Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| CD | 2.5 |
| Trustworthiness | 5 |
| Total | 3.42 |
Pros and cons
| Pros | Cons |
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Savings
WebBank pays a higher interest rate than most brick-and-mortar banks, but you can find better rates at the best high-yield savings accounts online.
Its minimum opening deposit is pretty hefty, at
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 of business days for your money to arrive in the other bank account.
CDs
The
WebBank also only has five term length options, while many competitors have more lengths to choose from.
How WebBank works
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 Bank and Discover Bank.
WebBank vs. Ally Bank
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.
WebBank vs. Discover Bank
You might prefer Discover to WebBank because it pays higher rates and doesn't require minimum deposits for checking and Discover 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