Principal Bank in Des Moines, IA

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 specialized 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 low-risk, 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.