Pros Explained

• Above average rates for deposit accounts: You won’t earn the best rates available from top online banks, but WebBank’s certificates of deposit (CDs) earn competitive rates.
• Multiple CD term options: WebBank doesn’t offer a lot of extra perks with its accounts, but customers do have five term options with its CDs.
• No monthly fees: You’ll never be charged a monthly maintenance fee for a WebBank account, but you may see other fees like $5 for paper statements and $25 for outgoing wire transfers.

Cons Explained

• No mobile app: WebBank is an online-only bank, yet it lacks a mobile banking app. It also doesn’t have mobile check deposits. Customers can only manage accounts through online access.
• Limited bank products: WebBank is missing common bank products, such as checking accounts, 澳洲幸运5官方开奖结果体彩网:money market accounts, credit cards, investment accounts, and savings accounts.
• Paper statement fees: There is a $5 fee for paper statements each month. There doesn’t seem to be an option for an electronic statement instead so the fee can be waived.

Who Is WebBank Best For?

WebBank is a good fit for customers who want a place online to set money aside and forget about it for a while so it earns interest long term. It could be a goodౠ fit for customers who:

• Want account access online 24/7
• Aren’t looking for a full-service banking solution
• Don’t care about the in-person service from local 澳洲幸运5官方开奖结果体彩网:brick-and-mortar locations
• Want a decent 澳洲幸运5官方开奖结果体彩网:annual percentage yield (APY) earning with no pesky account maintenance fees

What Does WebBank Offer?

WebBank offers limited personal banking products and services directly to consumers. Much of the bank’s business lies in its partnerships with other financial companies. WebBank depos🃏it accounts are limited to certificates of deposit (CDs).

All WebBank accounts are insured by the FD🐽IC up to $250,000 per depositor.

Savings Accounts

WebBank offered one savings account before it stopped accepting applications for this product in April 2022: a high-yield online savings account. A minimum deposit of $1,000 was required to open a savings account through WebBank. The account had a decent interest rate set at 0.25% APY. This rate is lower than the 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts, but it was still competitive with what’s offered by many online banks and the national average of 0.42%.

Interest on WebBank’s savings accounts compounded daily. You’d earn slightly more than you would on an account that compounds monthly. The difference is minuscule with smaller balances, but it's much more noticeable if you hold a larger balance in the account.

WebBank didn't charge a monthly maintenance fee on its savings account, but there's a $5 charge for paper monthly statements if you opened one before it pulled the plug on this product.

Certificates of Deposit (CDs)

WebBank also oಌffers CDs or certificates of deposit, which the bank refers to as “time deposiꦍts.”

WebBank’s time deposits require a minimum deposit of $2,500. They come in five terms, ranging from six months to five years. Terms earn from 0.25% to 4.00% APY, which is much lower than 澳洲幸运5官方开奖结果体彩网:the best CD rates on the market.

Customers are subject to early withdrawal penalties if they take out funds before they reach maturity. WebBank customers have ten days to withdraw funds without a penalty when a time deposit reaches maturity.

Other Financial Products Offered by WebBank

WebBank also partners with several well-known financial companies to 澳洲幸运5官方开奖结果体彩网:offer a variety of loans, credit cards, and othe⛎r financing options to consumers. The๊se products aren't available directly through WebBank, but it issues them. WebBank brand partners include:

• Avant
• Cleo
• Collective
• Dell Technologies
• DigniFi
• Domain Money
• Fingerhut
• Gemini
• iCreditWorks
• Ironhorse Funding, LLC
• Jasper
• Klarna
• Lane Health
• Mosaic
• OneMain Financial
• Oportun
• PayPal
• Petal
• Prosper
• Scratch
• Yamaha
• Zip

WebBank Customer Service

Customers who need account s🌜upport can reach WebBank by phone at 1-844-994-2265, Monday through Friday between 9 a.m. and 5 p.m. andꦍ Saturday between 9 a.m. and 1 p.m. MT.

♍Email support is available by filling out a contact form on WebBank’s website. Correspondence is also available by mail to WebBank’s corporate headquarters at 215𝓡 South State Street, Suite 1000, Salt Lake City, UT 84111.

Despite being an online bank, WebBank doesn’t have a mobile app and it doesn’t accept check deposits. The only way to deposit funds to WebBank accounts is through electronic funds transfers or 澳洲幸运5官方开奖结果体彩网:wire transfers. Outgoing wire transfers come with a $25 fee.

How to Bank Through WebBank

Apply through WebBank's website to open an account with the bank. You must be at least 18 years old and a U.S. citizen or legal resident. You’ll be asked to provide personal information when you open an account, including:

• Name
• Address
• Date of birth
• Social Security number or Individual Taxpayer Identification Number (ITIN)

You may also be asked to provide a copy of your driver’s license or other documents for identification ꦕpurposes.

Final Verdict

Banking with WebBank is relatively simple because of its limited account ♓options.

Keep in mind that there are minimum deposit requirements associated with every WebBank account. Other online banks may offe🅠r better rates without the initial financial commitment. WebBank isn’t a practical banking solution because of its lack of checking and savings accounts and other services tha🅷t are offered by most banks. But if you just want a simple CD with no monthly fees, WebBank may be a good supplement to accounts you hold at another bank.

Frequently Asked Questions

Is WebBank a legitimate bank?

WebBank is insured by the Federal Deposit Insurance Corporation (FDIC), so it's a real, "legitimate" bank and your money is safe here. But it's earned only 1.14 out of five stars from customer reviews made to the Better Business Bureau.

Does WebBank affect credit?

Applications to any of WebBank's credit partners will most likely result in a hard inquiry appearing on your credit report. For example, an inquiry should appear like this if you open a credit account with Fingerhut: FINGERHUT/WEBBANK. Likewise, Fingerhut will report your payment activity to the credit bureaus.

What are the ratings for WebBank?

The Better Business Bureau gives WebBank just 1.14 out of five stars based on customer reviews. But Business Insider gives it five out of five stars for trustworthiness.

What credit card company uses WebBank?

WebBank partners with financial companies to issue credit cards. The cards aren't available directly from WebBank. It names 22 partners on its website, including Avant, Dell, Fingerhut, OneMain Financial, PayPal, Petal, and Yamaha Financial Services.

Does WebBank do a hard inquiry?

The lender itself will make a hard inquiry when deciding whether to extend you a credit card or loan. WebBank is simply issuing the card. It's not fronting you the money or the credit line.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks, including products available, interest rates, fees, and accessibility, to ensur💎e that our content helps users make the right decisꦫion for their savings and banking needs.