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Pioneer Savings 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 Savings Bank Savings
0.05% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Pioneer Savings Bank was founded in 1889 and has its headquarters in Albany, New York. It owns $1 billion in assets along with $1 billion in deposits, classifying it as a medium-size bank. Pioneer Savings Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Pioneer Savings Bank is a respectable bank that deserves your consideration at a rating of 3.9 stars out of 5 from our experts. 

Pioneer Savings Bank has a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product carries a $3.00 monthly fee, which is not too bad in comparison to other U.S. banks. Opening accounts in the same place is perfect when you want to get the highest return on your income while keeping access to your funds without having to wait for money to transfer between accounts.

Service Quality

Pioneer Savings Bank is a brick-and-mortar bank, with 22 total branches in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience.  

Pioneer Savings Bank receives low feedback from customers for its mobile app: the Pioneer Savings Bank mobile app has been given a 3.0 out of 5 (with 110 ratings on iOS and Android) compared to the national average of 3.8. You can use Pioneer Savings Bank's mobile app to control your accounts by monitoring account balances, transferring money and reaching customer service. Pioneer Savings Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 1.85% APY
  • 18 Month: 2.00% APY
  • 24 Month: 1.90% APY
  • 36 Month: 1.95% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.10% APY $10,000 Compare Offers
Checking Accounts 0.05% APY $5 Compare Offers

Compare Pioneer Savings Bank to Other Competitive Offers

Pioneer Savings Bank offers several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with 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 Savings Bank's CD rates are competitive compared to the national average. 

Rates

Pioneer Savings Bank has a savings rate of 0.05%, which is poor as compared against the national average.  one-year and three-year term lengths CD's earn at a rate of 1.85% and 1.95%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Pioneer Savings Bank's poor savings rate, you should contemplate taking a look at other banks for savings accounts.

Compare Pioneer Savings Bank to Other Competitive Offers

Fees

Pioneer Savings Bank charges its customers average fees in comparison to the average U.S. bank. At $3.00/month, Pioneer Savings Bank is average for those who want a basic checking account. 

Financial Health

Pioneer Savings Bank ranks as a medium-size bank with assets totaling $1 billion as well as deposits totaling $1 billion. Pioneer Savings Bank's Texas Ratio is 6.50%, suggesting a small likelihood of failure. Additionally, Pioneer Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Pioneer Savings Bank Near Me

Pioneer Savings Bank has 22 physical locations in the U.S.

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