Tellus Savings Account Review: Is It Worth It?


Here is the ultimate Tellus Savings Account Review!

Your savings account can be an important tool to help you reach your long-term financial goals, but how do you know which one to choose?

Many people focus on high-interest rates and don’t take into account other factors like monthly fees or minimum balances, but if you want to be able to make the most of your savings account then you should do your research and weigh all the options before choosing one.

Before you continue please read this;

Here’s a Tellus Savings Account review that compares it with four other top accounts based on fees, interest rates, features, and more to help you decide if it’s the right one for you.

What Is Tellus App?

Tellus App is a new savings account that pays you 3% APY on your money, and allows you to save in two major asset classes: real estate and high yield debt. If these terms sound confusing, don’t worry; we’ll walk you through it all in a minute.

To be fair, 3% APY isn’t very high–traditional savings accounts pay around 0.01% APY–but Tellus App’s other features may make it worthwhile for some people.

Is Tellus a legit company?

If you’re new to online savings accounts, Tellus may seem like a great choice; it’s easy to open, has no fees, and offers a pretty high-interest rate. But a closer look reveals that while Tellus is legit, it isn’t necessarily worth it in comparison to other savings accounts out there.

Here’s why Tellus doesn’t make our list of best-rated savings accounts.

First off, Tellus app uses high-yield savings as its name implies—it’s not made for everyday use. This means that every time you access your money with Tellus bank mobile app (via ATM or tellus debit card), you’ll pay a fee ranging from $2-$5 depending on how much money you take out of your account.

Is Tellus FDIC-insured?

No, is not Tellus FDIC-insured?. FDIC stands for Federal Deposit Insurance Corporation and it was created to insure banks in the event of a bank failure. Let’s just be clear. Tellus is not a bank.

If a bank fails, and insurance covers up to $250,000 for customer deposits. Tellus is not insured by the FDIC. Cash-on-hand is deposited with Chase Bank.

Is Tellus a good investment?

Tellus Bank offers a real estate investment program that is both compelling and unique. With other real estate investment programs, you can only invest in one property at a time, but Tellus allows you to spread your money over multiple properties, which comes with a higher return rate than investing in just one property.

Although Tellus doesn’t boast any spectacular returns, it’s certainly not bad either — some people have managed to double their initial deposit.

While Tellus is better for individuals with more money to spare (minimum deposit is $25k), if you’re looking for safe investments with decent returns, Tellus might be worth your while.

How does Tellus work?

Tellus is an online-only bank account with no monthly fees or minimum balance requirements. The best part of Tellus is that your money earns interest through what’s called compound interest.

This means your money is able to build off itself and grow over time without you doing anything at all. And it’s easy—you just need a few thousand dollars to start and then leave it alone for years and years.

That said, there are some downsides to consider before opening a Tellus savings account review. You can only deposit and withdraw in person, so if you want access to your money from anywhere, consider another option that also lets you transfer funds between accounts online.

How Does Tellus Generate Revenue?

As one of Canada’s most secure brokers, Tellus invests in higher-yielding assets secured by residential property so that you will always get a better interest rate. Their profit-generating practice is issuing loans secured by residential real estate.

They leverage technology and data collected from property management platforms to predict future cash flow. This lets them reinvest back into real estate through an impressive yield.

How Does Tellus Help You Make Money?

In exchange for providing a platform where customers can deposit their money, Tellus makes money through interest payments. Like most savings accounts, Tellus pays interest on any amount deposited into an account holder’s account.

Those interest payments add up over time and—with Tellus’ high-yield rates—turn into sizeable sums of cash. This method of generating revenue is called compounding interest or compound interest.

The longer your money is invested in a savings account with compounding interest, the more it will generate in its own value over time (thanks to compounded growth). No matter how you put it, though, that kind of growth adds up quickly! (Data from Tellus.)

Tellus Features

With Tellus, there are no monthly service fees. That’s in stark contrast to many other savings accounts. It means you get maximum interest on your account without having to worry about paying a fee for no good reason.

There are also several different ways to manage and track your savings with Tellus—online or through an app—and it comes with its own debit card as well. These features make saving money both convenient and fun! So is Tellus worth it? Find out by reading our Tellus review below!

Tellus Rental Property Management

To start, Tellus is a real estate property management app that makes renting easier for all parties involved. So far, it has succeeded in this goal. They offer cutting-edge real estate management software for rental property owners to help them manage all aspects of property management.

