The WebBank CD charges standard penalties if you withdraw funds before your CD matures, and it pays higher rates than what you'll earn with a brick-and-mortar bank. But other online banks have the best CD rates. WebBank also only has five term length options, while many competitors have more lengths to choose from.

It did take a while to get an answer, but it was on a Friday" "Thank you for contacting WebBank! Regulation allows for up to 6 transactions per month, and there is a daily transaction limit of $50,000 online. We allow for one external account (the initial funding account) to be linked to your WebBank account. There are no fees associated with closing a savings account. The only potential fees to incur with a savings account are the outgoing wire fee of $25 and the paper statement fee (per request) of $5. The application for the savings account takes approximately 10-15 minutes to fill out and any ACH transfers (including the funding transaction) typically take about 2-3 business days. Once you complete the application, you will be asked to enroll in online banking to receive any future statements online. When this is complete, you will have access to your account through our website. If you have any further questions, feel free to call the number listed below!"

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.