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.
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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?
Yes, Tellus pays interest daily.
What is the minimum deposit for Tellus app?
You'll need at least $125 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.
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
no monthly fee
5.59% to 10.00%
$125
- High interest rate
- No monthly service fees
- No credit check
- Set aside money using Stacks or Reserve Accounts
- High minimum deposit amount
- Limited customer support
- $5 withdrawal fee if make a withdrawal request of less than $50
- Can't deposit cash
- Online-only fintech platform with high-yield cash account
- Earn 5.59% 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 5.59% Annual Percentage Yield (APY). In comparison, a traditional savings account currently earns an average of only 0.41% APY, 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 one 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, miscellaneous features, customer support availability, mobile app ratings, security, and ethics to determine each account's rating.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Chime® Disclosures:
Chime 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 Pay: 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.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
