WebBank


Overview / Commentary
801-456-8350
215 S State St, Suite 1000
Salt Lake City, UT 84111

WebBank is the 966th largest bank in the nation. It was established in 1997 and as of March of 2019, it had grown to 106 employees. WebBank's savings rates are 4X the national average, and it has an A health rating.

Related Posts

WebBank's High-Yield Savings Glides Into 2.50% APY - 5/16/2019

WebBank (internet bank) has raised the rate on its High-Yield Savings Account to 2.50% APY. $1k min opening deposit and min balance. Initial funding capped at $500k.

WebBank Ups High-Yield Savings To 2.45% APY - 4/20/2019

WebBank (internet bank) has raised the rate on its High-Yield Savings to 2.45% APY. The minimum deposit required to open and earn the stated APY is $1k.

Savings Account, 2.45% APY - 4/19/2019

Savings account now earns 2.45% APY on balances of $1,000 and above. Minimum opening deposit is also $1,000. Internet bank for those "who are 18 years or older, have a valid Social Security Number or Individual Taxpayer Identification Number, and have a physical street address in the US."

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Reviews (6)

Extra Info On Setting Up This Account

Posted by: GEO | Jun 19, 2019

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!"

Opened Online CD

Posted by: zaqxsw | Apr 25, 2019

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.

Need 2-Factor Authentication

I open the savings account 3 months ago and did not encounter any problems when opening the account. My transfers in from my funding bank usually takes 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.

Stay Away

They advertised 2.5% apy when I signed up and I even verified it with them via email. They lowered it to 2.45% before my first statement cycle, so I never got the 2.5% apy. This amounts to false advertising and fraud. Also their whole system is embarrassingly outdated. Their security system is weird. Stay away! It's like using web 1.0. Pretty funny for a bank that has WEB right in the name!

If You Travel DO NOT BOTHER

if you ever leave the country and expect to get access to your money - even log in to initiate transfers to your checking account DO NOT SIGN UP FOR THEIR PRODUCTS!!!!!

They do not give you access if you are outside the US! STAY AWAY

Not As Good As You May Think.

Posted by: Targy | Jun 22, 2019

They want you to send ACH them a $2500 "deposit"- half way thru the CD application. This is buying a pig in the poke, & with too many "unknowns" yet to be determined. e.g. like cancelling out on the application while they have my $2500 in their clutches.



Health

Health Grade Components

Overall
FDIC Certificate #34404
Year Established1997
Employees106
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD4.92%
Return on Equity - YTD28.6%
Annual Interest Income$23.2MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$807.7MM$622.0MM
LoansQ1 2019vs Q1 2018$541.1MM$310.5MM
DepositsQ1 2019vs Q1 2018$638.1MM$504.2MM
Equity CapitalQ1 2019vs Q1 2018$145.8MM$106.8MM
Loan Loss AllowanceQ1 2019vs Q1 2018$22.4MM$7.0MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$4.4MM$1.9MM
Real Estate OwnedQ1 2019vs Q1 2018$0$0
Rates
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WebBank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$1k$500kSavings

WebBank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.55%$2.5k$500k5 Year CD
2.45%$2.5k$500k3 Year CD
2.35%$2.5k$500k2 Year CD
2.25%$2.5k$500k1 Year CD
1.95%$2.5k$500k6 Month CD
Locations

WebBank is an Internet only bank and does not have branch locations. Its headquarters is located at 215 S State St, Suite 1000 - Salt Lake City, UT 84111

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.