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WebBank Review 2023

Updated January 1, 2023
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At a glance

3.3
Rating: 3.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.5 stars out of 5

Savings

Rating: 3.8 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 no brick-and-mortar locations, nor does it have a mobile app. Banking is done through a secure web browser.

Highlights

  • No Monthly Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    WebBank’s savings account and CDs pay decent yields.

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    CDs require a manageable $2,500 deposit.

Cons

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

  • The bank has no brick-and-mortar locations and doesn’t offer a mobile app.

  • Customer service hours by phone are limited to 8 a.m. to 5 p.m. Mountain time, Monday-Friday.

WebBank bank products

3.8
Rating: 3.8 stars out of 5
Bankrate Score

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 decent rate, but it’s not among the top-tier savings APYs 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 decent APY, but it’s not among the top offers nationwide.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

WebBank is an industry bank with limited product 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 contact customer service through a form on 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 financial 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.

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.