First Internet Bank of Indiana VS Comenity Direct

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 4.0 Star Icon
0.81%APY
Savings/MMA
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Pros:

  • Low opening required amounts
  • Competitive interest rates on accounts
  • Variety of accounts offered
  • Free ATM transactions and fee refunds

Cons:

  • Accounts have monthly fees
  • Savings have high required daily balances
  • CD early withdrawal penalties are high
  • Excessive withdrawal fee high
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Low opening required amounts
  • Competitive interest rates on accounts
  • No monthly maintenance fees
  • Can open accounts entirely online

Cons:

  • Limited account options
  • Must link an external bank account
  • No checks or debit cards available
  • Early withdrawal fee on CDs is high
First Internet Bank of Indiana Review

First IB only requires $25 to open the free checking and savings account. The Interest checking, Money Market Savings, and Tomorrow's Tycoons require $100 to open. CDs required $1,000 to open. The HSA does not have a required amount to open.

First IB accounts earn competitive interest rates. The account rates are competitive with other online-only accounts. To earn the best rate for the checking account only requires $500 in the account. The savings accounts do not have a set limit to earn the competitive interest rates.

A variety of accounts are available through First IB. The accounts include:

  • Free checking
  • Interest checking
  • Money Market Savings
  • Free savings
  • CD terms from three to 60-months
  • Health Savings Account
  • Tomorrow's Tycoons savings account for children
  • Coverdell Education Savings account
  • IRA accounts
  • Credit cards, personal, student, and auto loans
  • Home equity loans and mortgages
  • Business checking, savings, and CDs
  • Business lending options

First IB is a member of the ATM Plus network, giving you access to millions of ATMs across the U.S. Certain accounts with First IB reimburse up to $10 each month in ATM fees. The Interest checking, money market, and regular savings offer the reimbursement option.

Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Waive the fees by keeping an average daily balance in the accounts. The required balances vary between accounts.

The First IB Money Market Savings account requires a daily balance of $4,000 to avoid the monthly fee. The Interest checking account requires $500 to avoid the fee. Free savings and checking accounts do not have a required balance to avoid the monthly fee.

The early withdrawal penalty for First IB CDs are high. CD terms for three-months requires 90 days of interest. Terms from six to 18-months require 180 days of interest. The fee for CD terms over 24-months is 360 days of interest.

The government limits the withdrawals from savings accounts to six per month. The excessive withdrawal fee for First IB accounts is $30 per extra transaction, which is higher than other banks. The withdrawals restrictions apply to the money market and Free savings accounts.

Read the full First Internet Bank of Indiana review.

Comenity Direct Review

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.

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