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.
Citi Private Pass is an entertainment program for credit and debit card holders. You can buy tickets to concerts, sporting events, restaurants, and movie screenings before others. The best deals are found on Twitter or with a weekly email. There is no fee from Citi to make purchases through Citi Private Pass.
Citi has thousands of ATMs across the United States and in 20 other countries. You can get cash without paying a fee at these ATMs. Free ATMs have the Citibank brand. MoneyPass ATMs are free too. Talking ATMs are at every Citibank branch with ATMs. If you aren’t a CitiGold or Priority member and use a non Citi ATM you will be charged the fee. You can find ATMs and branches on Citi’s website.
Three checking accounts and many credit cards offer thank you points. You earn points from qualifying purchases, direct deposits and bill pay. These points can be used to make a variety of different purchases. The only checking accounts that earn points are Citibank account, Citi Priority Package and CitiGold. These accounts require high account balances.
Citi offers small or commercial business banking. Checking accounts differ depending on the number of transactions made. Citi offers different cash flow options for deposits and customer payments. Business payroll services and credit cards are available.
Every account offered has fees except CitiGold. To be a member of CitiGold requires $200,000 in accounts. The fees range from $10 to $30. Waive fees by maintaining a monthly average balance. Those balances are high. They range from $500 to $50,000. Checking accounts must have a balance of $1,500 always to waive the fee. Basic savings accounts can have the fee waived if you are older than 62 or have a direct deposit into the account.
The opening balances for savings accounts are $100. There isn’t a required amount to open a checking account. But, you will be charged the account fee if you don’t have $1,500 to $50,000 in the account. The amount is different for each account.
Interest rates for checking and savings accounts aren’t found on the website. Not all checking accounts earn interest. Citibank interest rates aren’t competitive to other online banks. You don’t know what you earn until you sign up.