From listing the property and screening applicants to interacting with the property managers, maintenance team, and tenants to collecting rent and tracking expenses, the app does it all. They provide these services without any charge whatsoever.

Rental property management is a complex endeavor, and it becomes more difficult the more properties you own. That’s why Tellus Rentals Management consolidates all of those moving parts.

Tellus Home Loans

Tellus provides loans to those in the real estate and property rental business. Applicants don’t need a credit check. Rather than being calculated on income or job security, loans are determined by the value of the property they’re to be paid against.

Loans through Tellus also come with low interest rates of 6-10%, but borrowers get the benefit of not having to pay any kind of penalty for repaying the loan ahead of schedule. It’s a really refreshing feeling.

To apply on the app, you must first create a home profile which includes giving details about your property, including pictures of it, and stating how much you’re looking to borrow. The application takes less than five minutes to complete and you’ll get your approval decision within 48 hours. Accepting these terms gives you access to your funds within seven days.

Tellus specializes in providing equity-based home loans for home and rental property owners.

Tellus Savings Account

Tellus is a unique digital bank that uses AI technology to provide you with better banking. When it comes to savings accounts, Tellus has a lot to offer. The interest rate for deposits into its Savings Plus account (more on that below) is 3-6%, which is significantly higher than most major banks’ savings rates and very competitive in general.

And when compared to some of our best savings accounts overall, Tellus seems pretty attractive—it’s definitely worth considering for those who are looking for an alternative bank with an excellent interest rate.

Tellus Boost?

In this next section of our Tellus savings account review, we are going to be talking about Tellus Boost which is actually the real deal of this content.

While the Tellus app provides both rental property management, and home loans for real estate investors, the last feature is the Tellus Boost which acts as the Revenue generator.

Let’s go further.

What is a Tellus Boost Account?

In 2016, Tellus introduced its boost account, which is a rewards program designed to incentivize existing customers. Basically, you can earn money towards future Tellus savings account deposits simply by using your existing Tellus savings account and meeting certain requirements.

For example, if you set up a direct deposit with your employer, you’ll receive a $20 credit for each of your first three direct deposits—and if you set up an automatic transfer from another bank account, then every time it triggers (up to $100 per month), you’ll get another $20 credited to your boost account balance.

You can earn up to $60 per month in tellus boost rewards just by using your existing Tellus accounts—in other words, boosting them!

How Does Tellus Boost Work?

Tellus boost has a three-working step process that is very easy to understand.

As explained above, Tellus boost helps you increase the earnings in your savings account, and here is how it does it.

Deposit

The first step is making a deposit. This could be directly from your employer or you make a deposit into your Tellus savings account.

Earn

The second phase which is Earn goes through the usual Tellus saving account interest rate where you earn 3% APY daily.

Boost

While the last phase which is referred to as boost is Tellus giving you the opportunity to increase your interest rate up to 6% APY through rewards, quizzes, and others.

Pros and Cons of Teller Savings Accounts

Teller savings accounts offer a host of benefits. They’re easy to set up and maintain, and they’re widely available at branches and ATMs nationwide. Teller accounts can be opened by anyone 18 or older.

This level of convenience is part of what makes teller accounts one of the best savings account options out there today; however, as with any financial product, there are some things you should know before you open an account.

The first step in deciding whether a teller savings account is right for you is to consider its pros and cons—both individually and compared to other products on the market today.

High Interest Rate

One of my favorite things about Tellus is that they offer a very high-interest rate; typically more than 3% interest. This means you can save a lot of money for your future without worrying about losing it to inflation or having to go with less interesting options in order to make your money work as hard as possible.

Instead, Tellus allows you to really stretch and grow your savings so that one day you can use it for a down payment on a home or even open up a business. Saving money like that can be life-changing, so having an account with such a high-interest rate is something I highly recommend if you’re looking for savings accounts.

Good Customer Servies

Any experienced consumer will tell you that good customer service can be worth its weight in gold. From interest rates to access, everything about a savings account has an impact on your day-to-day banking experience.

Tellus Bank’s team is personable and responsive—it’s easy to see that they care about their customers and are there for them when needed. That goes a long way with me! I’ve opened more than one account with Tellus; if you sign up as my referral, I get extra cash back! So I have great things to say about Tellus Bank.

Visit their website today or download their mobile app. They make it easy, fast, and convenient to manage your money anywhere at any time!

