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Great APR With Some Limitations
$2500 daily limit for deposits. That includes your initial one. Also, $40k maximum in account.
Is This Too Good To Be True?
i called Southern Bank corp, mother company which is FDIC approved and they vouch for the company.
is this 5.5% interest rate too good to be true.
it was super easy to open an account.
no fees what so ever
unlimited withdrawals
no atm associated with bank
they been around 3 yrs
anyone else know about this?
Great APY, Just Don't Die
Applying in the ios app ONLY (and no web app) was incredibly fast and simple, I added my external bank that took 2 business days to verify trial deposits, it did throw me off a bit when right after I signed up and added my external account, as I could not see anything else until I verified the trial deposits in the app. The app reminds me of Simple Bank. When I looked at my Elevault account and routing #, it was labeled as a checking account. I found out it does NOT have: joint accounts, VOIP support at all, bill pay, checks/check deposit, debit card, or beneficiaries. I couldn't find any fees with this account, not even dormant fee, pretty impressive. You can only push/pull $2,500 from the account and account limit it $40K. You can push/pull all you want up to $40k from external account. It's unlimited transfers as it's a checking account. I did ACH in from Elevault today the 16th and it said they placed a hold on it till the 19th, so it's average for ACH I would say. TOS did say, may or may not do a up to 7 business day hold. You can link up 2 to external account at a time. Phone support M-F morning to evening, email, and secure message with option for attachments. They were real quick to respond to email and secure message, didn't try phone.
My only pause is no POD beneficiaries as even challenger banks have that. It looks like the high APY is just to get you in the door, so enjoy it while it lasts.
Very Strange
I found that this bank has iPhone app ONLY ! No website, no Android app. Weird.
Data as of Q2 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1528 |
| Year Established | 1884 |
| Employees | 505 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.8% |
| Return on Equity - YTD | 6.02% |
| Annual Interest Income | $62.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $2.64B$2.47B |
| Loans | Q2 2024vs Q2 2023 | $1.64B$1.54B |
| Deposits | Q2 2024vs Q2 2023 | $2.01B$1.96B |
| Equity Capital | Q2 2024vs Q2 2023 | $348.6MM$328.6MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $19.8MM$19.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $8.9MM$6.7MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $2.2MM$375K |