WebBank Review
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At a glance
Overview
WebBank offers decent yields on several of its CDs for consumers who are looking for a digital bank. WebBank has just two brick-and-mortar locations: one in Salt Lake City and one in Summit, NJ. Though the bank has a mobile app for iOS and Android, banking is primarily done through a secure web browser.
Highlights:
No Monthly FeesHighlights:
CDs
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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The savings account requires a manageable $1,000 deposit.
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The savings account doesn’t charge a monthly service fee.
Cons
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WebBank doesn’t offer checking or money market accounts.
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The bank has just two brick-and-mortar locations.
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WebBank doesn’t have an ATM network.
WebBank banking products
WebBank savings overview
Pros
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WebBank’s FDIC-insured savings account has no monthly fee.
Cons
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The account offers a below average APY.
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It requires a minimum of $1,000 to open.
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 CD overview
Pros
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WebBank offers six CD terms available nationwide.
Cons
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The bank doesn’t offer any specialty CDs.
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Many competitors offer a greater variety of terms.
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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.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
| Outgoing wire fee | $25 |
Customer experience
Customer service. Customers can also contact customer service Monday through Friday 8 am to 5 pm MT via phone or anytime 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 offers 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.
We want to know what you think about WebBank
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Review methodology
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.
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