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Compare WebBank products
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Savings account at WebBank
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CD with WebBank
Editor’s rating
Editor’s rating
Overall rating of the bank
Pros and cons
Savings
Savings account at WebBank
Fees
no monthly service fee
Annual Percentage Rate (APY)
0.25%
Minimum deposit amount
1000 dollars
- No monthly service fee
- Interest daily
- Minimum initial deposit $1,000
- Find a higher APY on other online savings accounts
- No mobile application
- It is not possible to deposit cash
- The cost of an outgoing transfer is USD 25
Product Details
- Bank online, but without a mobile application
- Interest charged daily
- FDIC insured
WebBank pays higher interest rates than most brick-and-mortar banks, but you can find better rates on the best high-yield online savings accounts.
The minimum opening deposit is quite high and amounts to USD 1,000. Most brick-and-mortar banks require much less, and many online banks require no down payment at all.
Accessing cash at WebBank is difficult because it doesn’t have a checking account.
You will need to transfer funds to your external bank account via an outgoing bank transfer. This transfer will cost $25 and may take several business days for the money to reach your second bank account.
CDs
CD with WebBank
Annual Percentage Rate (APY)
0.10% to 2.75%
Minimum deposit amount
$2,500
- Interest daily
- Standard early withdrawal penalties
- Minimum deposit $2,500
- Find higher APRs with other CDs online
- Limited term options
- No mobile application
Product Details
- Bank online, but without a mobile application
- Term options: 6 months, 1 year, 2 years, 3 years, 5 years
- The penalties for early withdrawal are as follows: 3 months simple interest for periods less than 1 year, 6 months simple interest for periods between 1 and 2 years, 9 months simple interest for periods of 3 years, simple interest for the amount of 12 months in the case of periods of 5 years
- Interest charged daily
- FDIC insured
WebBank also only has five term length options, while many competitors have more lengths to choose from.
How WebBank works
WebBank is an online bank with a savings account and CDs. It also partners with brands like Avant, PayPal and Yamaha to provide credit cards and loans.
You can speak with a live customer service representative by calling Monday through Friday from 8:00 a.m. to 5:00 p.m. EST. On weekends, customer service is not available and there is no live online chat feature.
WebBank has no physical branches or mobile application. You can only bank using a web browser.
Your deposits are FDIC insured up to $250,000 or $500,000 for a joint account.
Is WebBank trustworthy?
Better Business Bureau provides WebBank Rating + for credibility. A high BBB score means a company advertises honestly, is transparent about its business practices, and responds effectively to customer complaints.
There have been no recent public scandals at WebBank. Between its clear history and good BBB rating, you may decide you feel comfortable working with WebBank.
Comparison of WebBank with similar banks
We compared WebBank to two other online banks offering bank accounts and lending products: Ally Bank and Discover Bank.
WebBank vs. Allied Bank
Ally pays higher rates for savings and CDs than WebBank. It does not require minimum deposits on any of its accounts.
Ally offers checking and money market accounts along with savings and CDs. You can also get home, car and personal loans through Ally. If you want quick access to your savings, you’ll probably prefer Ally over WebBank. You can simply transfer funds from your Ally savings account to your Ally checking account and spend them almost instantly.
WebBank vs. Discover the Bank
You may prefer Discover over WebBank because it pays higher rates and doesn’t require minimum deposits for Discover checking and savings accounts. To open a CD or money market account with Discover, however, you need $2,500.
You can get a credit card or home, personal and student loan through Discover. You can quickly access your savings by transferring funds to Discover the Cashback debit accountand this checking account allows you to get cash back on debit card purchases.
