Update 8/12/19: Rate lowered to 2.2% APY
Update 8/5/19: Rate lowered to 2.45%.
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.
And now down to $1.86%. The people at this bank are very friendly but the lack of an app is frustrating to my husband. If you don’t log in frequently they will lock your account and you have to call and have it reset. This would be much easier with a mobile app to check in regularly. With the rates being comparable to other high yield savings accounts I would recommend you pick one that has an app. We are currently shopping out the other high yield accounts because of that one detail alone.
Looks like the rate is now 1.95%…
2.20% now
Wow, quite a drop. Thanks for the update
Appears to now be at 2.45%
Updated, thanks
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.
Agreed
With the fed holding rates where they are for the time being, I wouldn’t expect to see savings rates go much higher
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.
It looks like they do not integrate into Mint.com. Sadly a deal breaker for many.