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Pioneer Bank Review

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Pioneer Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1903, Pioneer Bank has $417 million in assets along with deposits totaling $359 million, classifying it as a medium-size bank. Pioneer Bank, whose headquarters are in Mapleton, Minnesota, 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 apps. We ranked the bank at a 4.3 stars out of 5, which means Pioneer Bank is a great bank that you should seriously consider. Pioneer Bank offers numerous product offerings, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Pioneer Bank's standard checking account does not have a monthly fee. Banks that offer no-fee checking as well as a high savings APY are your best bet for accruing the most income from your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.25%, Pioneer Bank ranks poorly in comparison to other U.S. banks. Pioneer Bank's one-year CD earns at a rate of 0.50%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

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 its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Pioneer Bank's checking account is perfect for people who want an easy banking experience. Pioneer Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll need to locate a Pioneer Bank ATM or eat the ATM charge.

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 a simple mobile-banking experience. Pioneer Bank receives fairly high marks from customers for its mobile platform. The Pioneer Bank mobile app has been given a 4.4 out of 5 (out of 16 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Pioneer Bank's mobile app to manage your bank accounts by looking at current statements, transferring money and accessing support representatives. Pioneer Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 ranks as a medium-size bank and manages $417 million in assets as well as $359 million in deposits. Pioneer Bank has a strong Texas Ratio of 8.39%, signifying that the bank is in fine financial shape and unlikely to fail. 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
$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 taking a look 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. Pioneer Bank's CD rates are fair compared to other U.S. banks.

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Find a Pioneer Bank Near Me

Pioneer Bank has six branches across the U.S.

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