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So Far So Good.
Opened for 1 week. Ach transfer was fast. Bank opened in August. Phone line people answered. Only app to access account. But everything went fine. Currently paying 5.5 rate no complaints.
Very Unusual Online Bank
Just opened my account a week ago (9/3/24) and so far so good but i find it unusual to have an online only bank be only be run using a mobile app for all transactions. You apply online which was straight forward but then you need to download their app to make deposits/transfers which is fine but no option for web based access which I use a lot for my other banks. Its a fairly new (2024) branch of Intercredit Bank. No other product besides the HY savings (5.5%) at this time.
Top Returns, Bad Overall
I'm usually on top of high yield savings accounts. I have used Wealthfront (5% yield) for a long time now and found this one and decided to give it a try. The return is indeed higher but in my opinion, not worth it.
1. No web account management. The website is only to promote themselves. Once you're a customer, there's only a phone app for your account and a very primitive one that feels like a prototype, more than a production ready app.
2. Takes too long if you need the funds. I requested a transfer 4 days ago and still haven't received it! Wealthfront does it on the same day, which is not common. But with most savings accounts I have tried, at least you get the funds next day. Like other reviews have mentioned, you talk to customer service and the answer is: "just wait".
So yes, you get a marginally higher rate, but it comes at a price. Not worth it in my opinion.
Not Sure What This Is...
First: it's a mobile app only.
Second: cannot make any transactions.
Third: Customer Service says, yes that's correct, wait a few hours.
What?
Data as of Q2 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 25258 |
| Year Established | 1984 |
| Employees | 114 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -1.29% |
| Return on Equity - YTD | -16.49% |
| Annual Interest Income | $15.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $602.7MM$577.5MM |
| Loans | Q2 2024vs Q2 2023 | $423.9MM$429.4MM |
| Deposits | Q2 2024vs Q2 2023 | $504MM$487.3MM |
| Equity Capital | Q2 2024vs Q2 2023 | $50MM$41MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $7.2MM$7.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $3.4MM$3.9MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$113K |