Pinnacle Bank Review

Pinnacle Bank Savings

0.86% APY

Since its 1938 founding, Pinnacle Bank has grown to operate 151 locations in seven states, including Nebraska, Kansas and Missouri. The bank offers a number of savings account and checking account options, as well as several certificates of deposit (CDs) and a money market account (MMA).

The accounts at Pinnacle Bank are accessible to most people, with realistic minimum opening balances and online applications for several accounts. The bank also provides, with a couple exceptions, fairly easy ways to waive the monthly service fees attached to accounts.

Interest rates on most accounts are a cut above that of large, national banks, but rates are still a step down from the best rates we've seen available today. If you're looking to earn serious interest at Pinnacle Bank, you'll want to look at the CD accounts with longer term lengths.

Products Offered

Pinnacle Bank Interest Rate Comparison

Pinnacle Bank Overview

Pinnacle Bank operates 151 branch locations in Colorado, Kansas, Missouri, Nebraska, New Mexico, Texas and Wyoming. The bank is headquartered in Lincoln, Nebraska.

Although this article will focus on the personal banking options, Pinnacle Bank also offers business banking services, wealth management and agriculture lending. In the personal realm, the bank offers two types of savings accounts, five checking accounts and several different CDs. Read on to learn more about each of these options.

Pinnacle Bank Account Features

Almost all deposit accounts at Pinnacle Bank are accessible online or via the bank’s mobile app. Accounts also come with a Visa credit, debit or ATM card, depending on the type of account.

About half of the accounts at Pinnacle Bank have monthly service fees, which are almost all waivable provided you meet certain account requirements that vary in difficulty. You may also face fees for excessive transactions with the PinnSavings and PinnChecking Market account.

PinnSavings Account

The PinnSavings account is the only savings account at Pinnacle Bank, and it’s a good option if you’re looking for a savings account with low fees. As long as you don’t let your balance fall below $100, you won’t have to worry about a monthly service fee.

You’re allowed to make six withdrawals per month with the PinnSavings account, and if you exceed that limit you’ll have to pay a $1 fee for each transaction. The interest rate at 0.86% APY isn’t bad for a brick-and-mortar bank, but it’s still a cut below the best savings accounts out there.

PinnCheck Market Account

The PinnCheck Market account is the money market option at Pinnacle Bank, and it operates like a savings account with several extra perks. You’ll be able to set up online bill payments if you wish, and you’ll also have access to a Visa credit card. Further, the interest rate you earn will rise along with your account balance.

These extra perks come with extra costs, primarily in the form of a $10 monthly service fee. To avoid the fee, you’ll need to keep at least $1,000 in the account. You’re also still limited to six withdrawals or transactions each month, and if you exceed that limit, you’ll pay a $3 fee per transaction.

Certificates of Deposit

Pinnacle Bank offers a collection of certificate of deposit (CD) accounts with term lengths varying from three months up to five years. Compared to other brick-and-mortar banks, the interest rates are fairly competitive, especially for the longer term lengths. The $1,000 minimum opening deposit is pretty standard as well.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on a number of factors like how much you’re withdrawing, the term length of your CD and how much time you have before maturity, to name a few.

Free Checking Account

The Free Checking account at Pinnacle Bank is true to its name. There’s no monthly service fee to worry about, and you won’t have to worry about meeting any balance or activity threshold to avoid paying extra.

You’ll receive a free Visa debit card with your account, and you’ll also be able to set up online bill payments if you wish. If you’re a student or a senior, you could also receive foreign ATM fee refunds up to $10 per month.

Select Checking Account

The Select Checking account is practically identical to the Free Checking account, but you’ll pay a $5 fee each month to receive your statements in the mail. Otherwise, the two accounts are exactly the same.

If getting paper statements for your records is a big priority for you, then you may want to consider this account. Otherwise, it doesn’t make much sense to pay extra for basically the same account.

Interest Checking Account

The Interest Checking account is one of two interest-bearing checking options at Pinnacle Bank. Although you’ll only need $100 to open the account, you'll need at least $1,000 to avoid the $15 monthly service fee or earn any interest.

If you meet that threshold, you earn at a rate of at least 0.65%, which is decent for a checking account. You have a choice of either electronic or paper statements, but if you choose paper you’ll have to pay a $5 monthly fee.

Relationship Checking Account

The Relationship Checking account is the other interest-bearing checking option at Pinnacle, and it also comes with a wide range of discounts on products and services at the bank. Among these include money orders, cashier’s checks, home equity loans and identity theft protection.

In return, the account has the highest monthly service fee by far at $25, and you’ll need at least $15,000 in your account to avoid paying it. You can also combine your balances across Pinnacle accounts, and if your combined balance is at least $50,000, the fee will be waived. This is the only account that uses a combined balance to waive a monthly fee.

Where Can I Find Pinnacle Bank?

Pinnacle Bank operates 151 branch locations in seven states, primarily in Nebraska, Kansas and Missouri - and more newly in Texas, Wyoming, Colorado and New Mexico. The bank also has a network of ATMs, and several accounts will offer some reimbursement for foreign ATM fees.

What Can You Do Online With Pinnacle Bank?

All accounts at Pinnacle Bank can be accessed online, and there are a few that you can open online as well. Additionally, all checking and savings accounts can be managed on your smartphone via the Pinnacle Bank Nebraska mobile app. On iTunes, the app has a 3.7 star rating and 16 reviews as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at the bank’s regional network of ATMs. If you use an out-of-network ATM, some accounts offer refunds up to a certain amount per statement cycle. And, of course, you can visit a Pinnacle Bank branch during business hours to access funds.

How Can I Save More Money With Pinnacle Bank?

If you’re looking to boost your savings potential and earn interest, your best bet at Pinnacle Bank will be to purchase a CD, especially one with a longer term length. A five-year CD will earn interest at a 1.80% rate, which is fairly competitive, especially among exclusively brick-and-mortar establishments.

What’s the Process for Opening an Account With Pinnacle Bank?

You can apply for a handful of checking and savings accounts on the Pinnacle Bank website, and you can also open accounts by visiting a branch in person. To apply, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as some form of identification like a driver’s license or ID card. You’ll also likely need to provide your Social Security Number and your residential address.

What’s the Catch?

Other than the longer-term CD rates, the interest rates at Pinnacle Bank leave something to be desired. The accounts with tiered rates, like the PinnCheck Market account and the Interest Checking account, can get to be somewhat competitive, but the money you’d need to earn those rates is too much to be worth it. With that kind of money, you shouldn’t be looking at something as liquid as a money market or checking account.

Bottom Line

Accounts at Pinnacle Bank are very accessible for the most part, with reachable minimum opening balances, an easy-to-use website and a mobile app. If you live in one of the seven states that have bank branches and you’re looking for a mix of online and in-person banking, it might be worth giving Pinnacle a look.

If you don’t live in one of the seven states or you’re looking for the best interest rates possible, then you will likely be better served elsewhere, especially if you’re comfortable banking online.