Overview of Tellus Accounts

Tellus serves customers with very low balances by providing FDIC insurance and investing to meet their goals. As with all of our robo-advisors, we are going to look at Tellus’ features, benefits, drawbacks, pricing structure, and overall value proposition.

In particular, we will focus on their one-year CD promotion for a complete overview of what you can expect from them. We will also take a look at customer feedback from around the web to see how satisfied users have been with their service so far.

Minimum Investment

Tellus offers an investment opportunity with as little as $125, a larger minimum than competitors but a low enough amount to get people’s attention. To invest in Tellus’ savings account and earn the highest interest rate, you’ll need to deposit at least $2,500.

However, they offer rates on smaller investments too; even if you only have $125 to put in the bank, your money will still earn interest at 3.00% APY*.

This is particularly useful for people who want to try out new investment vehicles or open a retirement account without committing large sums of money upfront.

Interest Rates

Tellus rates change with the market, but they’re currently higher than average. For comparison, the national average is 0.06%. To put that in perspective, if you have $5,000 deposited in a savings account earning interest at the national average rate, you can expect to receive about $30 per year.

At Tellus’ current interest rate of 3 – 6%, you could earn about $95 on that same deposit amount per year – nearly five times as much! These are substantial returns for a savings account.

Banking Benefits

Tellus offers you some banking benefits such as savings with interest, online payments, and credit checks

Tellus Savings Account Reviews

In order to properly give information about Tellus savings account review, we had to go to some review websites and see what customers are saying about Tellus savings account.

Below are the reviews from various customers.

Trust Pilot

Trust Pillot is a popular review website with thousands of user base.

On Trust Pillot, the Tellus app got a 4.3 rating from customers at the time of publishing this content.

Also, some of the customers had this to say

“I have been using ‘Tellus’ for a while and it’s been a great experience so far. It’s a very decent app with a neat user interface. Daily trivia is fun to play, learn some basic real estate things and earn a daily boost which is amazing. During these high-price markets getting 3% APY interest make sense to me. I really liked the customer support/customer success team prompt help/support on any queries. They are ready to listen customers and support their needs. Overall I am happy with Tellus based on my so far experience.”

Surya K

“I enjoy doing the quizzes and checking in for boosts – it makes saving money (which is boring) fun!
It’s been great seeing my savings grow!”

Sharon Lord

MoneyMade

On moneymade.io, Tellus got an impressive 5.0 customer reviews which is superb.

And customers had this to say

“I’ve never seen an account that accrues interest on a daily basis! I’ve been able to average around a 3.5-4.5% APR because of the different activities you can do every day to boost your interest rate. You guys should give this a shot!”

P. Tour

“Awesome!”

ChrisB

Tellus Alternatives

Since Tellus is a very new financial product, there aren’t many alternatives out there. The only products that share similarities are high-yield savings accounts from online banks.

These accounts offer better interest rates than traditional banks because they don’t rely on physical branches or retail operations to make money.

If you’re in search of an alternative, consider taking a look at these high-yield accounts to see if one is right for you

Innago

Innago is a free, easy-to-use property management software that makes managing rentals simpler, accessible, and affordable for landlords of any size. Innago solves problems such as collecting rent, screening tenants, listing properties, managing work orders, creating applications, signing leases, organizing financials, communicating with tenants, and so on.

Azibo

With the Azibo platform, rental property owners have the opportunity to stay organized, reduce their time invested in managing their property, and potentially even get a passive income through cash flow reporting.

DoorLoop

DoorLoop provides property owners and managers a property management software to aid in their efforts. The software does all the work, from advertising the property to collecting rent and renewing lease agreements. These products can be found all in one cloud-based software, which can be accessed from any location as long as there is an internet connection.

Tellus Savings Account Review Conclusion: Should You Open An Account?

Tellus offers appealing savings account that rewards you for putting money away. If you’re looking to save a few bucks and want to boost your savings with a good-looking, basic account, Tellus might be for you.

If you’re instead looking for a way to build serious wealth, consider investing in stocks or real estate—or at least skip opening a Tellus account altogether. For savers looking to grow their money safely over time, it could be an excellent choice.

In most cases, however, you can do better elsewhere. You may also choose to open multiple accounts if your needs are complex; don’t just stick with one kind of bank all your life!

This is the end of our Tellus Savings Account Review. You can check other resources;


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