BankDirect (Internet Bank) Raises Rate On 12-Month CD
With today’s rate increase, Dallas-based BankDirect has joined six other financial institutions in offering a 12-month CD with a 1.25% APY. The minimum opening deposit is $10K and there is no maximum balance cap.
The 12-month CD languished at 0.25% APY for almost 4 years and in the last 14 months has seen 5 rate hikes. Interestingly, BankDirect’s 12-month CD and 24-month CD are both currently earning 1.25% APY.
As stated in BankDirect’s Disclosure Booklet, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 91 days up to and including one year: The fee we may impose will equal 90 days interest on the principal amount withdrawn subject to penalty.
Availability
BankDirect is the national internet banking division of FDIC insured Texas Capital Bank, a nationally chartered bank headquartered in Dallas. As an internet based institution, all of BankDirect's products are available nationwide, and customers can open and fund accounts directly online.
Bank Overview
BankDirect (FDIC Certificate # 34383) has an overall health grade of "A" on DepositAccounts.com, with a Texas Ratio of 6.46% (excellent), as of September 30, 2015. In the past year, BankDirect increased its total deposits by $3.38 Billion, excellent annual growth rate of 28.51% growth rate. Please refer to our financial overview of BankDirect for more details.
As mentioned earlier, BankDirect is the national internet banking division of the FDIC insured Texas Capital Bank. Since going live on the internet in May 1999, the Dallas based BankDirect has grown quickly, providing interest checking, savings, and money market accounts, as well as certificates of deposit and free bill pay service to customers on the web. BankDirect currently has assets in excess of $18 Billion.
How the CD Compares
When compared to the 148 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, BankDirect’s 12-month CD currently ranks sixth, regardless of minimum deposit.
The above rates are accurate as of 1/6/2016.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
