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PyraMax Bank Review

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PyraMax Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1892, PyraMax Bank has $466 million in assets and deposits totaling $390 million, which makes the institution a medium-size bank. PyraMax Bank, whose headquarters are in Greenfield, Wisconsin, has above-average access to customer service with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked PyraMax Bank at a 3.9 stars out of 5, indicating that it is a respectable bank that deserves your consideration. PyraMax Bank offers the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. PyraMax Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $5.00, which places it at the higher end of monthly fees. Locating an institution with free checking and a high interest rate savings account is your best bet for gaining the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
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

PyraMax Bank has a savings rate of 0.05%, which is fair compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.50%, respectively, while its highest-yielding money market account has an APY of 0.25%. Given PyraMax Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How PyraMax Bank's Savings Rates Compare

PyraMax Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

PyraMax Bank has typically high fees compared to the national average. Its checking account has a monthly fee of $5.00, rating it fair for anyone looking for a hassle-free account. Also, at $35.00, its overdraft fee is lower than the average U.S. overdraft fee. PyraMax Bank does not reimburse out-of-network ATM fees, meaning you will have to locate a PyraMax Bank ATM or eat the ATM charge.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

PyraMax Bank is a brick-and-mortar bank, with nine total branches in Wisconsin. With mobile and web apps, PyraMax Bank makes account access straightforward, even on the go. It has access to all-day access to representatives. PyraMax Bank's online and mobile banking platforms receive poor scores from customers. The PyraMax Bank mobile app rates a 3.1 out of 5 (out of 14 customer reviews on Apple and Android) compared to the national average of 3.8. PyraMax Bank's mobile app allows you to control your bank accounts by checking account balances, sending and receiving funds and reaching customer service. PyraMax Bank receives an outstanding consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.1/5
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

PyraMax Bank ranks as a medium-size bank with assets totaling $466 million and $390 million in deposits. PyraMax Bank has an excellent Texas Ratio of 4.46%, indicating a minute chance of failure. Additionally, PyraMax Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.46%
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 PyraMax Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $250
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

PyraMax 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. PyraMax 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. PyraMax Bank's CD rates are fair in comparison to other U.S. banks.

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Find a PyraMax Bank Near Me

PyraMax Bank has nine physical locations across the U.S.

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