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BankDirect VS FNBO 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
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: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No monthly fees or required amounts
  • Accounts offer competitive rates
  • Low opening balance
  • Any amount earns highest interest rate

Cons:

  • No business accounts available
  • Interest rates for CDs low
  • Limited personal deposit accounts
  • Savings account must be linked
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.

FNBO Direct Review

The accounts offered through FNBO Direct do not have a monthly fee. There is not an amount required to keep in the account. There are no fees for not having that amount in the account each month.

FNBO Direct savings and checking accounts offer competitive interest rates. Those rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar bank rates.

The amounts required to open FNBO Direct accounts is low. The savings and checking account only require $1 to open. The different CD terms all only require $500 to open. There is no set amount to keep in FNBO Direct accounts.

Any amount deposited in FNBO Direct accounts earns the highest interest rates offered. The interest is not adjusted based on the account balance. The minimum amount to open a savings and checking account is $1. Any amount over $0.01 earns the highest interest rate offered. The CD requires $500 to open.

There are no business accounts available through FNBO Direct. The only accounts offered are personal deposit accounts. There is a saving and checking account and different term lengths of CDs. The terms range from a six-month CD to a five-year CD.

The interest rates offered on the FNBO Direct CDs are lower than other online banks. They are not as competitive as FNBO Direct rates for their savings and checking accounts. Other online bank accounts offer more competitive interest rates for CDs.

There is a limited option of personal deposit accounts available through FNBO Direct. There is only one savings account, one checking account, and CDs. There are eight different CD term lengths. The terms range from six-month terms to a five-year term. There is no money market account offered.

The FNBO Direct savings account must be linked to a checking account. You must link an external account to transfer money electronically. You can link up to three external accounts.

Read the full FNBO Direct review.

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