With the multitude of investment apps out there, deciding where to park your hard-earned cash can be quite the head-scratcher. Enter Tellus, a flashy newcomer in the app scene that lets you dive into real estate investments and promises juicy returns of at least 5.0% APY. Sounds tempting, right?
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While it’s been marketed as a high-yield savings Account equivalent, we have a few reservations about that claim (stay tuned for the specifics in this Tellus App review). The Tellus concept is undeniably intriguing.
But the million-dollar question is, is Tellus the real deal, and is it worth your precious time and energy? One way to find this out is to look at current users’ words! So let’s do that, and while we are at it, dissect every nook and cranny of Tellus so you can make a well-informed decision on whether Tellus savings is your financial cup of tea.
Learn More About Tellus
Pros & Cons
Pros:
- Easy to use
- Competitive interest rates
- Has a stacks and organization feature
- Wide range of account types
- Little to no fees
Cons:
- Not FDIC insured
- May require extra attention for best results
What Is Tellus?
Tellus is a fintech Cupertino-based service that offers a unique blend of financial services, bridging the gap between high-yield savings accounts and investment apps. Their app provides fee-free access to investment products and property management tools.
Tellus stands out with APYs ranging from 5.0% to 5.9% and daily interest payments, positioning itself as a flexible savings account alternative. For instance, consistently depositing $100 per month could yield $58,043 in 30 years, far surpassing typical savings accounts.
However, it’s vital to note that Tellus isn’t a bank but an investment firm focused on residential real estate. Importantly, they lack FDIC insurance, so investing with them carries inherent risks.
Tellus collaborates with established financial institutions like J.P. Morgan Chase Bank, Wells Fargo Bank, and Sunwest Bank to secure user funds.
Features of Tellus
Tellus offers a versatile suite of financial services:
- Tellus Boost Account: This account combines flexible access with potential boosts for up to 10% interest. The APY varies but typically ranges from 4-6%.
- Tellus Reserve Account: A more straightforward option with a 4.5% base APY and no boosts, best for those seeking straightforward returns. The current limit is $2,500.
- Tellus Vaults: Like a CD account, Vaults offer higher interest rates (5.1-5.9% APY) for longer commitments. Early withdrawals forfeit interest, with a minimum deposit of $1,000.
- Property Management Software: Targeted at landlords, it facilitates tenant communication and rent collection.
Key Features:
- Daily compounding interest and 12 p.m. PST daily deposits.
- Robust security measures.
- Diverse account options.
- Periodic boosts for higher APY.
- User-friendly app.
- Flexible deposits and withdrawals.
- “Stacks” for setting savings goals.
Who is Tellus For?
Tellus caters primarily to the following groups:
- Individuals looking for higher yields than what traditional banks offer may find Tellus a compelling alternative. The daily boosts feature can accelerate savings growth compared to conventional savings accounts.
- Those eyeing real estate investments and passive income may find Tellus a good option. Its competitive interest rates and the Tellus Boost feature present an enticing option for investors aiming to maximize their returns.
- Tellus offers robust property management software equipped with tools for rental property management. This feature streamlines various tasks, making it ideal for property managers seeking efficiency improvements.
What People Say…
Overall Rating: 4.4
Tellus – Final Thought
Tellus has you covered if you’re in the market for a high-yield savings product. Their Reserve Account offers a solid base of 4.75% APY on your deposited funds. Opt for the Boost Account, and you can enjoy a base 3.85% APY, with the potential to supercharge it up to an impressive 6.00% APY through “power-ups.”
Vaults are another attractive option, offering up to 5.12% APY without any maximum balance limit. Plus, Tellus introduces Stacks, a convenient tool to budget and save for specific financial goals.
The best part? No fees are associated with any of the Tellus accounts, and you can count on responsive customer support via email or in-app live chat. Tellus is a fantastic choice if you’re seeking a hassle-free and rewarding way to make your money work harder while earning high interest.
For a deeper dive into Tellus and more detailed information, don’t forget to click here to sign up!
Get Started With Tellus
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