Tellus Review | Tellus Boost Accounts offer up to 10.00% APY
It is possible that you may want to consider other savings options, if you are looking for an account that makes it easy for you to deposit cash or has a lower minimum deposit amount. Right now, I believe the only way you guys could have landed on our article is through search of the Tellus Review.
Depending on your needs, Tellus is a good option if what you’re seeking is a competitive interest rate for your account.
This is definitely a fresh update for those new to our blog “Kogigist” and at the same time excite to let out expos about Tellus Boost Accounts through this Tellus review.
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Tellus Review: Tellus Boost Accounts – An Overview
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It would be necessary to let you to that, we’re going to attempt most of the important areas of this Tellus review, especially areas necessary for you to have an if possible stress-free registration and experience and you’ve already got first-hand experience from here.
Disclaimer: This is to let you know that this Tellus review and about “the Tellus Boost Account” is not sponsored by any company. Our aim is to create a guide for interested users to have an idea of what program they are about to embark on.
About Tellus: What is Tellus Boost Account?
Tellus is not a bank, nor is it insured by the Federal Deposit Insurance Corporation. In spite of this, Chase Bank, Member FDIC, provides banking services.
Tellus Boost Account! This high-yield cash account helps you make more of your money. Earn up to double your return when you take advantage of the Tellus Boost Account that double your account’s interest rate to 3.00% APY. FDIC figures show that traditional savings accounts earn 0.17% APY on average.
An account with a 3.00% APY can temporarily increase its interest rate to as high as 10.00% thanks to its Boosts feature. You can get a boost every 24 hours.
- Tellus Customer Service Support; From 9am to 5pm, Monday through Friday, the Tellus customer support is available through the Tellus app’s live chat feature. With the 24/7 customer service from Tellus.
- Tellus Social Media Pages; The Tellus Facebook page, Tellus Twitter handle, The Tellus Instagram handle, Tellus LinkedIn handle.
- Tellus Contact Us Page: Yes! Of cause, here you have the Tellus contact us page. In events that you find it an emergency to know where to contact them for more questions, see for yourself a direct link to that
Tellus Review: How does Tellus work?
You by now know that “Tellus” is not a bank nor considered a bank account, for those who are still confused. But allowed to provides banking services by Chase Bank, a member of FDIC. Furthermore, the company offers property management tools for rental properties.
Tenant applicants can be screened, rental payments can be received through online rent collection, and landlord-tenant chat can be used to communicate with tenants and employees.
As a result of real estate investments, Tellus is able to offer members a high interest rate. Tellus pays a higher flat interest rate on it’s Tellus Boost Account.
Tellus Boost Accounts: How does Tellus Boost work?
A free Boost will be available every 24 hours. Participating in a Tellus promotion or answering a daily quiz question will earn you the bonus rate.
With Tellus Boost Accounts, you can temporarily increase the interest rate on your account through Boosts. If you Boost your account for a day and 12 hours, you can earn an additional 0.5%.
The Tellus Boost Account features
Your Tellus account has several sub-accounts, which are accounts derived from your Boost account. Accounts such as these are designed for setting aside money for specific purposes.
- Stack Accounts: You can use stacks to save for personal goals, such as vacations or rent. Track your goals over time by customizing Stacks with descriptions. Account balances must be at least $125 to be eligible for a stack account. Stack accounts are eligible for Boosts.
- Tellus Reserve Account: Up to $2,500 in Reserve Accounts will earn 4.50% APY, so saving some money while earning a flat rate might be worthwhile. Adding boosts is not possible with this account.
What is the Tellus Boost Accounts used for?
You can earn a higher interest rate without the volatility of the stock market than you can find at your bank. By providing consistently high returns, the Tellus Boost Accounts enable you to reach your savings goals more quickly than ever before. So, that is simply what the Tellus Boost Accounts is used for.
Is Tellus Signup free?
Oh Yeah! The Tellus signup is completely free to join, as it is a free service. You don’t have to pay any monthly service fees or app fees for the Boost Account or Reserve Account.
Tellus’ Triple-Layer Protection framework
All member data and deposits are backed by bank-level security (AES 256 encryption). Below are the Tellus triple-layer protection framework;
- Capital: This happens to be the first risk mitigation layer! So in order to strengthen their liquidity buffer, Tellus hold cash proportionally to every dollar deposited.
- Collateral: You’re now at the second layer in which Tellus can guarantee that every dollar we lend will be backed by high quality, single-family residential real estate that is based in the US Pacific Northwest.
- Systems: AES 256 encryption, supported by US-based treasury and risk management practice and industry-leading partners, including Plaid, Stripe, IDology and Riskified, gives you peace of mind.
Tellus Reviews: How does Tellus pay such high interest rates?
With Tellus’ simple cash account products, you can turn your savings into passive income. You don’t need to be a stock or crypto market expert to enjoy an exceptional return on your savings with the company’s smart savings platform.
Tellus operate their business online, unlike main street banks and financial institutions, which further reduces the operating costs and enables the Tellus online business to pass that value along to our customers.
Tellus Withdrawal | What is the withdrawal fee on Tellus?
In order to maintain your Boost Account balance, you will have to withdraw less than $50 in order to avoid being charged $5.
Is Tellus Legit? | Is my money safe with Tellus?
For every $1 you borrow, Tellus backs it with at least $1.35 in real assets, including real estate collateral pledged by Tellus’ borrowers and cash held in reserve on the company’s balance sheet (as of August 2022).
Tellus is not a FDIC insured institution for the avoidance of doubt in reference to whether Tellus is legit or safe!
Can Tellus be Trusted? | Is Tellus a Scam?
In order to determine how a business deals with customer issues, like; is Tellus a scam?
The use of ratings from the Better Business Bureau is a good start to know if your money is safe with Tellus. And in recent years, Tellus has not received any ratings from the Better Business Bureau or said to have been involved in any scandals. Tellus places a high priority on protecting your money and personal information.
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Conclusion
Bank failures are insured by the FDIC, which stands for the Federal Deposit Insurance Corporation. Customers’ deposits in a failed bank are insured up to $250,000 per customer if the bank fails. Unlike banks, Tellus is not a financial institution. There is no FDIC insurance for Tellus. The Chase Bank (aka JP Morgan Chase) holds all cash deposits held by users.
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