About company

Tellus is a financial technology company in the USA that provides its services online. Tellus offers its clients the following services: high-yield passive savings, various types of loans, and real estate management. The company appeared in 2016 in order to create ways for ordinary people to better control their finances and now  operates throughout the United States.

It is not a bank. Chase Bank and Silicon Valley Bank, which are members of the FDIC, provide Tellus users with banking services. The company receives payment solutions from Stripe and Plaid.

Tellus App, Inc. offers landlords, tenants, property managers, and realtors an online real estate chat platform. This greatly facilitates various tasks and services in the field of real estate management. This platform makes it possible to collect and pay rent, as well as store all the necessary information about tenants in one place.

Pros and cons

Pros 

• The company's interest rate is competitive. While depositors earn on average only 0.08% APY on a traditional savings account, the base APY for a Tellus Boost Account is 3%. Therefore, the Tellus Boost account can be considered a high-yield cash account. The high daily income of Tellus users is possible due to the company's investments in residential real estate with the help of secured loans.
• Every day the company charges and pays your interest. In addition, you can earn bonuses every 24 hours.
• There is no monthly maintenance fee. The account does not require any fees for use. However, the company warns that your bank may charge you one or another fee.
• The ability to create individual goals using Stacks. You can save money for vacation or rent, or set up stacks with a description to track your goals later. To use Stack accounts, you need a minimum balance of at least $125. You can also spend your bonuses on Stack accounts.

Cons

• Tellus is not a bank and is not FDIC insured. They use Chase Bank and Silicon Valley Bank to provide banking services.
• Tellus is an online platform and has no physical locations. It may not be comfortable for those who prefer the traditional form of service.
• When withdrawing cash less than $50 from the Boost account, Tellus charges a commission.
• To open an account and receive interest, you will need a minimum deposit of $125.

Terms and conditions

Tellus pays and sums Interest daily at 12 am Pacific Standard Time. This is based on a 365-day simple percentage formula. Tellus can update the interest rate on Tellus Boost accounts if it deems it necessary. Each user has the right to one account.

The daily interest payments of Tellus APY users do not depend on the repayment of Tellus home loans, despite the fact that the company receives income from basic real estate. 

Tellus Boost

The Annual Interest Yield (APY) of Tellus Bust ranges from 3.00% to 6.00% APY. You can earn 6% APY with bonuses if you answer the daily questions of a popular quiz or participate in Tellus promotions. The minimal deposit must be at least $125. There is no credit check and no monthly fee.

Tellus Rental Property Management

When you place your vacant properties in Tellus, the app places them on 16 official rental sites, which include Zillow and Trulia. After submitting applications, Tellus offers verification with the creation of a report. Tenants pay for a check and report, which includes not only rental history and credit reports but also criminal records, employment checks, and ID cards.

When you get a tenant, Tellus can charge the planned rent through ACH. The options for automatic payment may be different. For example, roommates on the tenant's side can split the rent. Block incomplete payments and assign different bank accounts for different properties from the landlord.

Tellus Home loans

For real estate investors and property owners who are already users of Tellus Rental Property Management, Tellus home loans are available. Tellus loans do not require checking the creditworthiness of borrowers. They are based on the value of the property. The interest rates of Tellus Mortgage loans are extremely low and range from 6% to 10%. Tellus does not require penalties for early repayment, and this adds to the attractiveness of this company.

Funding a loan

Tellus customers receive money online and cash them out. You can fill out an application in a few minutes. They will review your application within 48 hours. If you get approved, read the terms carefully, and you will receive your money within seven days. The operational time of the lender is from Monday to Friday from 9 am to 5 pm.