Posted by Chuck on May 22, 2019
High-Yield APY Accounts no image

Published on May 22nd, 2019 | by Chuck

5

WebBank 2.50% APY High Yield Savings Account [Nationwide]

Offer at a glance

  • Interest Rate: 2.50% APY
  • Minimum Balance: $1,000
  • Maximum Balance: None stated ($500,000 max initial deposit)
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None (ACH funding only)
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer (toggle to ‘high yield savings’) | Terms (pdf)

  • WebBank offers a high yield savings with an interest rate of 2.50% APY.

 

The Fine Print

  • The minimum deposit required to open and maintain a Savings Account is $1,000. If your account balance falls below this minimum amount, your Savings Account will be closed and the balance of the funds remaining in the Account will be returned to you in a manner deemed appropriate by us. Funding must be initiated using electronic funds transfer, also known as ACH, at the time of account application.
  • The maximum initial funding limit per account is $500,000.
  • Initial funding must be via electronic funds transfer.

Avoiding Fees

This account has no monthly fees.

Our Verdict

We added this at some point to our list of Best High Yield Savings Accounts at 2.45%, and they’ve now increased the rate to 2.50% which matches the very best interest rates on simple accounts currently available. If anyone has used this bank, please share your experiences in the comments below.

 



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Steve
Steve

It looks like they do not integrate into Mint.com. Sadly a deal breaker for many.

Mikey
Mikey

I pay close attention to each and every bank account post. But I wonder if the banks do. Here’s yet another 2.5% account. Millions have been already parked at this rate at various banks for months. Yet for some reason we continue to wait for banks that want new funds enough to step up and offer 2.6% or 2.7%. Without a rate drop where we currently bank there’s no incentive for us to open a new account since it’s for the same rate. Hey banks, want to generate lots of business? Then try offering more. There are lots of us out here ready to move our 2.5% funds to you.

Chris
Chris

Agreed

Noah
Noah

With the fed holding rates where they are for the time being, I wouldn’t expect to see savings rates go much higher

More Info
More Info

Actually with treasury interest rates dropping, this move to 2.50% is impressive and likely one of the last in this cycle. 10 year treasuries are lower than they’ve been in the last 18 months and on a steady march down (by nearly 1%) since December 2018. Good luck hoping for higher than 2.50%, it’s become much less likely.

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