Tellus App Review: A Unique High-Yield Savings Experience

In the dynamic world of finance, the Tellus app has become a favorite among savers seeking top-notch interest rates. Offering a user-friendly interface and enticing perks, Tellus has caught the eye of those aiming to maximize their savings. Before delving into this high-yield savings avenue, a thorough Tellus app evaluation is crucial to weigh its merits and drawbacks.

Tellus App Review

Key Aspects of Tellus App:

Here are some key features of the Tellus App.

High-Yield Savings Accounts: 

Tellus stands out for its competitive interest rates, surpassing traditional savings accounts by a significant margin. The Boost Account boasts a base rate of 6.00% APY, while the High Yield Account offers a more modest 1.00% APY.

Boost Rewards: 

The Boost Account introduces a unique feature—the Boost rewards program. Users can boost their APY temporarily by completing daily tasks, such as answering quizzes or referring friends. These boosts can elevate the account's APY to as high as 10.00%.

User-Friendly Interface: 

The Tellus mobile app boasts an intuitive design, simplifying navigation, fund deposits, interest tracking, and accessing account history.

Advantages of Tellus:

Here are some pros of the Tellus App 
  • Competitive Interest Rates: Tellus offers an enticing base interest rate of 6.00% APY on their Boost Account, significantly outperforming the average savings account rate of 0.46%.
Tellus App Review
  • Boost Rewards: Users can earn temporary interest rate boosts on their savings balance, ranging from 0.25% to 1.00% APY, available every 24 hours.
  • User-Friendly Interface: The app's clean design facilitates easy management of finances.
  • Transparent Pricing: Tellus prides itself on a fee-free structure, devoid of account fees, transfer fees, or monthly maintenance charges.
  • FDIC Insurance: The Tellus High Yield Account provides FDIC insurance, securing deposited funds.

Drawbacks of Tellus App:

Here are some major cons of Tellus App
  • Limited FDIC Insurance: Only the High Yield Account is FDIC-insured, leaving the Boost Account without coverage, potentially concerning risk-averse users.
  • Lack of Traditional Banking Features: Tellus solely focuses on online savings, lacking physical branches or ATM access.
  • Potential Rate Fluctuations: The Boost rewards program introduces variability to interest rates, potentially unsuitable for those seeking stable returns.

Suitability:

Tellus suits individuals seeking a high-yield savings account with a gamified approach to interest earnings, especially those comfortable with online banking and potential interest rate fluctuations. However, individuals valuing traditional banking amenities or requiring FDIC insurance for all deposits might find Tellus less appealing.

Tellus App Review

Final Thoughts:

Tellus stands as a competitive choice for high-yield savings enthusiasts, offering attractive rates, a user-friendly interface, and the potential to boost returns. Yet, its limited features and absence of comprehensive banking services might not cater to all preferences.

Here are some user reviews of the Tellus app from various sources:


Google Play: Rating: 4.7 out of 5 stars

App Store: Rating: 4.6 out of 5 stars

Capterra: Rating: 5 out of 5 stars

"I've been using Tellus for a few months now and I'm very impressed. The interest rates are great, the app is easy to use, and customer service is always responsive. I highly recommend Tellus to anyone looking for a high-yield savings account."

"Tellus has made it so easy for me to save money. I love the Boost rewards program and I've already earned a significant amount of extra interest. The app is also very user-friendly and I appreciate that there are no hidden fees."

"Tellus has been a game-changer for my rental property business. It has made it so much easier to collect rent, manage expenses, and communicate with my tenants. I highly recommend Tellus to any landlord."

Tellus App Review

Here are some FAQs about the Tellus app:

Is Tellus FDIC insured?

The Tellus High Yield Account is FDIC-insured, up to $250,000 per depositor. This means that your deposits are protected up to that amount in case Tellus fails.

Are there any fees?

No, there are no account fees, transfer fees, or monthly maintenance charges with Tellus.

Is my interest taxable?

Yes, the interest you earn on your Tellus savings account is taxable as income. You will receive a Form 1099-INT from Tellus at the end of the year reporting your interest earnings.

What is the Boost Account?

The Boost Account is a type of savings account offered by Tellus that allows you to earn temporary interest rate boosts on your savings balance. These boosts can range from 0.25% to 1.00% APY and are available every 24 hours.

Can anyone use Tellus?

Yes, Tellus is available to any legal U.S. resident over the age of 18.

Why do you need my Social Security number?

Tellus requires your Social Security number for verification purposes and to comply with IRS reporting requirements.

Is customer support available?

Yes, Tellus has a responsive online support team that is available to answer your questions via in-app chat or email. However, they do not offer 24/7 customer service.

Is there a limit on the number of withdrawals?

Yes, there is a limit of 6 withdrawals per month from your Tellus savings account. However, there is no limit on the number of deposits you can make.

How does the Boost rewards program work?

To earn Boost rewards, you simply need to make a deposit into your Boost Account. The amount of your reward will depend on the size of your deposit and the current Boost rate. Your reward will be applied to your savings balance and will earn interest just like your regular deposits.

What is the difference between the Boost Account and the High Yield Account?

The main difference between the two accounts is that the Boost Account has variable interest rates, while the High Yield Account has a fixed interest rate. The Boost Account also offers the potential to earn Boost rewards, while the High Yield Account does not.

Is Tellus safe?

Yes, Tellus is a safe and secure financial institution. Your deposits are FDIC-insured, and Tellus uses industry-standard security measures to protect your information.

How do I get started with Tellus?

You can sign up for a Tellus account online or through the Tellus app. The process is quick and easy, and you can be up and running in minutes.

Conclusion:

Tellus has established itself as a compelling option for high-yield savings, particularly for those seeking an easy-to-use and fee-free experience. Its Boost rewards program adds an element of gamification to savings, providing the potential for additional earnings. However, its limited features and support may not align with the needs of all users. Ultimately, the decision to switch to Tellus depends on your individual banking requirements and risk tolerance.

Deepak

Hi, I'm a tech blogger and app reviewer! Passionate about gadgets & apps, I dissect features & user experiences to deliver insightful reviews. Join me in exploring the evolving tech world!

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