CloudBank 24/7 Review
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Want to boost your savings with a high-yield account from a digital bank? Check out CloudBank 24/7's impressive rate via Raisin.
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Overall Score | 3.5 | ||
Savings | 5.0 | ||
CD | 2.0 | ||
Mobile App | 3.5 | ||
Pros and Cons
- Impressive rate on high-yield savings account
- Simple online banking platforms
- Limited product range
- Low rates on CDs
Bottom Line
All-digital bank that offers CDs and a high-yield savings account
Looking for an all-digital bank to grow your money effortlessly? CloudBank 24/7 may be your best bet.
They offer several savings options, including an exclusive high-yield account through Raisin. Now, let's take a closer look at CloudBank 24/7!
What is CloudBank 24/7?
CloudBank 24/7 is a digital banking service by Third Coast Bank, an FDIC-member bank. They provide an easy-to-use online banking experience on their website and mobile app.
However, their product range is limited compared to other digital banks, featuring only CDs and an exclusive high-yield savings account available through Raisin.
High Yield Savings Account - 5.19% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
Pros and Cons
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Pros
- Impressive rate on high-yield savings account via Raisin
- Simple online and mobile banking platforms
- Protected by FDIC insurance
Cons
- Limited product range
- No physical branches/ATM access
- Low rates on CDs
- High opening deposit for CDs
High-Yield Savings
CloudBank 24/7 offers a great deal with its High Yield Savings Account through Raisin, featuring a competitive APY. It's a solid choice for anyone looking for a purely digital banking experience.
Plus, there are no monthly fees or balance requirements, and you can start with just $1.
Raisin is an online platform that partners with different banks to provide savings products with good rates and low account minimums. This means you can open and handle multiple savings accounts, money market accounts, and CDs all in one place.
How to open an CloudBank 24/7 account via Raisin:
- Go to CloudBank 24/7 on Raisin to find their high-yield savings offer.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product ($1 minimum deposit).
Certificate of Deposit
CloudBank 24/7 offers a 15-month CD for those who are okay with locking in their funds for some time. But, it has a low rate. [1]
To open an account, you'll need at least $1000, and withdrawing early incurs penalties.
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with CloudBank 24/7:
How CloudBank 24/7 Compares
High-Yield Savings Premier - 5.31% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High-Yield Savings Account - 5.19% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 5.18% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Is CloudBank 24/7 Safe?
CloudBank 24/7 is safe as it is a division of Third Coast Bank, an FDIC member. This means deposits at CloudBank 24/7 are federally insured up to $250,000 per depositor, per ownership category.[2]
So, even if CloudBank 24/7 were to fail, you'd be covered up to the maximum limit allowed by law.
Who Is CloudBank 24/7 Best For?
If you're all about digital banking and saving money, CloudBank 24/7 is a solid choice. They're great for anyone looking to open a savings account, especially with an impressive high-yield option through Raisin.
But, CloudBank 24/7 might not be the best for high CD rates or easy access, as their CD offer is low and they lack physical branches and ATMs. Consider online banks or credit unions for better options.
Why Open an Account Through Raisin?
CloudBank 24/7's High Yield Savings account is exclusively available through Raisin only. The bank doesn't directly offer this type of savings account.
High Yield Savings Account - 5.19% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
Plus, Raisin offers access to a variety of partner banks and financial products, giving you numerous options if you decide to open additional accounts later on. Managing multiple accounts becomes convenient because they are all on one platform.
Bottom Line
CloudBank 24/7 offers a completely digital banking experience. But, its product range is limited. However, their High Yield Savings account through Raisin is definitely worth considering.
But, if you're focused on earning high CD rates or seeking better accessibility and a wider range of banking services, you'll likely find more suitable options elsewhere.
References
- ^ CloudBank 24/7. CDs, Retrieved 04/20/2024
- ^ FDIC. Third Coast Bank, Retrieved 07/15/2024
High Yield Savings Account - 5.19% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 9/30/2024.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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