Peak Bank review

The headline rate is 4.01%, above the site median of 3% for savings accounts. It is variable, so the figure is not guaranteed to hold. Peak Bank ranks 142 on headline rate among the brands compared.

Deposits are covered at FDIC up to USD 250,000, so your balance is protected up to that limit per depositor. The account sits with Idaho First Bank and the bank answers to the State of Idaho, the Idaho Department of Financial Services, in the US.

There is a monthly fee of $0 on a no monthly fee account, and the minimum deposit is $100. Most savings accounts on the site charge 53.4% in the same model, so the cost side is competitive.

Access is on demand through online and mobile banking. Transfers out are narrow: incoming wires only, no outgoing wires, and external ACH transfers open after a waiting period, which makes this an account for cash you may not need that week.

There is no debit card for high-yield savings, so spending is not part of this account. The kind of account is easy access, and the balance is meant to sit and earn rather than be used day to day.

It is a US product, with the bank registered in the United States and licensed by the State of Idaho, the Idaho Department of Financial Services. That single market focus makes it a poor fit for readers elsewhere who want a home-market savings account.

Support runs through phone, email and chat, which covers phone, email and chat as listed. Help is available by phone, email, live chat and a help centre, though all of it serves the US operation rather than a wider network.

The rate type is variable, and most savings accounts on the site are also variable at 69.3%. A variable account earns more when base rates rise and less when they fall, so budget on the lower end.