Pibank CD - FAQ's

Adding beneficiaries to your account is simple with the Pibank App.  Just follow these steps:

1. Open the Menu and go to the Accounts option.
2. Select the Pibank Savings account associated to the Pibank CD where you’d like to add a beneficiary.
3. On the Pibank Savings screen, choose the Add Beneficiary option.

When submitting your request, make sure to include the beneficiary’s full name, date of birth (DOB), and Social Security Number (SSN). Once you’ve completed all the details, click Send Request. Your beneficiary information will be added to your account within 2-3 business days of it being submitted.

To close your Pibank Savings and associated CD, you will be required to follow these steps within your Pibank App:

1. Transfer the CD balance to your associated Pibank Savings account.
2. You will then need to initiate a wire transfer to withdraw the remaining funds and complete the account closure leaving your account balance at $0*.

*Early withdrawal penalties will apply in accordance with your Pibank CD’s terms and conditions.

If your Pibank Savings account is linked to an active CD, both accounts must be closed together. The remaining funds will be transferred back to your originating Bank account*. *Early withdrawal penalties will apply in accordance with your Pibank CD’s terms and conditions.

Yes. If you withdraw all your funds before the 12-month term is complete, you will forfeit any interest earned during the previous three months (90-days).

Yes, you can open as many Pibank CD’s as you’d like – individually or as a Joint Account. You will be required to open Pibank Savings to be linked to your Pibank CD. To get started, simply go to your Pibank App and select Open a New Pibank Savings.

No. Pibank currently offers only one 12-months CD term.

The interest on your Pibank CD account is calculated daily and credited monthly on the 15th. If the 15th falls on a weekend or a federal holiday, the payment will be made on the next business day.

You will receive a notification of maturity 30 days prior to the maturity date. If no action is taken on your part, the Pibank CD will renew with the existing APY and term.

Yes, your Pibank CD will automatically renew at maturity unless you choose not to have it renew at maturity.

Yes, you will be required to use a funded Pibank Savings account to open and fund your Pibank CD.

The maximum account balance allowed in a Pibank CD is five million dollars ($5,000,000).

To open a Pibank CD, you must first open and fund a Pibank Savings account. Your Pibank Savings will serve as the funding source for your CD, and any monthly interest earned on your CD will be deposited into this Pibank Savings account.

For the latest interest rates, visit our Pibank CD page. Rates may change at any time without notice.