The required amounts to open Comenity Direct accounts are low. The Comenity Direct savings account requires $100 to open. Each of the CDs offered through Comenity Direct require $1,500 to open.

The interest rates for Comenity Direct accounts are competitive. Their rates are much higher than typical bank rates. They are competitive with other online accounts. To earn interest on CDs, you must keep $1,500 in the CD. The high-yield savings account only requires $1.00 to earn interest.

Comenity Direct accounts do not have monthly maintenance fees. There are not set account balances required to avoid the monthly fees. Their accounts are free. The CDs have a fee if you withdraw the money before the maturity date, but no monthly fee.

All Comenity Direct accounts can be opened online. You do not need to visit a branch location or mail in part of the application. The entire account opening process is online. You must be at least 18 years old and have a social security number. You must be a resident of the United States with an address. You cannot open an account with a P.O. Box.

Comenity Direct offers limited accounts. They offer a high-yield savings account and CDs. The CD terms range from one to five-years. There are no CD terms shorter than one year. Comenity Direct does not offer checking or money market accounts.

Comenity Direct accounts require a linked external account. You can link an account with your current bank. Once you link the two accounts, you can transfer money electronically. You can also have money directly deposited into your Comenity Direct account.

The Comenity Direct high-yield savings account does not offer checks or debit cards. Federal law allows for six withdrawals each billing statement from a savings account. Make withdrawals through electronic transfers into the linked external bank account.

Comenity Direct offers CD terms from one to five-years. The early withdrawal fees for these CDs are high compared to other online CDs. For terms from 12-months to three-years, the fee is 180 days of interest. For terms four-years or longer, the fee is 365 days of interest.

Read the full Comenity Direct review.

Quorum does not have a set amount required to open their HighQ savings account. The basic savings account only requires $5 to open, which Quorum will pay for you. The checking accounts offered through Quorum do not have a set amount required to open.

Most Quorum accounts do not have monthly fees. If the accounts do have a fee, that fee is easy to waive. Electronic statements waive the fee for the basic savings account. Waive the checking account fees by having a set amount in direct deposits or a set account balance. You must also sign up for electronic statements.

The HighQ savings account and some CDs offer the most competitive interest rates. The rates are competitive with other online-only accounts. There is no required amount to open the HighQ account and no monthly fees. This account can be opened online. The CDs require $1,000 to open.

The QChoice checking account offers ATM reimbursement. There are a variety of ATMs that are free of charge to Quorum customers. However, if you use an ATM that charges a fee, Quorum will reimburse that fee up to $15 per month. The fee reimbursement will deposit automatically into your account on the second business day of the following month.

To open an account with Quorum, you must become a member of the credit union. To open an account online, you must be over 18. If you are under 18, you must mail in the application. To establish your membership, you must open a basic savings account. The required amount is $5, but Quorum will fund that amount.

Most Quorum accounts do not offer competitive interest rates. Most account rates are competitive with typical brick and mortar bank rates. The HighQ savings account offers the most competitive rate. That account offers interest that is competitive with other online accounts.

Most Quorum account interest rates are tiered. The checking account requires a $20,000 balance to earn the most competitive rate. The money management account requires $250,000 to receive the best rate.

The only accounts offered through Quorum are personal deposit accounts. No specific business accounts are available. Those personal deposit accounts include checking and savings accounts, and CDs. The CDs range from three-months to five-year terms.

Read the full Quorum Federal Credit Union review.