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WebBank Review 2020
Published March 2020 by Libby Wells
Why trust us
Member FDIC
Savings account
Member FDIC
Checking account
Member FDIC
Checking account
Overall
3.8
Bankrate Score
WebBank is primarily an industry bank that serves commercial partners with working capital, branded credit cards and loans. Its offerings for consumers are limited to CDs and a savings account. It is a good option for serious savers who do not plan to spend or withdraw their funds.
What we like
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It pays competitive yields on CDs and savings accounts.
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There’s no monthly fee for its savings account.
What we don't
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It has no mobile app.
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It lacks in-person banking options.
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It has limited products for consumers.
CD rates
3.2
Bankrate Score
WebBank certificates of deposit come in five maturity terms: six months, one year, two year, three year and five year. APYs are better than average.
What we like
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APYs are better than average.
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Customers have a choice of five terms of maturity.
What we don't
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You must maintain a minimum account balance of $2,500.
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Paper statement fees cost $5.
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Higher yields can be found at some other online banks.
Savings accounts
4.5
Bankrate Score
Member FDIC
Savings account
WebBank has a savings account that pays a very competitive APY. The account has a minimum required balance that should be manageable. You will need to deposit at least $1,000 to open the account.
What we like
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There is no monthly account fee.
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The APY is competitive.
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Interest compounds daily.
What we don't
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The minimum deposit to open the account is high.
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You can find a lot of online banks that pay higher yields.
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WebBank does not have the mobile banking tools many consumers expect.
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Outgoing wire transfers cost $25.
Bank experience
WebBank is an industry bank with limited offerings for consumers. Savers who want to sock money in a bank, leave it alone and earn decent yields might find WebBank a good choice. Customer service hours by phone are limited to weekdays. Customers can also write to customer service from the bank’s website.
About WebBank
WebBank is an FDIC-insured bank with headquarters in Salt Lake City. It partners with companies in the finance industry to provide niche financing services to consumers and businesses. WebBank also offers consumer deposit products, including CDs and a savings account. WebBank does not have retail branches or a mobile app. Banking is done using a secure web browser.
Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.
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