At a glance

2.7

Bankrate Score

CDs

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

WebBank offers decent yields on CDs and savings accounts for consumers who are looking for a digital bank. WebBank has just one brick-and-mortar location. Though the bank recently launched a mobile app for iOS and Android, banking is primarily done through a secure web browser.

Highlights

No Monthly Fees

Overall

WebBank generally offers low yields on its CDS and savings account, and customers who sign up with the digital bank should be comfortable with an online-only experience. The bank doesn’t offer a money market account or a checking account, so customers looking to consolidate their checking and savings in one place will need to look elsewhere.

Pros

The savings account requires a manageable $1,000 deposit.
The savings account doesn’t charge a monthly service fee.

Cons

WebBank doesn’t offer checking or money market accounts.
The bank has just one brick-and-mortar location.
WebBank doesn’t have an ATM network.

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WebBank banking products

3.0

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.25%

2/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$1,000.00

3/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Subpar

2/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

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 low rate, lower than the national average and well behind the most competitive rates found at other online banks.

Pros

WebBank’s FDIC-insured savings account has no monthly fee.
It requires a manageable $1,000 to open.

Cons

The account offers a paltry APY.

Rate history for WebBank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

WebBank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

WebBank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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WebBank CD overview

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. The yields are generally low, though at least one term offers a decent APY. You can easily find more competitive yields if you shop around. WebBank does not offer any specialty CDs, such as bump-up or no-penalty CDs.

Pros

WebBank offers five CD terms available nationwide.

Cons

The bank doesn’t offer any specialty CDs.
Many competitors offer a greater variety of terms.
Most of the yields offered are relatively low.

Rate history for WebBank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

WebBank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

WebBank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Monthly maintenance fees	None
Out-of-network ATM fee	None
Excessive transaction fee	None
Outgoing wire fee	$25

Customer experience

Customer service. Customers can also contact customer service through the phone or through a form on the bank’s website. The bank 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.

Digital experience. WebBank recently launched a mobile app on the Apple App and Google Play stores, but neither app has been reviewed by many users. Most banking is done using a secure web browser.

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.

How does WebBank compare to other banks?

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	WebBank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	0.25%	0.57%
05/07/2024	0.25%	0.59%
04/02/2024	0.25%	0.58%
03/05/2024	0.25%	0.57%
01/02/2024	0.25%	0.58%
12/05/2023	0.25%	0.57%
11/07/2023	0.25%	0.60%
10/03/2023	0.25%	0.58%
09/05/2023	0.25%	0.57%
08/01/2023	0.25%	0.54%
07/11/2023	0.25%	0.53%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	WebBank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	0.25%	1.41%
06/04/2024	0.25%	1.43%
04/02/2024	0.25%	1.42%
03/12/2024	0.25%	1.43%
02/06/2024	0.25%	1.42%
12/05/2023	0.25%	1.43%
11/07/2023	0.25%	1.45%
10/03/2023	0.25%	1.46%
09/05/2023	0.25%	1.43%
08/01/2023	0.25%	1.38%
07/11/2023	0.25%	1.35%

WebBank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about WebBank

WebBank banking products

WebBank savings overview

Pros

Cons

Rate history for WebBank's Savings account

WebBank CD overview

Pros

Cons

Rate history for WebBank's CD accounts

Bank fees

Customer experience

About WebBank

How does WebBank compare to other banks?

Review methodology

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