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WebBank 2.40% APY Savings Review

WebBank 2.40% APY Savings Review

WebBank is offering a 2.40% APY high-yield savings online account with $1000 opening deposit. You’ll earn this rate with maintinance of the $1K threshold monthly and it’ll apply to your entire balance.

WebBank is an online bank that features no fees, online access, and a very nice 2.40% APY nationwide. There’s no maximum balance and only a minimum balance of $1K to get the high rate.

WebBank is an online bank that’s known for a fee-less experience.

WebBank 2.40% APY Online Savings Detail

Account Type: Savings account

Interest Rate: 2.40% APY

Availability: Nationwide

Minimum Balance: $1,000

Maximum Balance: None

Opening Deposit: $1,000

Monthly Fees: None

How to get the high rate

  1. Sign up for an online savings account.
  2. Deposit at least $1K.
  3. Maintain at least $1K throughout the month to earn the high rate.

ACH limits and speeds

WebBank allows push/pull from other banks, however I couldn’t find any exact details on ACH limits, speeds, and fees. If you know the answers to these, leave a comment please!

Pros of WebBank

  • No fees
  • $1K minimum to earn the 2.40% APY
  • Online access
  • Very nice rate
  • Funding account possible in many ways
  • FDIC insured

Cons of WebBank

  • Online only- no branches
  • No checking

Overall thoughts

WebBank is a good place to save your cash if you have more than $1K to despoist. This will earn you the high rate and no tiers are needed to be met once you suprass the minimum. Although this isn’t the best rate possible, it’s still an easy way to despoit and grow your cash easily especially without fees to worry about. If you drop below the $1K, you’ll just not get the high rate.

What do you think?