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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
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Pioneer Bank first started operating in 1901 and has its headquarters in Roswell, New Mexico. Pioneer Bank manages assets totaling $818 million as well as deposits totaling $544 million, classifying it as a medium-size bank. Pioneer Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4.2 out of 5 stars, Pioneer Bank proves it is a solid pick to be your bank. 

Pioneer Bank has the complete slate of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. Pioneer Bank has a fair savings rate, which means you can find higher rates with other banks. If you're looking for a checking account for everyday use, Pioneer Bank offers one without a monthly fee. Why keep checking and savings accounts with one bank? Fast transferring of funds between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

Pioneer Bank is a brick-and-mortar bank, with 11 total branches in New Mexico. With mobile and web apps, Pioneer Bank makes account access convenient, even on the go.  

Pioneer Bank receives positive feedback from users for its mobile platform: the Pioneer Bank mobile app rates a 4.0 out of 5 (out of 240 customer reviews on Apple and Android) compared to the national average of 3.8. Pioneer Bank's mobile app allows you to control your accounts by monitoring monthly statements, transferring money and reaching customer service. Pioneer Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.10% APY
  • 60 Month: 1.40% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.25% APY
  • 25K tier: 0.40% APY
  • $1
  • $25,000
Compare Offers
Checking Accounts 0.02% APY $1 Compare Offers

Pioneer Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider other options for banks that offer 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 competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.10%, Pioneer Bank ranks below the mean compared to the national average. Pioneer Bank's one-year CD earns at a rate of 0.80% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account earns at a rate of 0.40%. Pioneer Bank has a fair savings rate compared to the average savings account. Consider choosing another bank to earn more on your deposits.

Compare Pioneer Bank to Other Competitive Offers

Fees

Pioneer Bank charges its customers low fees compared to other U.S. banks. Pioneer Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Pioneer Bank is fair because it offers ATM fee of $2.00, which is fair in comparison to the average U.S. bank. Additionally, at $33, its overdraft fee is significantly lower than the national average, making it perfect for those who spend a lot of money on their debit card. Pioneer Bank unfortunately does not refund ATM charges which means you'll have to locate a Pioneer Bank ATM or accept the withdrawal fee.

Financial Health

Pioneer Bank is currently a medium-size bank with assets totaling $818 million and deposits totaling $544 million. It has an excellent Texas Ratio of 0.49%, indicating an exceptionally low probability 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.

Find a Pioneer Bank Near Me

Pioneer Bank has 11 physical branches in the U.S.

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