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder. This means if Customers Bank fails, the FDIC will reimburse you for your full balance, up to that limit. This protection is the same as you would get at any traditional bank.
Your login credentials are protected by encryption, and Pibank uses standard security practices to prevent unauthorized access. If your account is compromised, contact Pibank support through the app immediately.
When Pibank makes sense for your savings
Pibank works well if you want a simple, fee-free place to save money and earn interest without minimum balance requirements. It is useful for an emergency fund, a down payment fund, or any savings goal where you do not need to access the money frequently.
Pibank is not the right choice if you need a checking account, want to pay bills electronically, need a debit card, or prefer to talk to a person on the phone. It is also not ideal if you want to deposit cash — you would have to deposit cash into another bank account first, then transfer it electronically to Pibank.
Compare Pibank's current interest rate to other high-yield savings accounts before opening. Rates change constantly, and another bank may offer a better rate on the day you open your account.
Frequently Asked Questions
Is my money safe in a Pibank account?
Yes. Pibank is backed by Customers Bank, which is FDIC-insured. Your deposits are protected up to $250,000, the same as any traditional bank. The app uses encryption to protect your login and account information.
How long does it take to transfer money out of Pibank?
ACH transfers to another bank account typically take one to three business days. Transfers initiated on a weekend or holiday are processed the next business day. If you need cash faster, you would need to transfer to a checking account at another bank first.
Can I use Pibank as my main checking account?
No. Pibank is savings-only — there is no checking account, no debit card, and no bill pay. You would need a separate checking account at another bank for everyday spending and bills.
What happens if I do not use my Pibank account for a long time?
Pibank does not charge inactivity fees, so your account will remain open and your money will continue to earn interest even if you do not log in for months. However, check your email for account statements and security alerts.
Can I deposit cash into Pibank?
No. Pibank accepts only electronic transfers — ACH transfers from another bank account or direct deposit from your employer or benefits. If you need to deposit cash, deposit it into a checking account at another bank first, then transfer it electronically to Pibank.