Review of CloudBank 24/7 High Yield Savings Account
By: Conor Keenan Last updated on June 28, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Read our review & open a new savings account with confidence. CloudBank 247 is FDIC insured up to $250,000 per depositor. Fund your new account & take advantage of the power of compound interest today!
4.26% APY
On Raisin's Secure Site
for CloudBank 247, FDIC Insured
Best For: High APY + Fully Digital Experience
CloudBank 24/7 is a fully digital bank that is backed by Third Coast Bank SSB, which operates out of Texas.
Exclusively through the Raisin Platform, their high-yield savings account offers 4.26% APY.
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
Interest compounds daily and is posted to your account monthly.
In addition to this high APY, CloudBank offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
See Raisin's Secure Site for Cloudbank 24/7 For More Details.
Main Benefits You Get with CloudBank 24/7 High Yield Savings Account
Competitive APY:
CloudBank 24/7 offers 4.26% APY exclusively through the Raisin Platform on their high yield savings account.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
Low minimum balance requirement:
Anyone with $1 can open a CloudBank 24/7 high yield savings account through the Raisin Platform. This minimum balance is much lower than some other savings accounts that can charge you up to $5,000 or more to open an account.
No monthly maintenance fee:
In addition to this high APY & low minimum balance requirement, CloudBank 24/7 offers $0 monthly maintenance fees & unlimited withdrawals.
Customer service:
CloudBank 24/7 has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, and responsive customer service team based in New York, NY.
FDIC insured:
CloudBank 24/7 is federally insured by the FDIC. This covers you for as much as $250,000 per depositor in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.
These features plus the sky high APY make this account a rare offer.
APY
4.26%
- High-Yield Savings Account
- Min. initial deposit: $1
- 4.26% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Digital Bank Prioritizing Security & Convenience
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site
for CloudBank 247, FDIC Insured
Open Your New Account with CloudBank 24/7 Now
Customers Also Viewed These High-Yield Savings Accounts From Our Partners
While CloudBank’s high-yield savings account is a compelling choice, it’s crucial to consider other options as well. Different banks offer various features and benefits, and exploring these alternatives can help you find the best fit for your financial needs.
APY
3.90%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 3.90% APY
- APY as of December 05, 2024
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
APY
3.90%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 3.90% APY
- 5x National Savings Avg*
- Mobile Check Deposit
- No Monthly Fees
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover's Secure Site, Member FDIC
APY
4.55%
- High Yield Savings Account
- Balance for APY: $5,000
- 4.55% APY
- No Monthly Service Fees
- Earn a Higher APY with a Higher Min. Balance
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.90% APY as of December 05, 2024
Discover® Online Savings Account: 3.90% APY
CloudBank 24/7 High Yield Savings Account, Powered by Raisin
CloudBank 24/7 uses the secure Raisin platform to offer savings products like their high yield savings account to savers nationwide. This partnerships allows CloudBank 247 the ability to offer its high APY to more savvy savers.
Customers open accounts at Raisin.com, and the platform manages all aspects of the products offered by CloudBank 24/7, including a customer’s deposits and withdrawals, statements and any customer service needs.
In simple terms, Raisin provides you exclusive access to a special selection of CloudBank 24/7 products. Best of all, Raisin is completely free!
Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. They use a host of cybersecurity & bank level protection measures to protect your funds and sensitive information.
Choice: Savings products from the Raisin network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.
Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.
Service: A supportive, accessible, and responsive customer service team based in New York, NY, sets Raisin apart.
Access: Enjoy 24/7 online access to your account and funds.
Brief History of CloudBank 24/7:
CloudBank 24/7, founded in 2018, is a fully digital bank and is backed by Third Coast Bank SSB, which operates out of Texas.
As a digital bank they give customers an easy digital banking experience to help them reach their financial goals without ever having to wait in line. When you select CloudBank 24/7, you’re selecting a digital institution that prioritizes security and convenience.
CloudBank 24/7 High Yield Savings Account Pros:
Pros:
- High interest rate: CloudBank 24/7’s high yield savings account offers a competitive interest rate. This rate of return is one of the highest among online banks.
- FDIC insurance: CloudBank 24/7 is FDIC-insured, so your deposits are insured up to $250,000 per depositor. You can sleep a little more soundly knowing that your money is safe and secure.
- Convenient online access: The Raisin platform allows you to easily access and manage your account online.
- No minimum balance requirement: You can open an account with any amount of money over $1, and there are no monthly maintenance fees.
- Easy to use: The Raisin platform is user-friendly and easy to navigate.
CloudBank 24/7 High Yield Savings Account Cons:
Cons:
- Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
- Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
- Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
- Limited account options: The Raisin platform offers personal high yield savings and CD accounts, so you may not have access to other types of accounts, such as a business account or checking account.
- Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.
How to Open a High Yield Savings Account with CloudBank 247
The process of opening a high yield savings account with CloudBank 247 is straightforward and can be completed entirely online. Here are the steps:
- Register for an account with Raisin.com, the platform that manages CloudBank 247’s high-yield savings accounts. You will need to provide your personal information, including name, date of birth, physical address, email address, Social Security number, and phone number.
- Select the CloudBank 247 High-Yield Savings Account and make a minimum deposit of $1 to open it.
- Connect an existing account to transfer funds electronically.
Once you’ve completed these steps, you’ll start earning interest on your savings from day one.
Raisin Contact Information:
Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)
Email Address: support.us@raisin.com
Address:
85 Broad Street
New York, NY 10004
CloudBank 247 FAQ
Is CloudBank 24/7 Legit?
Yes, CloudBank 24/7 is a legit bank. It’s backed by Third Coast Bank SSB, which operates out of Texas.
Assets are federally insured up to $250,000 per depositor.
is CloudBank 24/7 FDIC Insured?
Yes, your CloudBank 24/7 Account on the Raisin platform is FDIC insured for up to $250,000 per depositor.
Conclusion of CloudBank 247 Savings Account Review
CloudBank 247’s partnership with Raisin illustrates its innovative spirit. As a fully digital bank they continue to help a new age of savers save more money and earn higher APYs. All while working to build a better customer experience.
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*National Savings Rate Average as published by FDIC