DollarSavingsDirect VS Fidelity Bank

Which bank is better for you?

  • Financial Rates: 3.5 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 3.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No minimum balance or monthly fees
  • High-interest rates offered
  • Accounts are entirely online
  • CD terms with competitive interest rates

Cons:

  • Limited personal deposit accounts
  • Must link to an external checking account
  • No business accounts available
  • Deposits are held for five days
  • Financial Rates: 1.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
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Pros:

  • Wide variety of accounts available
  • Low opening amounts for most accounts
  • Waived ATM fees for some accounts
  • HSA earns good rates

Cons:

  • Tiered interest rates on account
  • Cannot open accounts online
  • MMAs have high opening amounts
  • Accounts interest rates are low
DollarSavingsDirect Review

Dollar Savings Direct does not require you to keep a specific amount in their accounts. There are no monthly fees for their savings account. As with all CDs, you will be charged a fee if you withdraw your money before the maturity date.

The interest rates for Dollar Savings Direct accounts are competitive. The interest rates are much higher than your typical brick and mortar banks. They are competitive with other online-only accounts. Any balance in the savings account and CDs earn the highest interest rates. There is not a specific amount required to earn those rates.

Everything for your Dollar Savings Account is online. You open your account online. To transfer money, you must link account to an external checking account. Transfer the money electronically between the two accounts. You can access everything for your account online.

Dollar Savings Direct has five different CD terms. Each of the different terms has competitive interest rates. All the CDs at Dollar Savings Direct required $1,000 to open. The terms range from six months to a five-year term. The longer the term, the higher the interest rates. Fees only apply if you withdraw the money before the maturity date.

Dollar Savings Direct only offers a savings account and CDs. No checking accounts or money market account are available. There are five different CD term lengths offered. Those terms are 6-months, one-year, 16-month, two-year, and five-year.

Dollar Savings Direct requires you link account to an external checking account. You can transfer money between the saving account and the linked external account. You can link another external checking account to the savings account after 60 days. The names on all accounts must match.

There are no business accounts offered through Dollar Savings Direct. The only accounts offered are personal deposit accounts. One saving account and five different CD term lengths are available.

Any deposit made into a Dollar Savings Direct savings account must be in the account for five days. You cannot withdraw the money until after the five days. Once the money is in the account five days, you can transfer the money.

Read the full DollarSavingsDirect review.

Fidelity Bank Review

Fidelity Bank offers a good selection of personal accounts. Those include:

  • Free checking
  • Relationship checking
  • Legacy checking
  • Statement savings
  • Looney Tunes Children's savings
  • High Interest savings
  • Health Savings Account
  • Personal money market account
  • Superior money market
  • CDs from 12 to 60-months

The opening required amounts for Fidelity Bank accounts are low. The checking accounts and children's savings account require $25 to open. The statement savings account requires $100 to open. The CD terms require $500 to open.

ATM transactions made at Fidelity Bank ATMs are free of fees. Transactions made at other ATMs may have a fee. The Relationship and Legacy checking accounts waive the fees of foreign ATM transactions. You must meet the requirements to open these accounts.

The Health Savings Account offers good rates. It offers the highest interest rate out of the Fidelity Bank savings accounts. To earn the highest interest rate for the HSA, you must have $15,000 in the account.

The Superior MMA has tiered interest rates. To earn the highest rate, you must have at least $250,000 in the account. Balances below that amount earn interest, just not the highest rate. Even the highest interest rate is not competitive with other online accounts.

To open an account with Fidelity Bank, you must visit a branch location. They do not offer online account applications. They have branch locations in Kansas.

The money market accounts have high opening required amounts. The Personal MMA requires $2,500 to open. The High Interest savings account also requires $2,500 to open. The Superior MMA requires $10,000 to open.

The interest rates for Fidelity Bank accounts are low. They are not competitive with other online-only accounts. Some accounts offer rates slightly higher than typical banks. Most account rates are competitive with typical bank rates.

Read the full Fidelity Bank review.

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