BankDirect VS EBSB Direct

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
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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: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

  • High interest rates on accounts
  • No monthly maintenance fees
  • Accounts are entirely online
  • Debit card offered for MMA

Cons:

  • Limited deposit accounts offered
  • Highest rates require a large amount
  • MMA requires a large opening amount
  • Must link to another account
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.

EBSB Direct Review

The EBSB Direct accounts offer competitive interest rates. The rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar bank rates.

There are no monthly fees listed for the money market account. The only fee that applies to the CD is if you withdraw the money before the CD reaches the maturity date.

EBSB Direct accounts are entirely online accounts. You can apply for the accounts online. Everything for your account is online. The EBSB Direct accounts are not available through the EBSB branch locations. You can make transactions to your EBSB Direct accounts at a local branch.

The money market account with EBSB Direct offers a debit card for you to access your money. Federal regulations only allow six withdrawals per month from this money market account. There is a fee if you withdraw more than six times.

EBSB Direct only offers a money market account and one 14-month CD. There are no other personal deposit accounts offered. There are no specific business accounts offered.

To earn the highest interest rate offered on the MMA, you must have at least $10,000 in the account. The lower balances still earn interest, but a much lower rate.

To open the money market account offered through EBSB Direct, you must have $2,500. The 14-month CD requires $1,000 to open. Once you open the account, you are not required to keep a set amount in the account.

EBSB Direct only offers a money market account and CDs. To make electronic transfers, the accounts must connect to another account. Link your EBSB Direct account to any other financial institution in the United States. You can also link more than one account to your EBSB Direct account.

Read the full EBSB Direct review.

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