CloudBank offers a high APY on its savings account

Backed by Third Coast Bank SSB, which operates out of Texas, CloudBank 24/7 is a digital bank offering savings and certificate of deposit (CD) accounts like the regular bank. While there are no checking accounts, money market accounts (MMAs), or a direct savings account, you’ll enjoy high yields on your savings since the bank offers one of the best high-yield savings accounts. CloudBank also provides access to its banking services every day at any time, regardless of your location within the country. Learn more about the digital bank in this CloudBank 24/7 review. 

All rates and fees are current as of April 12, 2024, and are subject to change. 

Cloudbank 24/7

Checking accounts: Unavailable
Savings accounts: Earn up to 5.26%% annual percentage yield (APY)
Certificates of deposit (CDs): Open with $1,000


  • High interest and APY on its savings account
  • No monthly service fees
  • Open an account with as low as $1


  • No checking accounts or bonuses
  • Low CD rate
  • Savings account available via a third-party bank

CloudBank is suitable for those who want to earn high interest on their savings since you’ll get both standard interest and APYs above the national average, regardless of your balance. Also, you won’t need to deposit a certain amount to open an account with CloudBank or pay any monthly fees to keep your account running. So, CloudBank is suitable for anyone seeking a low-maintenance bank.

If you’d prefer to keep your money with a bank you can easily walk into, you won’t like CloudBank since it’s an online bank without physical branches. Also, if you want to choose from multiple checking and savings options, consider opening accounts with another bank. There’s no CloudBank checking account, and you’ll need to set up the available savings account with Raisin.Also, you won’t find other products, such as MMAs, loans and mortgages or credit card services if you choose to bank with CloudBank.

CloudBank rates and products

CloudBank offers one CD with a 15-month term, and a savings account through Raisin.

Savings accounts

CloudBank offers its savings account product through Raisin, a digital platform with multiple savings products. That means you’ll need to open a Raisin account to create a savings account with CloudBank. CloudBank offers this high-yield savings account without restricting how often you can deposit or withdraw your funds. You can open one with as low as $1 to earn a whopping 5.26%% APY—over 10 times more than the average national rate of 0.47%. 

Cloudbank 24/7 savings rates compared to current top rates*

While CloudBank 24/7 is a good option for those seeking high yields on their savings, some institutions offer higher interest rates. Compare the rates above to this list of competitors:


CloudBank offers only one CD, the Cumulus15 CD, for 15 months. While interest accrues monthly, CloudBank’s CD is not one of the best CDs, offering only 1.00% APY. Also, there’s an early withdrawal penalty for withdrawing your funds before maturity. 

Other services CloudBank offers 

While CloudBank doesn’t offer multiple products or services, it provides existing and new customers with a financial calculator. CloudBank’s financial calculator lets you plan your savings appropriately, helping you calculate your debts, loans, retirement benefits, taxes, and more. 

Online banking

CloudBank 24/7 allows customers to run their accounts from their computers. You can conduct transactions, view your account balance, access your transaction history as far back as a year, and print your statements. CloudBank’s digital banking takes online banking a notch higher by allowing customers to configure their dashboards. You’ll get to organize your various accounts and even give them nicknames.

Compare CloudBank alternatives

Is CloudBank right for you?

Overall, CloudBank works well for those who want to access their funds anywhere and anytime. Its high-yield savings account is also a huge selling point for those who want to earn beyond-average interest on their savings. The drawback, however, lies in its limited account options. If you want to run checking or MMAs and enjoy other banking services, you’re better off with another bank offering plenty of financial services. 

Frequently asked questions

Is CloudBank 24/7 legitimate?

Yes, CloudBank is a legitimate online bank. While there are no physical branches, the bank offers financial services and gives you 24/7 access to your funds. 

Is CloudBank 24/7 Federal Deposit Insurance Corp. (FDIC)-insured?

Yes, CloudBank 24/7 is insured by the FDIC through Third Coast Bank SSB. If the bank fails, you’ll receive up to 250,000 in each deposit account category.

What is the interest rate for CloudBank?

As of today, CloudBank offers its savings account owners a standard interest rate of 5.13% and an APY of 5.26%. Those who open its Cumulus15 CD get 1.00% APY on their 15-month CD. 

Is CloudBank secure?

CloudBank uses the latest technology, including robust encryption and multifactor authentication (MFA), to ensure that only you can access your funds. So, you need not worry about losing your money to fraud or identity theft. 

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