BankDirect Review

How does your bank stack up?

  • Financial Rates: 3.5 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 3.0 Star Icon
  • Bank Fees: 4.5 Star Icon


  • Low required opening amounts
  • Reimbursement of ATM fees
  • Variety of personal deposit accounts
  • Money market account earns good rates


  • Highest MMA rate requires large amount
  • High required amount to open CDs
  • Checking accounts have a monthly fee
  • Must mail in application to open account

What You Need to Know

Most of the BankDirect accounts have a low amount required to open the account. BankDirect checking accounts only require $500 to open. Both BankDirect money market accounts require $500 to open. The basic savings account only requires $100 to open.

BankDirect does not own any ATMs; they reimburse their customers the ATM fees. The first four ATM withdrawals per statement cycle are refunded. The refunds are up to $2.50 per transaction. There is a withdrawal limit of $500 from an ATM each day.

BankDirect offers a variety of personal deposit accounts. There are three different checking accounts and two different money market accounts. There are a variety of different CD terms available. BankDirect offers one savings account. There are no business accounts available.

The BankDirect Money Market Plus account offers a competitive interest rate. BankDirect also offers a mileage money market account. This account earns American Airline miles. Both MMA require $500 to open. The mileage money market account earns much lower interest rates. You earn miles instead of interest. There is no monthly fee for either account.

To earn the high rates offered on the BankDirect Money Market Plus account you must have $10,000 in the account. Amounts under $10,000 do not earn any interest. Only $500 is required to open this account, but to earn any interest requires $10,000.

BankDirect offers a variety of different CD terms. The required amount to open any of the CDs is $10,000. There is no monthly fee. The interest rates for CDs are competitive. The 12-month, 18-months, 24-months and 36-month CDs offer the most competitive rates. To open a mileage CD also requires $10,000.

Two of the BankDirect checking accounts have monthly fees. The interest and mileage checking accounts both have a monthly fee. The fee is waived for the interest checking account if you have at least $2,500 in the account. The mileage checking does not list a way to waive that monthly fee.

Opening an account with BankDirect is not entirely online. To open an account, you must fill out the application online, then print off part and mail it in. You will then receive a welcome kit within one to two weeks. Once you get your kit, you can finish setting up your account.

Cool Things

Mileage Program

Some BankDirect accounts earn American Airline AAdvantage miles. The interest rates on the accounts are much lower than their other rates because you earn miles instead. You earn miles for opening the account. Once the account is opened, you earn miles for different account activity. Bill pay, direct deposit, debit card usage, or referring a friend earns miles. You can also earn miles based on your account balance.


BankDirect is an internet only bank. It started on May 17, 1999. BankDirect is the internet banking division of Texas Capital Bank.

BankDirect does not have any branch locations. Everything for your account is online. BankDirect offers a variety of different personal deposit accounts. The interest rates for the Money Market Plus account earns competitive interest rates. Certain CDs also earn competitive rates.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. BankDirect is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With debit or ATM card, checks, online bill pay, or electronic transfers.

Does this bank offer mobile banking?

Yes. With the app, you can view account information and transactions. You can pay bills and upload checks.

Is this a good bank?

The money market account and some CDs offer competitive interest rates. Only the checking accounts have a monthly fee. There are no branch locations or business accounts offered.

Is this bank free?

The BankDirect checking accounts have a monthly fee. The savings and money market accounts and CDs do not have a monthly fee.

Is this bank secure online?

BankDirect uses security measures that follow the regulations set by the FDIC and the OCC. SSL protocol, firewalls, and filters are in place. Your accounts are password protected.

Does this bank offer competitive interest rates?

Some BankDirect accounts offer competitive interest rates. The money market account and a few CD terms offer competitive rates. The other interest rates are typical of other bank rates.

Can I use this bank for my business accounts?

No. Only personal deposit accounts are available.

How is the online bank different from the online banking my bank offers?

The interest rates for the money market account and a few CDs are higher. There are no branch locations, so everything for your account is online.

Do their checking accounts pay interest?

Two BankDirect checking accounts earn interest. The interest rates are not competitive with other online accounts. To earn the highest rates, you must have $10,000 in the account.

How do I reach customer service?

By phone or mail.

Does this bank offer bill pay?

Yes. BankDirect checking accounts offer free bill pay.

Can I deposit cash?

No. Make deposits by uploading a check or with electronic transfers. Direct deposits and wire transfers are other ways to make deposits.

How long do transfers take?

No specific transfer times are on the website.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into BankDirect accounts.

Bank Contact Information

P.O. Box 809017
Dallas, TX 75380-9779

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Savings (Rate as of 7/18/2024)
APY 4.25%
Rate 4.16%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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Savings (Rate as of 7/18/2024)
APY 4.50%
Rate 4.50%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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