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Pioneer Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Pioneer Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Pioneer Bank was founded in 1903 with its headquarters in Mapleton, Minnesota. Pioneer Bank manages $417 million in assets along with deposits totaling $359 million, making it a medium-size bank. Pioneer Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked the bank at a 4.3 out of 5 stars, which means Pioneer Bank is a solid pick to be your bank. Pioneer Bank provides customers with numerous product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Pioneer Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Pioneer Bank offers an option without a maintenance or monthly fee. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best option for returning the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.3
SmartAsset Average: 3.5

Pioneer Bank features a savings rate of 0.25%, which is poor as compared against the national average. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 2.27%. Given Pioneer Bank's poor savings rate, you should consider other options to earn more on your deposits.

How Pioneer Bank's Savings Rates Compare

Pioneer Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Pioneer Bank charges customers extremely low fees as compared against the national average. With no monthly fee, Pioneer Bank is ideal for those who want a simple banking experience. Pioneer Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll need to locate a Pioneer Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Pioneer Bank is a brick-and-mortar bank, with six total bank locations in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. Pioneer Bank's online and mobile banking services get reasonably positive scores from customers. With 16 customer reviews across both iOS and Android platforms, the Pioneer Bank mobile app has an overall rating of 4.4 out of 5 (compared to the national average of 3.8). Pioneer Bank's mobile app lets you manage your finances by reviewing account balances, sending and receiving funds and reaching support representatives. Pioneer Bank gets an excellent consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Pioneer Bank is a medium-size bank and owns $417 million in assets as well as $359 million in deposits. Pioneer Bank's Texas Ratio is 8.39%, suggesting a tiny chance of failure. Additionally, Pioneer Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.39%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Pioneer Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.51% APY
  • 60 Month: 2.27% APY
$500 for all terms

Pioneer Bank offers several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Pioneer Bank does not have the best savings rate, which means you should consider other options 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. Pioneer Bank's CD rates are fair as compared against the national average.

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Find a Pioneer Bank Near Me

Pioneer Bank has six branches in the U.S.

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