Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
877-839-2737
2000 Mckinney Ave, # 700
Dallas, TX 75201

BankDirect, a fast growing Internet-only bank that provides convenient, competitive banking products and services to customers nationwide, went live on the Internet on May 17, 1999 at www.bankdirect.com. BankDirect provides competitive interest checking, savings, and money market accounts as well as certificates of deposit and free bill pay service to customers on the web. BankDirect offers financial control to customers who benefit from the convenience of banking anytime, anywhere. Through a "no-branch" model, BankDirect offers competitive rates and more convenient banking than traditional banks.

Related Posts



Reviews (1)

Bank Direct delivers when it comes to your financing needs

BankDirect assisted me with a finance loan for my insurance premium. Starting a small business with a large insurance premium can be tough, especially when you have to pay the premium in full before binding coverage. BankDirect was able to help me finance the premium and break it out into nine monthly payments. They paid the insurance broker in full and all I had to do was make my monthly premium payment. It greatly reduced the start up cost. The fees and interest were reasonable and I would definitely do business with them again if I needed assistance with my annual premium.



Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 BankDirect had $51.53 million in non-current loans and owned real-estate with $1.12 billion in equity and loan loss allowances on hand to cover it. This gives BankDirect a Texas Ratio of 4.61% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for BankDirect decreased dramatically from 6.97% as of March 31, 2013 to 4.61% as of March 31, 2014, resulting in a positive change of 33.84%.This indicates that the balance sheet and financial strength for BankDirect has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, BankDirect has increased its total deposits by $1.96 billion, resulting in 24.78% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth BankDirect has shown is excellent.

Capitalization

GRADE:
C+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. BankDirect has $12.14 billion in assets with $1.12 billion in equity, resulting in a capitalization level of 9.21%, which is average.

Institution Statistics

Overall
FDIC Certificate #34383
Year Established1997
Employees1058
Primary RegulatorOCC
Assets and Liabilities
Assets$12.14 billion
Loans$11.53 billion
Deposits$9.86 billion
Equity Capital$1.03 billion
Loan Loss Allowance$90.23 million
Unbacked Noncurrent Loans$49.11 million
Real Estate Owned$2.42 million
Historic Data - March 2013
Assets$10.01 billion
Equity Capital$907.60 million
Loan Loss Allowance$75.00 million
Unbacked Noncurrent Loans$49.11 million
Real Estate Owned$14.43 million
Profit Margin - Quarterly
Return on Assets0.93%
Return on Equity10.95%
Interest Income$116.95 million
Rates

Always verify rates and promotions with the bank or credit union. We are not BankDirect, we are a rate comparison website and can not provide official rates or promotions.

BankDirect Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$100-Savings

BankDirect Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$10k-Money Market
0.15%$10k-IRA Money Market Account
0.15%$10k-Roth IRA Money Market Account
0.05%--Mileage MMA

BankDirect Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$10k-Checking
0.01%$2,500-Mileage Checking

BankDirect CD Rates

DetailsAPYMINMAXPRODUCT
0.40%$10k-90 Day CD
0.40%$10k-90 Day Commercial CD
0.25%$10k-12 Month CD
0.25%$10k-18 Month CD
0.25%$10k-24 Month CD
0.25%$10k-30 Month CD
0.25%$10k-36 Month CD
0.25%$10k-48 Month CD
0.25%$10k-60 Month CD
0.25%$10k-12 Month Commercial CD
0.25%$10k-18 Month Commercial CD
0.25%$10k-24 Month Commercial CD
0.25%$10k-30 Month Commercial CD
0.25%$10k-36 Month Commercial CD
0.25%$10k-48 Month Commercial CD
0.25%$10k-60 Month Commercial CD
0.20%$10k-6 Month CD
0.20%$10k-6 Month Commercial CD
0.10%$10k-6 Month Mileage CD
0.10%$10k-12 Month Mileage CD
0.10%$10k-24 Month Mileage CD

BankDirect IRA Rates

DetailsAPYMINMAXPRODUCT
0.25%$1k-12 Month IRA CD
0.25%$1k-18 Month IRA CD
0.25%$1k-24 Month IRA CD
0.25%$1k-30 Month IRA CD
0.25%$1k-36 Month IRA CD
0.25%$1k-48 Month IRA CD
0.25%$1k-60 Month IRA CD
Locations

BankDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 2000 Mckinney Ave, # 700 - Dallas, TX 75201