Pros
Competitive 4.01% APY: Earn a high rate on balances up to $499,999.99 with no balance tiers to navigate below that level
No monthly fees: Zero maintenance fees and no minimum balance requirement to keep the account open
Live customer support: Dedicated Peak Bank customer care team with live agents — uncommon for digital-only banks
FDIC insured: Backed by the full faith and credit of the U.S. Government through Idaho First Bank
Cons
No debit card: Account does not come with a debit card for ATM access or point-of-sale purchases
Rate drops at $500K: APY falls to 3.14% on balances of $500,000 and above
One account limit: Only one savings account per customer, and accounts close if not funded within 90 days