Pinnacle Bank started in 2006 with its headquarters in Gilroy, California. It handles assets of $342 million and $305 million in deposits, ranking it as a small bank. Pinnacle Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.6 stars out of 5, Pinnacle Bank is a decent choice, but with better options out there. Pinnacle Bank has a complete choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; you can find higher rates with other banks. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income from your deposits alongside convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Pinnacle Bank ranks poorly in comparison to the average U.S. bank. Pinnacle Bank's one-year CD earns at a rate of 0.75%, while its highest-yielding money market account has a rate of 0.10%. Given Pinnacle Bank's below average savings rate, you should consider other options to earn more on your deposits.
How Pinnacle Bank's Savings Rates Compare
There is insufficient data on Pinnacle Bank's fees to provide a full SmartAsset rating.
Pinnacle Bank is a brick-and-mortar bank, with three total bank locations in California. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 9:00 a.m. to 5:00 p.m. PT. You can utilize Pinnacle Bank's app to manage your bank accounts by checking current statements, sending and receiving funds as well as accessing support representatives. Pinnacle Bank receives a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Pinnacle Bank ranks as a small bank with assets totaling $342 million as well as deposits totaling $305 million. Pinnacle Bank's Texas Ratio is 0.70%, indicating a low possibility of failure. Additionally, Pinnacle Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare Pinnacle Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$500|
|Checking Account||0.05% APY||$2500|
|Certificates of Deposit|| ||$2500 for all terms|
|Money Market Account||0.1% APY||$25000|
Pinnacle Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Pinnacle Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Pinnacle Bank's CD rates are fair as compared against the national average.Back to Overview
Find a Pinnacle Bank Near Me
Pinnacle Bank has three branches across the U.S.Back to Overview