WebBank was established back in 1997 with its headquarters located in Salt Lake City, Utah. As an industrial state-chartered FDIC insured bank, it primarily offers financial services for savings and time deposits. But due to its many partnerships, clients can also apply for business loans, personal loans, and credit cards through this bank.
WebBank is a fully online financial institution with no physical locations and branch offices. This makes it readily available to anyone within the United States; however, it’s considered a big downside by those who prefer brick-and-mortar banking.
The bank can only be accessed through the secured browser, meaning that no mobile app is available at the current moment.
WebBank has numerous business associations and memberships, including, but not limited to:
- National Association of Industrial Banks (NAIB)
- University of Utah/Opportunity Scholars Program
- Utah Community Reinvestment Corporation
- Utah Bankers Association (UBA)
- Utah Association of Financial Services (UAFS)
- Economic Development Corporation of Utah
- Commercial Finance Association (CFA)
As of 2013, WebBank has been accredited by BBB, meaning that it meets high business ethical standards.
Financial Products Offered by WebBank
WebBank became distinguished due to its high annual percentage yields (APYs) on savings accounts and lower fees associated with most of its financial products.
Related: Checking Account Offers
Applying for a savings account is straightforward. You will need to provide basic personal information, name, valid address, social security number, and employment status, among others, and leave a minimum deposit of $1,000. You will gather daily interest, which can help you quickly increase your savings.
Related: Savings Account Offers
WebBank’s time deposits have 5 maturity terms:
- Six months
- One year
- Two years
- Three years
- Five years
Your APY will be higher than average, and you’ll receive daily interest.
Various Loan Offers
While the bank’s offers to the consumers are limited to certificates of deposit (CDs) and savings accounts, through its branded partnerships, WebBank provides both traditional and alternative loans:
- Credit cards
- Personal loans (See Offers)
- Business loans
- Fresh Start loans for poor credit
- Alternative loans for merchandise financing
- Auto repair loans
- Auto refinance loans (See Auto Loans)
- Solar and home improvement loans
The application requirements are relatively low compared to many other issuers, so most consumers could easily apply even with a low credit score.
Main WebBank Partners. Types of Credit Cards and Loans Offered
A closer look at some of WebBank’s most reputable partnerships and financial product offers.
As previously mentioned, WebBank is partnered with numerous brands and companies to offer better convenience and financial product versatility to consumers.
Some of the bank’s main partners are as follows:
Through Avant, WebBank offers personal installment loans, which are often used for larger purchases and feature no penalties for prepayment. The loans can go up to $75,000, depending on your credit score, income, and overall financial status.
Consumers can also apply for the AvantCard credit card from the Mastercard network. The application requirements are relatively low.
CAN Capital is partnered with WebBank for offering working capital loans to SMBs. The loan amount in question varies by the applicant and can go up to $250,000. Applicants will typically receive a notification about their application status within a few hours.
Jasper (formerly CreditStacks)
Through its partnership with Jasper Card, WebBank offers Mastercard cards that are primarily designed for business professionals who relocated to the US. No credit check and social security number are required, although the SSN will need to be provided 60 days upon card activation.
Dell Financial Services
Consumers can apply for a Dell Preferred Account credit card with no annual fees or Dell Business Card for SMBs through WebBank.
DigniFi provides auto-repair flexible installment loans through WebBank. The loan can go up to $7,500, depending on the applicant’s qualifications, and if it’s repaid within 60 days, no interest fees will have to be paid.
Both of these financial products are primarily aimed at those with no credit history, poor credit, or limited credit. They can only be used for purchasing items from the Fingerhut online catalog.
Consumers can apply for the Petal Visa credit card with no annual fees through WebBank. The Petal credit card comes with favorable cashback rewards and virtually no fees. It’s available to those with average credit who want to build up their score.
WebBank has numerous other partnerships for providing its customers with financial products and services. If you’re interested in learning more about them, you can visit WebBank’s site.
Application Requirements at WebBank
WebBank offers numerous financial products and services through its partners. Here is the necessary information about application requirements that you’ll need to be aware of.
Since WebBank mostly offers financial products and services to SMBs and individuals with an average to low credit score, the requirements for approval are relatively small compared to other issuers.
However, keep in mind that the application requirements will vary depending on which financial product you’re applying for and which of WebBank’s partners provides the said product.
