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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.[1]
  • 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.

Still in the IRA business

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).

Access My Account Information          Principal Bank Home

[1]
Pending regulatory approval.
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