WebBank Review 2021

Published December 2020 by Lance Davis

AT A GLANCE
3.3

Bankrate Score

bank-logo

No monthly fees

WebBank offers decent yields on CDs and savings accounts for consumers who are looking for a digital bank. WebBank has no brick-and-mortar locations, nor does it have a mobile app. Banking is done through a secure web browser.

  • CDs
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    3.5
  • Savings
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    3.3

    Bankrate Score

    WebBank offers decent yields on CDs and savings accounts for consumers who are looking for a digital bank.

    What we like

    • WebBank’s savings account and CDs pay decent yields.

    • The savings account requires a manageable $1,000 deposit.

    • The savings account doesn’t charge a monthly service fee.

    • The CDs require a manageable $2,500 deposit.

    What we don't

    • WebBank doesn’t offer a checking account or money market account.

    • The bank has no brick-and-mortar locations.

    • The bank doesn’t offer a mobile app.

    CD rates

    3.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    WebBank offers five FDIC-insured CD terms ranging from six months to five years. All five CDs are available nationwide and require a $2,500 deposit. Yields are decent, mostly in line with average rates, but you can find more competitive yields if you shop around. WebBank does not offer any specialty CDs, such as bump-up or no-penalty CDs.

    What we like

    • WebBank offers five CD terms available nationwide.

    • The bank’s CD rates are decent.

    • CDs require a manageable $2,500 deposit.

    What we don't

    • The bank doesn’t offer any specialty CDs.

    Savings accounts

    3.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    WebBank offers an FDIC-insured savings account. The account has no monthly fee and requires a $1,000 to open. The account offers a decent APY, but it’s not among the top-tier savings APYs you might find from other online banks.

    What we like

    • WebBank’s FDIC-insured savings account has no monthly fee.

    • It requires a manageable $1,000 to open.

    What we don't

    • The account offers a decent APY, but it’s not among the top offers nationwide.

    Bank experience

    WebBank is an industry bank with limited offerings for consumers. Savers who want to stash money in a bank, leave it alone and earn decent yields might find WebBank a good choice. However, it doesn’t offer a mobile app; banking is done using a secure web browser. The bank also doesn’t offer ATM access; it has no owned-and-operated ATMs, and it’s not a part of a network such as Allpoint or MoneyPass. 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. WebBank offers consumer deposit products, including CDs and a savings account. It doesn’t have retail branches or a mobile app. Banking is done using a secure web browser.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing, loans and insurance. Lance leads a team of more than 20 editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.