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
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    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

    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
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    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 editorial director for Bankrate. Lance sets the vision and strategy for the editorial team to ensure Bankrate helps its readers make smarter personal finance decisions. Previously, he worked as the optimization editor, as well as the social media and newsletter editor. He joined Bankrate as a copy editor in November 2013. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.