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.
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.
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
CIT Bank Platinum Savings - 3.75% APY
- 3.75% 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
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Axos ONE - Earn up to 4.31% APY
- Earn up to 4.31% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
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.
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
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- 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® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
CIT Bank Platinum Savings - 3.75% APY
- 3.75% 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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