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 - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.76% APY
- Earn up to 3.76% 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 - 4.10% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Online Savings Account - Earn 3.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 4.09% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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 1/31/2026.
- 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.
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
Online Savings Account - Earn 3.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
U.S. Bank Business Essentials - $400 Bonus
Promo code Q4AFL25 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.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 10/01/2025 and 1/14/2026. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay or payment received via U.S. Bank Payment Solutions. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come 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 (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or 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 - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
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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