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WebBank Review 2024

Updated January 31, 2024
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On This Page

At a glance

2.7
Rating: 2.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.4 stars out of 5

Savings

Rating: 3 stars out of 5

About Bankrate Score

Overview

WebBank offers decent yields on CDs and savings accounts for consumers who are looking for a digital bank. WebBank has just one brick-and-mortar location. Though the bank recently launched a mobile app for iOS and Android, banking is primarily done through a secure web browser.

Highlights

  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/17/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 4/17/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

WebBank generally offers low yields on its CDS and savings account, and customers who sign up with the digital bank should be comfortable with an online-only experience. The bank doesn’t offer a money market account or a checking account, so customers looking to consolidate their checking and savings in one place will need to look elsewhere.

Pros

  • Checkmark

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

  • Checkmark

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

Cons

  • WebBank doesn’t offer checking or money market accounts.

  • The bank has just one brick-and-mortar location.

  • WebBank doesn’t have an ATM network.

WebBank banking products

3.0
/5
Rating: 3 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
0.25%
Rating: 2 stars out of 5
2/5
Info
Minimum balance to earn interest:
$1,000.00
Rating: 3 stars out of 5
3/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Subpar
Rating: 2 stars out of 5
2/5
Info
FEATURES
Invest Rate
0.25% APY
Info
Loan
$1,000 minimum deposit to open

WebBank savings overview

WebBank offers an FDIC-insured savings account that requires a $1,000 deposit to open but has no monthly fee The account offers a low rate, lower than the national average and well behind the most competitive rates found at other online banks.

Pros

  • Checkmark

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

  • Checkmark

    It requires a manageable $1,000 to open.

Cons

  • The account offers a paltry APY.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    WebBank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/17/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None
Outgoing wire fee $25

Customer experience

Customer service. Customers can also contact customer service through the phone or through a form on the bank’s website. The bank 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.

Digital experience. WebBank recently launched a mobile app on the Apple App and Google Play stores, but neither app has been reviewed by many users. Most banking is done using a secure web browser.

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 financial services to consumers and businesses. WebBank also offers consumer deposit products, including CDs and a savings account.

How does WebBank compare to other banks?

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.