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 - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
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
High-Yield Savings Account - 3.95% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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
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CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
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- Open a Premier checking account by June 30, 2026
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- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
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- Automatic Savings
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- Savings with up to 4.00% APY
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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