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Pioneer Bank Review

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Pioneer Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Pioneer Bank was founded in 2007 with headquarters in Austin, Texas. Pioneer Bank owns $1 billion in assets as well as $932 million in deposits, classifying it as a medium-size bank. Pioneer Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Pioneer Bank is a solid contender in your bank search, with a score of 4.4 out of 5 stars from our team. Pioneer Bank has the complete slate of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly fee. Finding a bank with free checking and a high savings APY is the best bet for returning the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Pioneer Bank has a savings rate of 0.15%, which is poor in comparison to the average U.S. bank. Pioneer Bank's CD rates are 1.30% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Pioneer Bank's Savings Rates Compare

Pioneer Bank Savings 0.15 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 compared to other U.S. banks. Pioneer Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Pioneer Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to search for a Pioneer Bank ATM or accept the 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 22 total bank locations in Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. Pioneer Bank receives positive ratings from users for its mobile platform. The Pioneer Bank mobile app has been given a 4.5 out of 5 (with 20 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Pioneer Bank's app to control your accounts by checking account balances, sending and receiving funds as well as accessing support representatives. Pioneer Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Pioneer Bank is a medium-size bank with assets totaling $1 billion as well as deposits totaling $932 million. Pioneer Bank's Texas Ratio is 5.15%, signifying that the bank is in fine financial well-being and far from 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

5.15%
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 0.15% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.30% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.30% APY
  • 48 Month: 2.50% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Account 0.4% APY $1

Pioneer Bank has several deposit products including savings accounts, checking accounts, money market 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 in comparison to other U.S. banks.

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Find a Pioneer Bank Near Me

Pioneer Bank has 22 physical locations across the U.S.

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