-
Financial Rates:
5.0
-
Customer Service:
5.0
-
Website Experience:
3.5
-
Bank Fees:
4.0
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
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No monthly maintenance fees
- Low required amounts to open accounts
- Accounts offer competitive interest rates
- Interest rates are not tiered
Cons:
- Limited accounts offered
- Must link to an external bank account
- Can only make electronic transfers
- Must be a customer to open CDs
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.
There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.
The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.
The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.
MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.
MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.
To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.
The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.
To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.