Principal Bank transitions to a limited purpose trust savings bank
Principal Bank has changed its business model to become a limited purpose trust savings bank. As a result Principal Bank:
- No longer holds deposits that are not part of a retirement account.
- Retains all Individual Retirement Accounts (IRAs).
Changes to deposit accounts (checking, savings, certificates of deposit, money market)
If you have money in a checking, savings, certificates of deposit, or money market account:
- Your account transfered to Bank of Internet USA as of Sept. 9.
- Principal Bank will provide you with a statement with activity and will pay interest through Sunday, Sept. 8, 2013.
- For complete transition details, including Q&A, please refer to the Welcome Kit (PDF: 1.3 MB) you received from Bank of Internet USA dated August 9 or go online to bankofinternet.com/principal.
Principal Bank has retained all Individual Retirement Accounts (IRAs). There will be no changes to the account features of your IRA. Remember:
- IRAs are FDIC insured up to $250,000 per depositor.
- Individuals age 59½ or older, can take regular distributions from their Bank IRA without charge.
- Distributions can be transferred electronically to the individual's account at another financial institution.
You will be able to access your IRA information by:
- Going to principal.com
- Selecting "Personal" from the Account Login box dropdown menu rather than selecting "Principal Bank" to access account information
If you currently have online access through the Principal Financial Group® for other products and services, you can use your current principal.com login to access your IRA information.
Don't currently have online access through principal.com? Follow these step-by step instructions for Accessing Account Information on Principal.com (PDF: 576 KB).