Cloudbank High-Yield Savings Review

Overview

The Cloudbank High-Yield Savings account offers a 4.5700% APY with just a $1 minimum opening deposit — one of the lowest barriers to entry among high-yield savings accounts. Available through the Raisin savings marketplace, Cloudbank 247 is a digital-only brand of Third Coast Bank SSB, a Texas-based community bank with over $1.5 billion in assets.

Despite being a smaller institution, Cloudbank 247 has consistently offered rates that compete with — and often exceed — those from much larger online banks. If you're looking for a straightforward, high-rate savings account without the usual minimum deposit hurdles, this one checks the boxes.

Rates & Fees

• APY: 4.5700%

• Minimum Opening Deposit: 1.00

• FDIC Insured: Yes

• Monthly Fees: None

• Minimum Balance for APY: $0.01

Interest compounds daily and credits monthly. No maintenance fees, no activity fees, and no hidden charges. The full APY applies to your entire balance from the first penny.

Pros & Cons

Pros

• Top-tier APY — consistently among the highest nationally

• Just $1 minimum deposit — virtually no barrier to entry

• Full FDIC insurance through Third Coast Bank SSB

• Zero monthly fees or maintenance charges

• Available through Raisin for easy multi-bank management

Cons

• No checking account, debit card, or ATM access

• Smaller brand with less name recognition

• Customer service hours may be limited compared to larger banks

• Variable APY — rate can change without notice

Verdict

Cloudbank 247 delivers one of the strongest APYs in the market with the lowest possible minimum deposit — just $1. For rate-focused savers who don't need the brand prestige of a larger bank, this is a top contender.

The Raisin platform makes opening and managing the account simple, and the FDIC insurance through Third Coast Bank SSB means your deposits are fully protected. Best used as a dedicated savings vehicle alongside your primary checking account.