Ad Disclaimer

Earn Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • Competitive interest rates on accounts
  • Low opening required amount for MMA
  • No tiered interest rates on accounts
  • Accounts are entirely online

Cons:

  • CDs have high opening required amounts
  • MMA has monthly maintenance fees
  • Must link accounts to external account
  • Limited accounts offered

What You Need to Know

earn.bank accounts offer competitive interest rates. The rates are competitive with other online accounts. Their interest rates are much higher than typical bank rates.

The money market account through earn.bank has a low opening required amount. To open this account only requires $100.

The earn.bank money market account does not have tiered interest rates. You do not have to have a set amount in the account to earn the most competitive interest rate.

All earn.bank accounts are entirely online. You can open their money market account or CD terms from anywhere. Because they are an online bank, the interest rates are much higher than typical bank rates. To open an account, you must have a social security number and a government issued ID. You must have the amount required to open the account. You can fund the initial amount with a credit card, or external savings or checking account.

To open a CD with earn.bank requires a large sum. Each of the CD terms require $25,000 to open. The CD terms available are a one-year and a two-year.

The money market account has a monthly maintenance fee of $10. To waive this fee requires an account balance of $10,000. This fee is not assessed for the first three months of opening the account. After that time, if you do not have a $10,000 balance, you will be charged $10 each month that the balance is below $10,000. There is also a $25 paper statement fee. Avoid this fee by signing up for electronic statements.

The easiest way to withdraw money from your MMA is to link the account to an external account. The linked account allows you to also deposit money easily into your earn.bank accounts. You can withdraw money through a wire transfer by calling customer service.

earn.bank does not offer a wide variety of accounts. They only offer one personal deposit money market account and two CD terms. The CD terms offered are a one-year and two-year term. They do not offer checking accounts, savings accounts, or business accounts.

Cool Things

Savings Goal Calculator

The earn.bank website offers a savings goal calculator. You can input how much you want to save and how many months you have to save. Then you add the interest rate on the account and your beginning deposit. You can then see how you need to deposit each month to reach your goal.

History

earn.bank is an entirely online bank. It is a division of Silvergate Bank. Headquarters for Silvergate Bank is in San Diego, California.

earn.bank offers a personal deposit money market account and two CD terms. Those terms are a one-year term and a two-year term. They offer electronic statements, online and mobile banking, and mobile check deposit.

Frequently Asked Questions

Is earn.bank FDIC insured?

Yes. earn.bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through electronic transfers to a linked external account. You can also request a wire transfer by calling customer service.

Does earn.bank offer mobile banking?

Yes. Through the app, you can deposit checks, see account balances, and make transfers.

Is earn.bank free?

No. The money market account has a monthly fee. The fee is $10 if your account balance is less than $10,000. The CDs do not have monthly fees. There is a $25 paper statement fee. Avoid this fee by signing up for electronic statements.

Is earn.bank a good bank?

The interest rates for earn.bank accounts are competitive. The accounts are entirely online. The MMA has a low required amount to open the account, but it does have a monthly fee if the balance falls below $10,000. The CDs have a high required amount to open. Only a money market account and two CD terms are available.

Is earn.bank secure online?

earn.bank offers security measures that comply with federal laws. Their computers offer safeguards. Their building and computers are secure. Silvergate trains their employees to follow privacy standards.

Does earn.bank offer competitive interest rates?

Yes. earn.bank MMA and CDs offer competitive interest rates. The rates are much higher than typical bank rates.

Can I use earn.bank for my business accounts?

No. Only personal deposit accounts are available. Those accounts include a money market account and two CD terms.

How is earn.bank online banking different from the online banking my bank offers?

earn.bank accounts are entirely online. Their interest rates are much higher than typical bank rates. The only accounts offered are a money market account and CDs.

Do earn.bank checking accounts pay interest?

earn.bank does not offer checking accounts. The only accounts available are a money market account and two CD terms.

How do I reach customer service?

By phone, email, or mail.

Does earn.bank offer bill pay?

No. The only accounts offered through earn.bank are a money market account and CDs.

Can I deposit cash?

No. Make deposits through electronic transfers, wire transfers, or direct deposit. You can make a deposit by mailing in a check or by uploading a check through the app.

How long do transfers take?

To verify and fund the first initial deposit could take two to four business days if made by ACH transaction. Other transfer times are not specifically listed on the website.

Can I sign up for direct deposit to earn.bank accounts?

Yes. Money can be directly deposited into earn.bank accounts.

Bank Contact Information

earn.bank
P.O. Box 22881
San Diego, CA 92192
844-371-3276

BankTruth works to have the most up-to-date information on our website. The listings that appear on our pages are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Even so, we work hard to review banks fairly and pass the information onto you, the consumer. Please be aware that we cannot guarantee bank services and promotional offers. If you find a mistake, please contact us.

Favorite Rates