Overview / Commentary
214-932-6600
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.

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Reviews (4)

Bank Direct delivers when it comes to your financing needs

Posted by: CC242 | Aug 10, 2014

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.

BankDirect - An Interesting No-Branch Option

BankDirect is an interesting no-branch bank with a unique value proposition. Many of its members open accounts because they can earn American Airlines miles on the deposits in their accounts, in addition to some initial bonuses for opening the account. This has been drawing customers to BankDirect for many years.

My experience with BankDirect lasted a few years, and it was decidedly "OK" - not much better or worse. The phone interactions were absolutely great - the agents were available, friendly, and able to solve problems directly. The website was a bit less useful. It looks like it was made in the mid 1990's and hasn't been touched since. It's clunky and full of redirect links to nowhere, and getting anything done takes some effort.

Overall, BankDirect provides a fairly good commodity checking product, but with a tough-to-use website and interface. If you're after their unique value proposition, then maybe this is the bank for you, but if you're looking for an easy customer experience, I'd look elsewhere.

Unquestionably The Worst

Posted by: pete50505 | Sep 21, 2017

I have recently opened accounts with multiple online banks. Some banks took as little as 10 minutes to open and fund. BankDirect took more than a month.

This bank doesn't quite get the idea of online banking. For starters, the endless online application was written by an anal retentive attorney. After that is approved, you have to complete more forms. Then, you have to wait until a welcome packet is mailed to you. They mailed my package to my legal address and not my mailing address.

Now comes the bait and switch... Days after mailing in my first deposit, I noticed that my 1.35% rate was now .15%. So, I am closing an account that hasn't even yet received the initial deposit.

Very Disorganized Bank

Posted by: pwj7050 | Jul 26, 2017

I opened a "Money Market Plus" account since the APY is 1.35%, which is the most competitive rate at this time. However, they require that you wait until receiving their welcome package in the mail, which takes a week to fund the account. That's not a big problem.

However, their letter does not explain how to open the account. It just provides your account number and some useless marketing info. I had to call the bank and ask how I could fund the account. I could ACH the funds from their portal or send a check or wire. I would opt for the ACH since it is free and quick.

HOWEVER, THIS NEXT RESTRICTION IS WHY I CLOSED THE ACCOUNT. IN ORDER TO DRAW ON MY ACCOUNT WITH THEM, THEY DO NOT ALLOW ME TO EXECUTE ACH'S FROM THEM TO MY EXTERNALLY LINKED WELLS FARGO CHECKING ACCOUNT. I COULD ONLY CUT A CHECK, PAY FOR A WIRE OR USE WELLS FARGO'S BILL PAY WHICH HAS A VERY LOW DAILY LIMIT. THIS IS A DEAL BREAKER. I CLOSED THE ACCOUNT IMMEDIATELY.



Health
B+

Health Grade Components

Overall
FDIC Certificate #34383
Year Established1997
Employees1640
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.21%
Return on Equity - YTD13.69%
Annual Interest Income$845.3MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$27.10B$24.40B
LoansQ3 2018vs Q3 2017$23.50B$21.24B
DepositsQ3 2018vs Q3 2017$20.48B$19.25B
Equity CapitalQ3 2018vs Q3 2017$2.44B$2.11B
Loan Loss AllowanceQ3 2018vs Q3 2017$190.3MM$182.9MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$119.3MM$127.1MM
Real Estate OwnedQ3 2018vs Q3 2017$79.00K$18.1MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not BankDirect; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

BankDirect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%--Savings Account

BankDirect Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%$10k-Money Market Account
0.15%*$10k*-IRA Money Market Account
OTHER TIERS: 0.10% Up to $10k
0.05%$500-Mileage Money Market Account

BankDirect Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$10k*-Checking Account
OTHER TIERS: 0.05% $2.5k - $10k
0.01%$2.5k-Mileage Checking

BankDirect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.55%$10k-36 Month CD
2.48%$10k-24 Month CD
2.30%$10k-18 Month CD
2.25%$10k-12 Month CD
1.75%$10k-6 Month CD
1.54%$10k-30 Month CD
1.00%$10k-90 Day CD
0.25%$10k-48 Month CD
0.25%$10k-60 Month 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$1k-12 Month IRA
0.25%$1k-18 Month IRA
0.25%$1k-24 Month IRA
0.25%$1k-30 Month IRA
0.25%$1k-36 Month IRA
0.25%$1k-48 Month IRA
0.25%$1k-60 Month IRA
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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.