CloudBank 24/7 High Yield Savings Account

CloudBank 24/7 High Yield Savings Account Review

CloudBank 24/7 High Yield Savings Account is offered by Third Coast Bank SSB, a bank founded in 2008 and based in Humble, TX. CloudBank 24/7 High Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.26%, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $1 to open an account.

CloudBank 24/7 High Yield Savings Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card No signup bonus.

CloudBank 24/7 High Yield Savings Account FAQ

Are savings accounts from Third Coast Bank SSB federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Third Coast Bank SSB offer a signup bonus?

CloudBank 24/7 High Yield Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for CloudBank 24/7 High Yield Savings Account?

The minimum deposit to open a CloudBank 24/7 High Yield Savings Account is $1.

CloudBank 24/7 High Yield Savings Account Minimums

Description
Minimum Balance to Earn APY	$0
Minimum Opening Deposit	Starting at $1

What APY does CloudBank 24/7 High Yield Savings Account offer?

CloudBank 24/7 High Yield Savings Account offers an APY of 5.26% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does CloudBank 24/7 High Yield Savings Account charge?

CloudBank 24/7 High Yield Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does CloudBank 24/7 High Yield Savings Account offer?

This savings account includes the following features:

• Mobile Banking Services - CloudBank 24/7 High Yield Savings Account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to CloudBank 24/7 High Yield Savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for CloudBank 24/7 High Yield Savings Account?

The customer support email for CloudBank 24/7 High Yield Savings Account is customerservice@tcbssb.com.

How do people rate the customer service and user experience of CloudBank 24/7 High Yield Savings Account?

Overall, CloudBank 24/7 High Yield Savings Account is strongly recommended based on community reviews that rate customer service and user experience.