Principal Bank Rates & Review
- Savings
Updated: 2012-05-16 -
APY
0.75%
Min to Earn APY: $100,000 - Advantage Savings Account - balances between $100,000-$249,999
- CD Rates
Updated: 2012-05-16 - .
- Compare cd rates across all banks
- Term
- APY
- Min. To Earn APY
- Compounding Method
Principal Bank Review
Principal Bank, based in Des Moines, Iowa, is the commercial banking subsidiary of the Principal Financial Group, an organization with nearly 19 million customers in 14 countries.
The Principal Financial Group is a Fortune 500 company with more than $285 billion in assets. Founded in 1879 as a life insurance company in Charlton, Iowa, the Principal Financial Group has expanded its financial services to encompass retirement planning, life and health insurance, wellness programs, investment services and banking products. Principal Bank was founded in 1998.
The Principal Financial Group has received an A+ rating from the Better Business Bureau as well as recognition for its employment practices and investments.
Bank services
Principal Bank offers its customers a full array of financial services such as retirement planning and investing within the bank and through other subsidiaries of the parent company, Principal Financial Group.
Customers can invest in mutual funds, IRAs and annuities or apply for a home equity loan or a credit card.
All customers can sign up for free online banking and bill paying, which allows them to transfer funds into a high yield savings account or into a checking account to make payments.
Bank accounts
Principal Bank customers can open a checking account, a savings account or a money market account for their daily and monthly financial needs and opt for a certificate of deposit (CD) for longer term savings. The bank has Health Savings accounts and Coverdell and 529 education savings accounts.
Deposit insurance
Principal Bank has been insured by the Federal Deposit Insurance Corporation since the bank's establishment in 1998. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.
Compare savings account interest rates from Principal Bank and hundreds more banks and credit unions at SavingsAccounts.com.
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