Elevault Mobile Banking Review
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Searching for the perfect mobile banking solution? Elevault could be your ticket to hassle-free money management. Keep reading to find out more.
Overall Score | 3.8 | ||
Savings | 3.0 | ||
Fees | 5.0 | ||
Mobile App | 3.5 | ||
Pros and Cons
- High APY
- No monthly fees
- No overdraft charges
- Mobile-only banking
- No physical locations
- No ATM card
Bottom Line
Mobile-only app that offers savings product with a high APY
Elevault can help you manage your finances better with a few taps on your phone. It also boasts a great rate, no fees, and digital tools to meet your spending and savings goals.
But what's the catch? Well, Elevault is accessible on mobile devices only. And there's a maximum balance limit, which may not work for big savers or investors.
Keep reading to find out more about Elevault's unique features and limitations.
What is Elevault?
Elevault is a mobile banking app developed by TeamWALT, the division in charge of innovative solutions at Southern Bancorp.
It doesn't use traditional accounts. Instead, all your money is kept and organized in one place, making it simple to allocate funds according to your budget and savings goals.[1]
Think of Elevault as both a checking and savings account. You can easily split your money into different categories like savings, spending, expenses, etc.
Elevault
- 3.82% APY
- No monthly fee
- No overdraft fee
- FDIC-insured up to $250,000 per portfolio through Southern Bancorp (Member FDIC)
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Elevault:
Who is Elevault Best For?
Elevault caters to tech-savvy individuals who prefer handling banking tasks on their smartphones. It's ideal for those saving for multiple financial goals and seeking better organization.
It's also a great option for those aiming to maximize their earnings while staying within the $50,000 maximum balance limit.
That said, Elevault isn't for everyone.
Who Should Skip Elevault
If you have a large balance and want to earn a good interest rate, you might find better options elsewhere. And if you need access to ATMs or physical branches, Elevault is not the best fit. Elevault is a mobile-only app without ATM cards or online banking through a website.
Explore alternatives such as online banks, traditional banks, or credit unions if you're seeking access to a wider range of services.
If you're still on the fence about Elevault, however, weigh the pros and cons to decide if it's for you.
Pros and Cons
Pros
- Competitive APY
- No monthly fees
- No overdraft charges
- Digital budgeting tools
Cons
- Mobile-only banking
- No ATM card/access
- No physical locations
- No online banking through website
- Max balance of $50,000 to earn the APY
Account Features
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With Elevault, you can earn a great APY, helping your savings grow faster. It comes with digital budgeting tools to help you manage your funds better.
You can even organize and split your money into different vaults (which are like virtual money envelopes), perfect for those with multiple financial targets.
You can also:
- Easily send and receive money by adding friends and family to your Connections
- Share vaults with Connections (for expenses or savings goals)
- Set up direct deposit
Note that the daily deposit limit is $2,500 and you'll only earn interest on balances up to $50,000. [2]
Fees to Look Out For
Elevault boasts no fees, overdraft charges, or hidden costs. You can easily manage your account and save money more effectively.
Here's how you can add funds to start saving.
Depositing and Withdrawing Funds
To add or withdraw funds from your account, you can use the Move Money feature. It lets you transfer funds between your Vaults, Connections, or your linked external bank account.[3]
Unfortunately, Elevault currently does not allow physical or mobile check deposits.
Is Elevault Worth It?
If you're a mobile banking user looking to make some extra cash effortlessly, Elevault is a good choice. You can earn a solid APY on balances up to $50,000.
But if you have more money than that, try looking into online banks instead. They often offer equally impressive rates and account features, with better accessibility and fewer restrictions.
If you find that Elevault's worth it, here's how to open an account.
How to Open an Account
To create an Elevault account, download the app from the App Store and follow these steps:
- Prepare the necessary information and government identification.
- Launch the app and fill out the account application form.
- Submit and fund your account.
Note that you'll need to scan a valid ID for identity verification.
Is Elevault Safe?
Yes, it is. Elevault is backed by Southern Bancorp Bank which is an FDIC member. This means that your deposits are protected up to $250,000 per depositor, per ownership category.[4]
So, you can relax knowing that if anything were to happen to Elevault, your money is safe and you'll get it back.
Elevault Customer Service
If you have any questions or concerns, you can reach out to Elevault Support through the following:[5]
- Email: support@elevault.app
- Phone: 844-439-9258
- Live chat on the Elevault website
Customer support is available from Mondays to Fridays, 8:30 AM to 4:30 PM CST. Messages sent during off hours will be addressed the following business day.
Having said all this, if you find that Elevault doesn't seem quite right for your needs, you can check out its competitors instead.
How Elevault 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 3.26% 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.
Bottom Line
Elevault provides a savings portfolio with an impressive APY and no hidden fees. Users can also efficiently organize their savings goals without the need for multiple accounts. However, it is only accessible on mobile devices.
If you need a wider range of services and features, you can try looking into online banks instead.
References
- ^ Elevault. About, Retrieved 02/29/2024
- ^ Elevault Support. Deposit limits, Retrieved 06/15/2024
- ^ Elevault. FAQ: How do I move money in Elevault?, Retrieved 06/15/2024
- ^ FDIC. Southern Bancorp Bank, Retrieved 08/06/2024
- ^ Elevault. Contact us, Retrieved 08/06/2024
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.
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 - $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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