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BankDirect VS Navy Federal Credit Union

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
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Low opening required amounts
  • Variety of accounts available
  • ATM fee reimbursements
  • Competitive rates on most accounts

Cons:

  • Must become a member first
  • Checking accounts have monthly fees
  • Accounts have tiered interest rates
  • Daily cash limits on withdrawals
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.

Navy Federal Credit Union Review

Navy Federal accounts have low opening required amounts. The savings account only requires $5 to open. The money market account does not have a set amount required to open, but to earn interest requires $2,500. The checking accounts do not have a set amount required to open. The CDs have tiered opening required amounts. The lowest amount to open a regular CD is $1,000. Special CD offers require lower opening amounts.

There are a wide variety of accounts offered through Navy Federal. They offer a savings account, money market account, and CDs. Their CD terms range from three-month terms to seven-year terms. Navy Federal offers five checking accounts. Those accounts include one for students, an online account, and an active duty account. Navy Federal also offers loans and credit cards.

Most Navy Federal checking accounts offer ATM fee reimbursement. Only the Everyday Checking account does not. The reimbursement amount ranges from $10 to $20, depending on the account. Some accounts require a direct deposit to earn the reimbursement.

Most all Navy Federal accounts offer competitive interest rates. The CDs offer the most competitive interest rates. Navy Federal savings and checking accounts earn interest. The rates are lower than online account rates. The money market account rates are slightly lower than online rates. These rates are higher than typical bank rates.

Before you open an account with Navy Federal, you must first become a member of the credit union. Servicemembers and veterans are eligible to join Navy Federal. Department of Defense employees are eligible. Family members of each of these groups can become members of Navy Federal Credit Union.

Navy Federal checking accounts have monthly fees. Those fees range from $5 to $10. Waive those fees by having a direct deposit or a set account balance. Having a certain amount of debit card transactions can also waive the fees. The savings accounts do not have monthly fees.

Navy Federal money market and Flagship checking account have tiered interest rates. To earn the most competitive rate on the MMA requires a balance of at least $50,000. The checking account requires $25,000. To earn the most competitive rate on Navy Federal CDs requires $100,000.

Navy Federal only allows for a daily cash withdrawal of $600. This includes cash from an ATM, a branch, or receiving cash back. There is a daily transaction limit of $3,000 for most checking accounts and $5,000 for the Flagship checking. Their accounts do not typically have limits on the number of transactions.

Read the full Navy Federal Credit Union review.

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