Elevault Mobile Banking Review
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Searching for the perfect mobile banking solution? Elevault could be your ticket to hassle-free money management. Keep reading to find out more.
Overall Score | 3.8 | ||
Savings | 3.0 | ||
Fees | 5.0 | ||
Mobile App | 3.5 | ||
Pros and Cons
- High APY
- No monthly fees
- No overdraft charges
- Mobile-only banking
- No physical locations
- No ATM card
Bottom Line
Mobile-only app that offers savings product with a high APY
Elevault can help you manage your finances better with a few taps on your phone. It also boasts a great rate, no fees, and digital tools to meet your spending and savings goals.
But what's the catch? Well, Elevault is accessible on mobile devices only. And there's a maximum balance limit, which may not work for big savers or investors.
Keep reading to find out more about Elevault's unique features and limitations.
What is Elevault?
Elevault is a mobile banking app developed by TeamWALT, the division in charge of innovative solutions at Southern Bancorp.
It doesn't use traditional accounts. Instead, all your money is kept and organized in one place, making it simple to allocate funds according to your budget and savings goals.[1]
Think of Elevault as both a checking and savings account. You can easily split your money into different categories like savings, spending, expenses, etc.
Elevault
- 4.60% APY
- No monthly fee
- No overdraft fee
- FDIC-insured up to $250,000 per portfolio through Southern Bancorp (Member FDIC)
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Elevault:
Who is Elevault Best For?
Elevault caters to tech-savvy individuals who prefer handling banking tasks on their smartphones. It's ideal for those saving for multiple financial goals and seeking better organization.
It's also a great option for those aiming to maximize their earnings while staying within the $50,000 maximum balance limit.
That said, Elevault isn't for everyone.
Who Should Skip Elevault
If you have a large balance and want to earn a good interest rate, you might find better options elsewhere. And if you need access to ATMs or physical branches, Elevault is not the best fit. Elevault is a mobile-only app without ATM cards or online banking through a website.
Explore alternatives such as online banks, traditional banks, or credit unions if you're seeking access to a wider range of services.
If you're still on the fence about Elevault, however, weigh the pros and cons to decide if it's for you.
Pros and Cons
Pros
- Competitive APY
- No monthly fees
- No overdraft charges
- Digital budgeting tools
Cons
- Mobile-only banking
- No ATM card/access
- No physical locations
- No online banking through website
- Max balance of $50,000 to earn the APY
Account Features
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With Elevault, you can earn a great APY, helping your savings grow faster. It comes with digital budgeting tools to help you manage your funds better.
You can even organize and split your money into different vaults (which are like virtual money envelopes), perfect for those with multiple financial targets.
You can also:
- Easily send and receive money by adding friends and family to your Connections
- Share vaults with Connections (for expenses or savings goals)
- Set up direct deposit
Note that the daily deposit limit is $2,500 and you'll only earn interest on balances up to $50,000. [2]
Fees to Look Out For
Elevault boasts no fees, overdraft charges, or hidden costs. You can easily manage your account and save money more effectively.
Here's how you can add funds to start saving.
Depositing and Withdrawing Funds
To add or withdraw funds from your account, you can use the Move Money feature. It lets you transfer funds between your Vaults, Connections, or your linked external bank account.[3]
Unfortunately, Elevault currently does not allow physical or mobile check deposits.
Is Elevault Worth It?
If you're a mobile banking user looking to make some extra cash effortlessly, Elevault is a good choice. You can earn a solid APY on balances up to $50,000.
But if you have more money than that, try looking into online banks instead. They often offer equally impressive rates and account features, with better accessibility and fewer restrictions.
If you find that Elevault's worth it, here's how to open an account.
How to Open an Account
To create an Elevault account, download the app from the App Store and follow these steps:
- Prepare the necessary information and government identification.
- Launch the app and fill out the account application form.
- Submit and fund your account.
Note that you'll need to scan a valid ID for identity verification.
Is Elevault Safe?
Yes, it is. Elevault is backed by Southern Bancorp Bank which is an FDIC member. This means that your deposits are protected up to $250,000 per depositor, per ownership category.[4]
So, you can relax knowing that if anything were to happen to Elevault, your money is safe and you'll get it back.
Elevault Customer Service
If you have any questions or concerns, you can reach out to Elevault Support through the following:[5]
- Email: support@elevault.app
- Phone: 844-439-9258
- Live chat on the Elevault website
Customer support is available from Mondays to Fridays, 8:30 AM to 4:30 PM CST. Messages sent during off hours will be addressed the following business day.
Having said all this, if you find that Elevault doesn't seem quite right for your needs, you can check out its competitors instead.
How Elevault Compares
High-Yield Savings Premier - 4.46% 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 CY924 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 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% 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 - 4.50% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.40% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bottom Line
Elevault provides a savings portfolio with an impressive APY and no hidden fees. Users can also efficiently organize their savings goals without the need for multiple accounts. However, it is only accessible on mobile devices.
If you need a wider range of services and features, you can try looking into online banks instead.
References
- ^ Elevault. About, Retrieved 02/29/2024
- ^ Elevault Support. Deposit limits, Retrieved 06/15/2024
- ^ Elevault. FAQ: How do I move money in Elevault?, Retrieved 06/15/2024
- ^ FDIC. Southern Bancorp Bank, Retrieved 08/06/2024
- ^ Elevault. Contact us, Retrieved 08/06/2024
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 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 01/31/2025.
- 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.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
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*
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 deposits(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 are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 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 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% 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
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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