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Will you like using WebBank?
| You might like WebBank if you: | You might not like WebBank if you: |
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WebBank Savings review
WebBank Savings Account
WebBank pays a higher interest rate than most brick-and-mortar banks, but you can find higher rates at other online banks.
Its minimum opening deposit is pretty hefty, at $1,000. Most brick-and-mortar banks require significantly less, and many online banks don’t require an opening deposit at all.
Accessing your cash is tricky with WebBank, because it doesn’t have a checking account. You’ll have to transfer funds to an external bank account via an outgoing wire transfer. This transfer will cost $25, and it could take a couple business days for your money to arrive in the other bank account.
WebBank CD review
WebBank Certificate of Deposit
The WebBank CD charges standard penalties if you withdraw funds before your CD matures, and it pays higher rates than what you’ll earn with a brick-and-mortar bank. But other online banks have better options.
You can find multiple online banks that require less than $2,500 to open a CD, and ones that pay significantly higher rates. WebBank also only has five term length options, while many competitors have more lengths to choose from.
WebBank features
WebBank is an online bank with a savings account and CDs. It also partners with brands such as Avant, PayPal, and Yamaha to provide credit cards and loans.
You can speak with a live customer service representative by calling Monday through Friday, 8:00 a.m. to 5:00 p.m. ET. There’s no customer support available on weekends, and there’s no live online chat feature.
WebBank doesn’t have physical branches or a mobile app. You can only bank from your web browser.
Your deposits are FDIC insured for up to $250,000, or $500,000 for a joint account.
Is WebBank trustworthy?
The Better Business Bureau gives WebBank an A+ in trustworthiness. A strong BBB score indicates a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.
WebBank doesn’t have any recent public scandals. Between its clear history and good BBB grade, you may decide you feel comfortable working with WebBank.
How WebBank compares to similar banks
We’ve compared WebBank with two other online banks with bank accounts and credit products: Ally and Discover.
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Account types Savings, CD |
Account types Savings, CD, checking, money market account |
Account types Savings, CD, checking, money market account |
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Savings APY 0.25% APY |
Savings APY 0.80% APY |
Savings APY 0.70% APY |
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CD APY 0.10% to 0.25% APY |
CD APY 0.20% to 1.00% APY |
CD APY 0.25% – 0.95% APY |
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Minimum deposits $1,000 or $2,500 |
Minimum deposits $0 |
Minimum deposits $2,500 for CD and money market account |
| WebBank WebBank Savings Account | Ally Ally High Yield Savings Account | Discover Discover Online Savings Account |
WebBank review vs. Ally review
Ally pays higher rates on savings and CDs than WebBank does. It doesn’t require minimum deposits for any of its accounts.
Ally offers checking and money markets accounts along with its savings and CDs. You can also get home, auto, and personal loans through Ally. You’ll probably prefer Ally to WebBank if you want quick access to your savings. You can simply transfer funds from your Ally savings account to Ally checking account and spend the money almost immediately.
Ally also has a mobile app with positive reviews, and you can speak to a live customer service representative 24/7 over the phone or online.
WebBank review vs. Discover review
You might prefer Discover to WebBank because it pays higher rates and doesn’t require minimum deposits for checking and savings accounts. You do need $2,500 to open a CD or money market account with Discover, though.
You can get a credit card or home, personal, and student loans through Discover. You can quickly access your savings by transferring funds to the Discover Cashback Debit Account, and this checking account lets you earn cash back on debit card purchases.
Like Ally, Discover offers 24/7 live customer support and has a highly rated mobile app.
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