Always verify rates and promotions with the bank or credit union. We are not WebBank; we are a rate comparison website and while our data is updated regularly, we cannot guarantee official rates or promotional info.
Get a birds eye view of WebBank branch locations. Learn about country, state and even county specific market share to see how competitive WebBank is in certain regions. Also checkout deposit totals and number of offices by region.
Very good experience opening a CD. Probably one of the quickest, simplest online methods I've experienced yet. The CD account webpages are from a common format which I've seen in other institutions. Another plus, as I immediately knew how to get around. A small Internet bank, and somewhat laid back when communicating via phone. If they would have broader ACH transfer rules, I'd be tempted to move my online savings accts. to them.
I opened the savings account 3 months ago and didn't encounter any problems when opening the account. Inbound or outbound transfers usually take 1 day to clear compared to other banks. I was forced to change my password last week. This scared me a little bit because why I had to change my password suddenly. It would be nice if WebBank can provide 2-factor authentication. Updated 10/04/2019: I was forced to change my password again after logging on WebBank today. It seems like I have to change my password every 2 months. I'm not sure my account is properly safeguarded or not. Why do I have to change my password so often?
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 $1,000. Most brick-and-mortar banks require significantly less, and many online banks don't require an opening deposit at all. 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.