July 12, 2024

CloudBank 24/7 Review

Read more about CloudBank 24/7
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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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.

5-point scale (the higher, the better)

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.

How comfortable are you with using an entirely digital banking service?

Pros and Cons

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:

  1. Go to CloudBank 24/7 on Raisin to find their high-yield savings offer.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product ($1 minimum deposit).

What feature is most important to you when choosing a high-yield savings account?

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:

Savings Calculator

How CloudBank 24/7 Compares

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.

Have you ever used third-party financial services like Raisin to find better banking rates?

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

  1. ^ CloudBank 24/7. CDs, Retrieved 04/20/2024
  2. ^ FDIC. Third Coast Bank, Retrieved 07/15/2024
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires 1/31/2026
  • 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 BonusTotal 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

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 1/14/2026
  • 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
Discover Bank
Member FDIC

Online Savings Account - Earn 3.40% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Expires 1/14/2026

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
Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Expires 12/8/2025
  • 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.
Disclosures

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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How comfortable are you with using an entirely digital banking service?
68% Very comfortable
16% Somewhat comfortable
5% Somewhat uncomfortable
11% Very uncomfortable
Source: CreditDonkey
What feature is most important to you when choosing a high-yield savings account?
Have you ever used third-party financial services like Raisin to find better banking rates?
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