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Compare Tellus AccountsTellus Boost Account
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.
Compare Today's Savings Rates
Tellus Pros and Cons
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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 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 4.2 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 typically 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 yet, though.
Tellus hasn't been involved in any recent public scandals.
Tellus FAQs
Does Tellus pay interest daily? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Tellus pays interest daily.
What is the minimum deposit for Tellus app? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You'll need at least $125 to open the Boost Account and start using the Tellus app.
Is Tellus FDIC-insured? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Tellus is an online fintech platform, not a bank. The Boost Account is not FDIC-insured.
Is Tellus free? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, you may sign up and use Tellus for free.
How does Tellus Boost work? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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 Boost Account Start banking On Tellus's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Info icon Your money in the Boost Account is not FDIC insuredFeesno monthly fee
Annual Percentage Yield (APY) Info icon Your money in the Boost Account is not FDIC insured6.00% to 10.00%
Minimum Deposit Amount$125
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No credit check
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Set aside money using Stacks or Reserve Accounts
- con icon Two crossed lines that form an 'X'. High minimum deposit amount
- con icon Two crossed lines that form an 'X'. Limited customer support
- con icon Two crossed lines that form an 'X'. $5 withdrawal fee if make a withdrawal request of less than $50
- con icon Two crossed lines that form an 'X'. Can't deposit cash
- Online-only fintech platform with high-yield cash account
- Earn 6.00% APY when you open a Tellus Boost Account
- Earn reward rate through Boosts by answering a daily pop quiz question or participating in Tellus promotions for a set period of time
- Transfer money into a Boost Account through an ACH transfer or Zelle; May only link one bank account
- Minimum deposit of $125 to open an account and earn interest
- $5 withdrawal fee if make a withdrawal request of less than $50
- Interest compounded and paid daily
- Tellus is not a bank. Tellus is not FDIC insured.
- Banking services provided by Chase Bank, Member FDIC
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 0.46%, 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 8.00% 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: 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 up to 7.00% APY. Tellus Vaults require a minimum of $1,000. 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.
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. However, you would need to open the Chime® Checking Account before opening the 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.
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.
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 Spending 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.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingChime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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