Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Tellus might be worth considering if you’re looking for a way to earn a high interest rate on your savings. You’ll prefer other savings options if you prioritize 24/7 customer support or traditional banking features like physical locations or easy ATM access. Also, keep in mind the Tellus High Yield Account is the only account that’s FDIC-insured.
Tellus Pros and Cons
ProsCons
Competitive interest rates
No monthly service fees
Create individual goals through Stacks
Interest compounded and paid daily
Only the High Yield Account is FDIC-insured (Boost Account is not FDIC-insured)No joint bank accountsNo physical locations Financial institutions with savings accounts may offer more customer support availabilityLimited ways to deposit money (may link only one bank account to a Boost Account)
About Tellus
Tellus is an online fintech company with a mobile app that offers ways to grow your money.
You’ll start off by opening the Boost Account, which is a high-yield cash account that has similar features to a high-yield savings or checking account. The Boost Account allows you to earn a high interest rate on your savings. However, it isn’t considered a bank account. The Boost Account is not FDIC-insured.
Tellus has several sub-accounts, which are accounts that stem from your Boost Account. Once you deposit money into the Boost Account you’ll also be able to open a High Yield Account, which is FDIC-insured through Capital One.
Tellus is able to offer a high interest rate because it earns money which get passed down to Tellus customer accounts.
The company also has rental property management tools. For instance, you can get a screening report on tenant applicants, receive rental payments through online rent collection, or communicate with tenants and employees through landlord-tenant chat.
Customer support is available through in-app support chat from 9 a.m. to 5 p.m. PT Monday through Friday. You may also go through the website’s FAQ section or send a message and wait for a response through email.
In comparison, several online institutions may offer 24/7 customer support by live chat or phone. If you prioritize customer support availability, you might explore some of the options on this list of financial institutions with 24/7 customer support.
The fintech’s mobile app is rated 4.1 out of 5 stars in the Google Play store and 4.4 out of 5 stars in the Apple App Store.
Is Tellus Trustworthy?
We use ratings from the Better Business Bureau to help determine how a business deals with customer issues. Tellus hasn’t been rated by the Better Business Bureau or been involved in any recent public scandals.
You’ll also want to talk to customers or read online customer reviews to get a better idea of whether Tellus may be suitable.
Tellus FAQs
Is Tellus a good savings account?
The Tellus High Yield Account may be a good option if you want to keep less than $2,500 in an account. If you plan on depositing more money into an account, online banks will likely have stronger high-yield savings options.
Does Tellus pay interest daily?
Yes, Tellus pays interest daily.
What is the minimum deposit for Tellus app?
You’ll need at least Tellus Boost Account – Minimum Deposit to open the Boost Account and start using the Tellus app.
Is Tellus FDIC-insured?
Tellus is an online fintech platform, not a bank. The Boost Account is not FDIC-insured. The Tellus High Yield Account, however, is FDIC-insured via Capital One, Member FDIC. FDIC insurance protects money in your bank account and can be an important factor in determining whether an unfamiliar financial institution is safe and trustworthy. If a bank fails, the FDIC will make sure that your money will be returned you. Up to $250,000 per depositor, per category is secure in a bank account.
Is Tellus free?
Yes, you may sign up and use Tellus for free.
How does Tellus Boost work?
Boost rewards are a special feature on Tellus Boost Accounts that temporarily increase your account’s interest rate. For example, you could earn as high as 10.00% APY on your Boost Account for multiple days.
You’ll be able to get a free Boost reward every 24 hours. To earn the bonus rate, you’ll have to simply log into the app and activate a free reward, correctly answer a daily quiz question, or participate in a Tellus promotion.
Tellus Account Reviews
Tellus Boost Account
Tellus may be a good option if you’re strictly looking for competitive interest rates on an account. The Tellus Boost Account is a high-yield cash account with a base rate of 6.00% Annual Percentage Yield (APY). In comparison, a traditional savings account currently earns an average of only FDIC National Deposit Savings Rates, according to the FDIC.
The most notable perk to the Tellus Boost Account is its Boost rewards feature, which can temporarily increase your account’s interest rate. Free Boost rewards are available every 24 hours. You can earn a temporary rate increase just by logging in and activating a reward, correctly answering a daily quiz question, or participating in a Tellus promotion.
You’ll want to consider other savings options if you’re searching for an account that makes it easy to deposit cash or has a lower minimum deposit.
Boost Account Features
Tellus has several sub-accounts, which are accounts that stem from your Boost Account. These accounts are designed to set aside some money for a specific purpose.
Tellus Reserve Account: The Reserve Accounts pay Tellus Reserve Account APY on up to $2,500, so it might be worthwhile if you’d like to set some money aside while earning a flat rate. Keep in mind this account doesn’t allow you to add any Boost rewards. Stack: Stacks allow you to save for personal goals, like vacations or rent. You may customize Stacks with descriptions and set targets to track your goals over time. Stack require a minimum balance of at least $125. You may apply Boost rewards to Stack.Tellus Vaults – Product Name Only: Tellus also has Vaults, which are cash accounts that are comparable to CDs. You might consider a Tellus Vault if you want to earn a higher interest rate than the base rate of the Tellus Boost Account for a term of three months, six months, one year, or two years. Tellus Vaults currently earn Tellus Vaults – APY APY. Tellus Vaults require a minimum of Tellus Vaults – Minimum Deposit. Also bear in mind that you’ll need to keep money in a Vault for the entire term, or you lose all the interest earned if you withdraw early.
Tellus High Yield Account
Tellus now offers a high-yield savings account that’s FDIC-insured by Capital One. The Tellus High Yield Account – Product Name Only is also a sub-account, so you need to open the Tellus Boost Account.
The Tellus High Yield Account – Product Name Only pays Tellus High Yield Account – APY APY and allows you to deposit a maximum of $2,500 in the account. If your account exceeds that balance, the interest will be moved into the Boost Account.
If you plan on keeping more than $2,500 in your account, consider one of the best high-yield savings accounts instead.
How Tellus Compares
Tellus vs. Chime
Chime is another popular online banking platform.
Tellus pays a higher flat interest rate on its Tellus Boost Account than Chime does on its Chime Savings Account. You’ll also be eligible to earn a temporary rate increase on your Tellus Boost Account if you participate in daily Boost rewards.
If you’d like to open a checking account or have easy ATM access, you might prefer banking with Chime. Chime checking and savings are also both FDIC-insured. At Tellus, only the Tellus High Yield Account – Product Name Only is FDIC-insured.
Tellus vs. Ally
If you’re strictly prioritizing high interest rates, Tellus might be more appealing than Ally. The Tellus Boost Account currently offers a higher interest rate than the Ally Savings Account – Product Name Only.
Ally will likely be a better option if you’re looking for a variety of banking options. For example, if you’d like to open an interest-earning account with a debit card, you might consider getting the Ally Money Market Account or Ally Interest Checking Account. All types of Ally bank accounts are also FDIC-insured.
Ally will also stand out to you if would rather have more traditional banking features, like telephone customer support. Ally has 24/7 customer service available through live chat or by phone.
Why You Should Trust Us: How We Reviewed Tellus
For our Tellus review, we rated Tellus Accounts using a scale from zero to five stars. We used our bank account methodology for savings accounts since they share similar features. We looked at minimum opening deposit requirements, monthly fees, interest rates, customer support availability, mobile app ratings, and ethics to determine each account’s rating.