The basic requirements that all applicants must meet include:
- The applicant must be of legal age (18+);
- Must provide a valid, current US address;
- The applicant must be a legal resident of the United States;
The application process is relatively straightforward, regardless of which of WebBank’s products and services you’re applying for. As a general rule of thumb, you’ll need to provide the following information:
- Your full name
- Date of birth
- Your social security number
- Your valid, current US address
- Employment status
- Annual income
Since those who are applying for a Jasper credit card (formerly CreditStacks) through WebBank are often individuals relocated to the US, their application requirements are somewhat different.
They will need to provide their passport and visa information, proof of income in the US, and their work address. The social security number will need to be submitted up to 60 days upon card activation.
Having an account with WebBank offers numerous advantages. Let’s take a closer look at some.
- Competitive annual percentage yields (APYs) on certificates of deposit and savings accounts
If you open a CD or a savings account with WebBank, you can enjoy collecting greater interest rates than average, which can easily accumulate and result in excellent yield.
- No monthly fees
Neither WebBank’s time deposits nor the savings accounts are accompanied by monthly maintenance fees.
- Interest compounds daily
Both time deposits and savings accounts receive daily interest, which will help your accounts grow much more quickly than average.
- Lenient application requirements
For WebBank’s own financial products and those offered through brand partnerships, application requirements are very lenient, ideal for those with average and low credit scores.
- Fast approval speed
Whichever account or line of credit you apply for through WebBank, you can rest assured that you’ll receive a notification about your application status very quickly. In most instances, you’ll know where you stand within mere hours.
No financial institution is perfect, and WebBank has a few disadvantages that some consumers may not enjoy.
- No brick-and-mortar location
WebBank is a fully online bank with no physical location. While many don’t mind this, it becomes difficult resolving issues that need face-to-face interaction.
- No mobile app
WebBank can only be accessed through its secure browser. No mobile application is available, which is a considerable downside for an online bank.
- Very high minimum deposit
Those who want to enjoy the great APYs that come with WebBank’s savings accounts will need to make a very high minimum deposit of $1,000.
- Customer support can be confusing.
Since WebBank offers numerous financial products and services from brand partners, many consumers have a difficult time understanding who to contact in case there are any issues.
How to Get in Touch with WebBank
Since WebBank only offers online banking services, its customer service representatives can only be reached via phone or through the website.
Phone number: 1-844-994-BANK (2265)
Office hours: Monday – Friday 8:00 am – 5:00 pm MT
Online contact form: https://www.webbank.com/contact-us
The Final Word
As an online bank, WebBank is accessible to all consumers within the United States. Its original financial services include time deposits and savings accounts, while loans and credit cards are offered through their brand partnerships.
Although its offer to consumers is limited, the bank can be a good choice for those who want to get the most from their savings through high APYs and low fees.
WebBank Offers Recap
WebBank FAQs. What People Ask about Webabnk Credit Cards
WebBank only offers credit cards through its brand partners, and currently, one of the credit cards for poor credit comes through Fingerhut (review).
Fingerhut card is a shopping credit card that allows consumers with a poor credit score to easily get approved. The only drawback is that the card can solely be used for purchasing items from Fingerhut’s catalog.
If you have no credit history, you can try to apply for WebBank’s Petal credit card. It’s a nice starter card that can help to build up your credit score. If you are a professional traveling to the USA – you should consider Jasper Mastercard offer.
WeBank has many more cards to offer – check the Webbank card listing which is often updated.
WebBank is generally considered to offer favorable rates and fees on its savings accounts and time deposits. You will have no monthly maintenance fees on either of these accounts. The only fees you’ll encounter are outgoing wire fee and paper statement fee.
As far as personal loans and credit cards are concerned, it all depends on the WebBank’s strategic partner, and your credit history and financial status. Different fees will follow different financial products you acquire through WebBank.
You will not be able to access your WebBank account from a foreign country because WebBank is only offered within the United States.
If you have a credit card that you’ve acquired from WebBank through one of its strategic partners, you will have to check with the specific partner to see whether your card can be used abroad. Keep in mind that even if your credit card can be used abroad, this isn’t always a smart choice. Many credit cards have foreign transaction fees that can easily accumulate. It’s best only to use a no foreign transaction fee credit card if you’re traveling abroad.
Unfortunately, WebBank doesn’t currently have a mobile app that consumers can use. WebBank can only be accessed through its secure browser.
This is considered to be a major downside for WebBank as it’s solely an online bank with no brick-and-mortar branches or offices.
Since WebBank has only the savings accounts and time deposits in its original offer, applying for a credit card or a loan will need to be done through their strategic partners. You will need to check whether you meet the application requirements imposed by the partners and fill out an online form with essential personal information.
Different WebBank’s partners have different application requirements, and your loan and credit limits will depend on your unique credit score and financial status.