WebBank review: There are no monthly fees, but drawbacks like high minimum deposits mean it isn't for everyone

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  • WebBank (Member FDIC) is an online bank that offers a savings account and CDs.
  • There are no branch locations and no mobile app, so you can only bank from your web browser.
  • You'd have to transfer money from WebBank to an external bank to access your funds, and WebBank charges a $25 outgoing wire transfer fee each time.
  • WebBank is mainly good if you get credit cards or loans through the bank and want to do as much of your banking with the same institution as possible.
  • See Business Insider's picks for the best online banks »

Will you like using WebBank?

You might like WebBank if you:

  • Are comfortable banking digitally
  • Don't mind not having a mobile app
  • Get credit products from WebBank and want to do most of your banking with the same institution

You might not like WebBank if you:

  • Aren't comfortable banking digitally
  • Want to bank with a mobile app
  • Are looking for the highest savings and CD interest rates
  • Want to open a checking account
  • Need to deposit cash
  • Need quick access to your savings
  • Regularly transfer money from savings to another bank account

The bottom line: You can find better online bank accounts elsewhere. But you might like banking with WebBank if you have a branded credit product and want to bank with and borrow from the same business.

WebBank Savings review

WebBank Savings Account

WebBank WebBank Savings Account

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

WebBank WebBank Certificate of Deposit

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.

How WebBank compares to similar banks

We've compared WebBank with two other online banks with bank accounts and credit products: Ally and Discover.

WebBank
Ally
Discover Bank

Account types

Savings, CD

Account types

Savings, CD, checking, money market account

Account types

Savings, CD, checking, money market account

Savings APY

0.25% APY

Savings APY

0.80% APY

Savings APY

0.70% APY

CD APY

0.10% to 0.25% APY

CD APY

0.20% to 1.00% APY

CD APY

0.25% to 0.95% APY

Minimum deposits

$1,000 or $2,500

Minimum deposits

$0

Minimum deposits

$2,500 for CD and money market account

Open accountOpen accountOpen 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.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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