No stored Google rating available.
Principal Bank is an FDIC-insured online bank specializing in retirement accounts (IRAs) with savings products, money market accounts, and CDs.
Data compiled from public sources
Principal Bank is a subsidiary of Principal Financial Group, a major financial services company with a long history in retirement planning and insurance. The bank operates as an online-only institution focused specifically on Individual Retirement Accounts (IRAs) and related savings products, leveraging Principal's broader ecosystem of retirement and investment solutions. This listed approach distinguishes it from traditional full-service banks that offer checking, savings, and lending across all customer segments.
Principal Bank's primary offerings include FDIC-insured traditional and Roth IRAs, money market accounts, certificates of deposit (CDs), and savings accounts within IRA structures. All deposits are FDIC-insured up to $250,000 per depositor. The bank also manages automatic rollover IRAs for customers whose 401(k)s from former employers have been transferred out of employer plans.
These products are designed as lower listed-risk context, interest-bearing alternatives positioned within the context of retirement planning rather than general banking. What distinguishes Principal Bank is its integration with Principal Financial's broader retirement ecosystem, including 401(k) plan administration, annuities, and financial planning services. Customers can coordinate IRA savings with employer retirement plans and other Principal products through a single platform.
The company also offers estate planning, financial planning tools, and benefits navigation—services typically unavailable at online-only banks. The FDIC insurance on IRAs provides depositor protection, though this is less common than FDIC insurance on standard savings accounts. The main limitation is that Principal Bank does not appear to offer checking accounts, lending products, or traditional banking services—it is purely a savings and IRA-focused institution.
There is no public information about interest rates, account minimums, or fees on the provided website content. Customers seeking comprehensive banking services would need to use another institution for checking, debit cards, or loans. The specialization in retirement accounts means it serves a narrower market than traditional banks.
This is state-level context for Banks consumers in Des Moines, IA. It does not confirm that Principal Bank or this specific location is licensed.
State regulator
Iowa Division of Banking
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Principal Bank offers 12 services including FDIC-insured Traditional IRAs, FDIC-insured Roth IRAs, FDIC-insured savings accounts within IRAs, FDIC-insured money market accounts within IRAs, FDIC-insured certificates of deposit (CDs) within IRAs, and 7 more.
Principal Bank has profile signals associated with Existing Principal Financial customers consolidating retirement accounts and seeking FDIC-insured IRA savings, Employees rolling over 401(k)s from former employers who want automatic rollover IRA management with FDIC protection, Conservative retirement savers prioritizing safety and FDIC insurance over higher returns from market-based investments, Individuals coordinating multiple retirement vehicles (401(k), IRA, annuity) who benefit from Principal's integrated platform.
Key strengths: FDIC insurance on IRA deposits up to $250,000 per depositor, providing protection beyond typical IRA custodian coverage; Automatic rollover IRA management for 401(k)s from former employers, simplifying account consolidation; Integration with Principal's 401(k) plans, annuities, and retirement planning services within one platform. Areas to consider: No checking accounts, debit cards, or payment services—purely a savings/IRA bank requiring external account for everyday banking; Website content does not disclose interest rates, minimum deposit requirements, or fee structures, making cost comparison difficult.
In the Banks category, comparable providers include American State Bank, American State Bank, American Trust and Savings Bank. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
Principal Bank is profile signals for retirement savers already invested in Principal's ecosystem who want FDIC-insured IRA products and integration with 401(k) plans or annuities. The main caveat is that it functions only as a listed retirement savings bank—not a primary checking account or general banking provider—and requires customers to maintain separate accounts elsewhere for daily banking and spending needs.
Regional bank operating in Iowa and South Dakota since 1913, offering checking, savings, mortgages, investments, and insurance through its parent company Ambank Company.
Profile signals: Residents of Iowa and South Dakota communities served by American State Bank seeking full-service regional banking, Customers wanting integrated banking, investment, and insurance services from a single institution
American State Bank is a community bank offering FDIC-insured checking, savings, debit cards, online banking, and mortgage lending services across multiple Iowa locations.
Profile signals: Residents of Osceola, Lamoni, Winterset, and surrounding Iowa communities, Customers who value personal relationships and local decision-making over branch convenience
Community bank in Lowden, Iowa offering personal checking, savings, loans, and digital banking since 1913 with emphasis on local relationships.
Profile signals: Agricultural businesses and farmers seeking listed farm lending in Iowa, Small business owners in rural Iowa communities preferring local banking relationships
Answer 3 quick questions to review category, service, and profile context.
1. What's your primary financial goal?
A plain-English breakdown of every credit score range — what each number actually means for your loans, cards, and daily life, plus exactly what to do about yours.
Read guide →A plain-English breakdown of what credit products, loans, and cards you can realistically get at every credit score level — from deep subprime to excellent.
Read guide →Learn exactly how to check your credit score for free using legitimate sources, understand the difference between soft and hard inquiries, and know your rights under federal law.
Read guide →Affiliate Disclosure: CreditDoc may earn a commission when you click links to Principal Bank and other services. These commissions help us maintain our free research. Compensation does not determine whether a provider can be covered; visible star ratings use stored Google review ratings when available. Learn more.