Overview / Commentary
215 S State St, Suite 1000
Salt Lake City, UT 84111

WebBank is the 655th largest bank in the nation. It was established in 1997 and as of June of 2022, it had grown to 199 employees. WebBank has an A+ health rating.

Reviews (6)

Extra Info On Setting Up This Account

Posted by: |

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: |

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 New Password Every Two Months

Posted by: |

I opened the savings account 3 months ago and didn't encounter any problems when opening the account. Inbound or outbound transfers usually take 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.

Updated 10/04/2019:
I was forced to change my password again after logging on WebBank today. It seems like I have to change my password every 2 months. I'm not sure my account is properly safeguarded or not. Why do I have to change my password so often?

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 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: |

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.


Data as of Q2 2022

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

FDIC Certificate #34404
Year Established1997
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.88%
Return on Equity - YTD16.42%
Annual Interest Income$65.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.63B$2.65B
LoansQ2 2022vs Q2 2021$1.24B$2.36B
DepositsQ2 2022vs Q2 2021$1.19B$411.0MM
Equity CapitalQ2 2022vs Q2 2021$264.9MM$235.6MM
Loan Loss AllowanceQ2 2022vs Q2 2021$16.5MM$15.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$7.8MM$3.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0

Sorry, we do not have rate data for WebBank.


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

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