-
Financial Rates:
3.5
-
Customer Service:
2.5
-
Website Experience:
3.0
-
Bank Fees:
4.5
Pros:
- Low required opening amounts
- Reimbursement of ATM fees
- Variety of personal deposit accounts
- Money market account earns good rates
Cons:
- 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
-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- MMA earns competitive rates
- Good variety of accounts available
- Special CDs earn competitive rates
- Many ways to open accounts
Cons:
- High opening required amounts
- Accounts have monthly fees
- Most interest rates not competitive
- Tiered interest rates on accounts
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.
The BMO Harris money market account offers competitive interest rates. These rates are competitive with other online accounts. They are much higher than typical bank rates. There are no monthly fees for this account.
BMO Harris offers a good variety of personal and business accounts. Those accounts include:
- Checking accounts
- Savings and money market accounts
- CD terms from three to 60-months
- IRA savings accounts and CDs
- Lending options
- Credit cards
- Investment options
BMO Harris Bank offers specific CD terms with more competitive interest rates. Their CD terms range from three to 60-months. They offer a six-month, 12-month, and 18-month CD with more competitive interest rates. These rates are competitive with other online CD accounts. BMO Harris CDs require $1,000, $5,000, or $100,00 to open.
There is more than one way to open BMO Harris accounts. You can open bank accounts online through the website. Customers can open accounts at a branch location or by calling customer service.
Some BMO Harris accounts have high opening required amounts. The money market account requires $5,000 to open. BMO Harris Bank offers regular CDs and jumbo CDs. To get the most competitive interest rate requires $5,000. The jumbo CDs require $100,000 to open.
Most BMO Harris accounts have monthly fees. The fees for their checking accounts range from $5 to $30. The savings account has a $5 monthly fee. These fees can be waived by keeping a set amount in the accounts. Those balances range from $100 to $50,000 depending on the account. Electronic statements and being under 25 years old will also waive some account fees.
BMO Harris Bank account rates are not competitive with other online accounts. The money market account and some CD terms offer competitive interest rates. Other account rates are not competitive with online accounts.
The premier checking account has tiered interest rates. To earn the most competitive rate for this account requires a balance of $50,000. The money market account has tiered interest rates, but the tiers are not on the website.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.