Principal Bank, a subsidiary of Principal Financial Group (NYSE: PFG), offers individuals, businesses and institutions banking products and services, including certificates of deposit (CDs), savings accounts and more. Unlike most of the other banks reviewed on this website, Principal Bank is a direct online bank, and has been since it was created in 1998. This means that Principal does not operate brick and mortar branches that distinguish traditional banks.
Though Principal Bank goes back to only 1998, its parent company, Principal Financial Group, was founded in 1879. This company, known as The Principal, offers investment management services across the globe and is a Fortune 500 member with headquarters in Des Moines, Iowa. Principal Financial has over $400 billion in assets and more than 18 million customers in 18 different countries. Principal Bank itself has over 200,000 customers and more than $2 billion in deposits.
Principal Bank offers the following banking products: money market accounts; savings accounts; certificates of deposit (CDs); checking accounts; and IRAs. Within in each product, there are a variety of options, which allows customers to drill down to the exact offering that suits their needs.
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