-
Financial Rates:
4.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low opening required amounts
- Variety of bank accounts
- Online Rewards checking account
- Checking and CDs offer competitive rates
Cons:
- Must meet requirements to earn interest
- Not competitive rates for savings and MMA
- Accounts have monthly fees
- Not everyone can open accounts
-
Financial Rates:
4.0
-
Customer Service:
2.0
-
Website Experience:
2.5
-
Bank Fees:
5.0
Pros:
- Competitive interest rates on accounts
- Application completely online
- No monthly maintenance fees
- Interest rates are not tiered
Cons:
- High opening required amounts
- Limited accounts available
- Not available in all 50 states
- Application response not immediate
Accounts at Washington Savings Bank have low required opening amounts. All the checking and money market accounts only require $10 to open. The savings account opening balances range from $1 to $50, depending on the account. All the CD terms require $500 to open.
Washington Savings Bank has a variety of personal deposit and business accounts. They offer three personal checking accounts and a variety of savings accounts. They also offer CDs, business accounts, and lending options.
Washington Savings Bank offers an Online Rewards checking account. This account is available to U.S. citizens across the country. You earn debit card cash rewards for purchases. You must have a direct deposit into this account. There is a monthly fee of $9.95. This is a checking account for those who need a second chance. After one year of good accounts history, you can receive a lower monthly fee.
The Washington Savings Bank checking accounts and CDs offer competitive interest rates. Not all CDs offer competitive rates. There are five special CD terms that have competitive rates. The checking account does have tiered interest rates. The most competitive rate is for balances between $0 and $10,000. Some qualifications must be met to earn the competitive rate.
The checking account has set requirements to earn the competitive interest rate. Those qualifications include having at least 12 debit card purchases post and clear. You must receive eStatements. You must also have one automatic payment, direct deposit, or bill pay post and clear. If these qualifications are met each month, you earn the competitive interest rate.
The savings and money market account do not have competitive interest rates. Washington Savings Bank offers a variety of savings accounts, but the rates are low. These account rates are not competitive with other online accounts.
Some Washington Savings Bank accounts have a monthly maintenance fee. Those fees range from $3 to $10 depending on the account. To waive the fees requires a set amount be in the accounts. Those balances range from $50 to $2,500. The Online Rewards checking has a monthly fee of $9.95.
Not everyone can open Washington Savings Bank accounts. Savings accounts are only for residents of Massachusetts or New Hampshire. Two of the checking accounts are only offered to those residents as well. The Online Rewards checking account is available for anyone. That account has a $9.95 monthly fee.
The interest rates for TotalDirectBank accounts offer competitive interest rates. The interest rates are much higher than typical brick-and-mortar bank rates. Their interest rates are competitive with other online accounts.
The application for TotalDirectBank accounts is entirely online. To open a money market or CD account with TotalDirectBank, visit their website. There are no branch locations. You cannot mail in your application.
There are no monthly fees for the TotalDirectBank money market account. You do not have to keep a set balance in the account to avoid a monthly fee. The money market account is free. The CD has a fee if you withdraw money before the CD matures.
Interest rates for TotalDirectBank are not tiered. Account balances over the opening required amount earn the most competitive interest rates.
Opening an account with TotalDirectBank requires a significant amount. The money market account requires $5,000 to open. The CD requires $25,000 to open. You must keep at least these amounts in the account to earn interest.
TotalDirectBank only offers a money market account and CDs. The CD terms range from 3-60 months. There are six terms available. Those include 3, 6, 12, 24, 36, and 60-month CD terms.
The TotalDirectBank accounts are not available in all 50 states. If you live in California, Florida, or Puerto Rico, you cannot apply for an account. You could be eligible if you live in other states across the United States.
Opening a money market account or CD with TotalDirectBank is entirely online. When you apply for an account, you receive an approval within two business days. You then must fund your account within 30 days. If you fail to fund it by then, the account could close.
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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 | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
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.