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BankDirect VS DCU

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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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: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Variety of accounts offered
  • Competitive interest rates for savings
  • Only one DCU account has a fee
  • Low opening required amounts

Cons:

  • Must become a member first
  • Tiered interest rates on MMA
  • High balances to earn interest
  • Only one withdrawal per month for Ltd
BankDirect Review

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.

Read the full BankDirect review.

DCU Review

Digital Federal Credit Union offers a wide variety of personal deposit accounts. They offer a savings, money market, and holiday savings accounts. They offer two checking accounts and a variety of CD terms, including jumbo and rate bump CDs. Once you become a member of DCU, you can open any of these accounts online. DCU also offers business accounts.

The primary savings account offers competitive interest rates. For the first $1,000, you earn a very high interest rate. Any amount over $1,000 earns a lower rate. Between the two rates, the account earns competitive interest rates. The primary savings account is the account you must open to become a member of DCU.

Only the DCU Dividend Checking account has a monthly fee. All other accounts do not have a monthly fee. The amount required to keep in the checking account to waive the monthly fee is $2,500. The other DCU accounts do not have a required amount to keep in the account to avoid a fee.

The required amounts to open DCU accounts are low. The highest amount required to open a checking or savings account is $5. To earn interest for some accounts requires a larger balance. However, to open the accounts does not have a high required amount. The CDs require $100 or $500, depending on the CD. The jumbo CDs do require $25,000 to open.

To open an account with DCU, you must become a member of the credit union. To become a member requires opening a Primary Savings Account with at least a $5 balance. Once you open that account and become a member, you can open any other DCU account.

The DCU money market account has tiered interest rates. To earn the most competitive interest rates requires a large balance. The most competitive rate requires a balance of at least $100,000. Lower balances earn interest, just not the most competitive rate.

The Ltd savings account through DCU has a high required balance to earn interest. This account requires a balance of $25,000 to earn any interest. Any balance over $25,000 earns the most competitive rate, but balances below do not earn any interest.

Only one free withdrawal is allowed each month from the Ltd savings account. For every other withdrawal, there is a fee of $25 per withdrawal. To earn interest on this account requires a balance of $25,000. There is no required amount to open the account.

Read the full DCU review.

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