Interested in opening a checking, savings, CD or IRA account? Then be sure to check out BankDirect for a wide range of accounts, make sure to read through and check all the requirements and benefits for each account.
With BankDirect you’ll enjoy access to over 55,000 ATMs fee free, free bill pay, the ability to earn miles with American Airlines and more. Additionally, you have access to 24/7 customer service, mobile banking and automatic transfers. If you interested in a bank with a wide variety of products, check out BankDirect!
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 CD Account Options
- 8 Compare CD Accounts
- 9 IRA
- 10 Reasons To Bank with BankDirect
- 11 Reasons Not To Bank with BankDirect
- 12 First BankDirect Routing Number
- 13 Contact Customer Service
- 14 How First Tennessee Compares
- 15 Bottom Line
Checking Account Options
This account requires $100 to open and there are no monthly maintenance fees. You’ll get your first order of checks for free and a free Visa CheckCard. This account doesn’t earn interest.
This account requires $500 to open. Your first 50 checks are free and it includes a free Visa CheckCard. ATM transactions at network ATMs are included and you may receive reimbursement for up to four non-network ATM fees per cycle. To waive the monthly service fee on this account, you’ll need a combined balance of $25,000 in all BankDirect accounts.
This account requires $500 to open & there are no minimum balance requirements to meet. You’ll get your first 50 checks free and reimbursement on up to four non-network ATM charges. This checking account allows you to earn airline miles. Earn miles for various tasks, such as setting up Direct Deposit, using BankDirect’s free bill pay service, and using your BankDirect Visa CheckCard.
Compare Checking Accounts
Savings Account Options
BankDirect does offer a few selection of savings accounts & certificate of deposit accounts (CDs) with decent perks. Access to these accounts will be through their digital banking with variety of ways to waive the monthly fees.
Th Regular Savings Account requires $100 to open and earns a slightly higher interest rates compared to their checking accounts. Make two “free” withdrawals per month. Each withdrawal after that will incur a charge. You can receive a free Visa CheckCard and use it at any network or non-network ATM. You may receive reimbursement on up to four non-network ATM charges per cycle.
Compare Savings Accounts
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 3.30% APY as of 12/22/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023
• Earn high interest rate of 3.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Money Market Account Options
BankDirect has two different types of money market accounts with each having their own benefits. The both offer an ATM card with their money market accounts as well as the possibility of earning miles.
Enjoy a high-yield savings account with the bonus of check writing privileges. You can only write up to six checks per cycle, though, per FDIC guidelines. You’ll need $500 to open the account and you’ll earn interest on balances over $10,000. You can receive your first 50 checks free of charge and a free Visa CheckCard. If you use a non-network ATM, you may receive reimbursement up to four times per cycle.
Earn a high-yield interest rates on balances $500 or higher and the chance to earn airline miles. You may write checks from this account, but only six per cycle. You can receive your first 50 checks free of charge and obtain a free Visa CheckCard. You can earn airline miles by opening an account and by keeping a high balance in the account each month.
Compare Money Market Accounts
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.25% APY balances $100,000 and over
• Earn 3.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
If you have $10,000 you can set aside and not touch for a few months to a few years, you may want to consider a BankDirect CD. You can choose from terms ranging from 90 days to 5 years. CDs at BankDirect automatically roll over into a CD with the same maturity if you don’t withdraw the funds within 10 days after maturity.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 1.50% APY up to 4.40% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.10% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
In addition to the CD and Money Market options that BankDirect offers above, they also offer accounts that can be structured as traditional or Roth IRAs. The money market account, which requires a minimum deposit of $100, yields 0.10% on balances up to $10,000, and 0.15% on anything above $10,000.
You can open an IRA CD with just $1,000, terms range from 12-months to 60-months. BankDirect doesn’t charge an annual, closing, or distribution fee on IRA CDs. You must decide what to do with the funds within 10 days of CD maturity.
You can open an IRA Money Market with $100 and contribute to the IRA in $100 increments. You can open a traditional or Roth IRA account. You’ll receive interest on your balances and you can withdraw the funds as you want, but you will incur IRS taxes and penalties if you aren’t of retirement age yet.
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Reasons To Bank with BankDirect
- Use more than 55,000 ATMs fee free. BankDirect’s Visa CheckCard is a part of the Allpoint Network.
- Use ApplePay with your BankDirect Visa CheckCard.
- Set up free bill pay. If paying bills is a chore for you, let BankDirect take over the job.
- BankDirect can send gift checks for you. If you send checks as birthday presents to family near or far, BankDirect can do it for you. Just tell BankDirect who to pay and how much, and they will prepare and send the check for you.
- Set up automatic transfers between your checking and savings accounts. Create savings goals and then put the plan in action with automatic transfers. You set up the frequency and amount and BankDirect will automatically “pay” your savings account by withdrawing the funds from your checking account.
- Access your bank account from anywhere you have an internet connection. You can use BankDirect online or through their mobile app.
- You can earn American Airlines miles. If you are an AAdvantage member and you open one of the three AAdvantage accounts at BankDirect, you may earn miles, which turns into free airline tickets once you accumulate enough points. BankDirect makes it easy to earn points as well. Just conducting your normal transactions may earn you miles.
- You can use 24/7 telephone banking. If you lose internet connection or just aren’t on a secure connection but need answers regarding your bank account, you can contact them via telephone banking any time of the day.
- Many of BankDirect’s accounts require $100 – $500 to open.
- BankDirect is FDIC insured. Banking with an FDIC insured bank helps protect your funds should the bank go out of business. The FDIC insures balances up to $250,000.
Reasons Not To Bank with BankDirect
- Its hard to waive the monthly maintenance fees. Only a couple of their accounts offers the option to waive it with a minimum balance requirements.
- You need at least $10,000 to open an regular CD account.
- You have to wait 7 to 10 days to use your account after opening it.
First BankDirect Routing Number
The main routing number is 111017979. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach BankDirect Customer Service at 1-877-839-2737. Reps are available 24/7 hours.
How First Tennessee Compares
- Citizens Access Bank: An online bank with only savings accounts and CDs. They have no monthly maintenance fees, but they have a $5,000 minimum balance requirement for their savings account.
- Ally Bank: An online bank with checking, savings, CDs and IRAs accounts. They have monthly maintenance fees on their products. But they have ATM fees if you don’t use theirs.
- Capital One 360 Bank: The offer a variety of accounts. They don’t have official service fees, but they have several other charges. In exchange for the fees, they do offer a higher than average APR..
Choosing a bank that’s right for you is an important decision as you’ll be investing time and money into these institutions. It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If BankDirect has the variety and options you’re looking for, apply today!