Deposits held and insured by City National Bank (FL)

Overview / Commentary
25 West Flagler Street
Miami, FL 33101
Deposits held and insured by City National Bank (FL)

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Not Available In CA Or FL - 1/8/2020

Please note: TotalDirectBank can conduct business anywhere in the US with the exception of California, Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, Puerto Rico and US Virgin Islands. A valid state issued ID or U.S. passport is required to open an account

Totaldirectbank Money Market Rate Drops - 11/16/2019

TotalDirectBank Money Market rate drops from 2.35% to 2.25%.

TotalDirectBank CDs Are Rate Leaders - 24-Month, 2.60% APY - 11/12/2019

TotalDirectBank (internet bank) currently offers very competitive CDs ($25k min): 12-month (2.36% APY), 24-month (2.60% APY), and 36-month (2.60% APY).

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Smooth Sailing During Initial Process

Posted by: NoCigar58 | Oct 22, 2019

Just opened an account after doing some major research because I had not heard of them before. I am an elderly person looking for a solid account with my wife as joint and need to ensure my money is safe!! They are indeed FDIC insured by a parent company, City National Bank of Florida. I called and asked some questions about their deposit and withdrawal policy. The rep was clear and provided the answers that I needed. Setting up an account online was, in my opinion, straightforward and very similar to other banks I've used in the past. I've had terrible situations with bank's that I've had no prior experience with. A big red flag for me is a customer rep that seems annoyed at my questions! We will see how things go with Total Direct Bank as I continue my relationship with them. So far they have the second best CD rate on the list and I felt they are doing a good job of presenting themselves. I will update my comment if my experience later on changes from my initial one.

Great Newcomer To Direct Bank Market

TotalDirectBank is a welcome addition to the direct banking landscape.

They have come a long way over the last year since their launch! I opened an eCD back then and the process has improved a lot. The new eMM product and application process were great. Love the #1 rate.

I also appreciate that it’s very easy to call them and talk to a real human being!

Account Creation Process Works Though Could Be Better

Posted by: Adagiopop | Oct 9, 2019

I opened a Total Direct Bank CD recently and here are some notes on the accounts and the account creation process. I wrote these afterwards, so there could be mistakes/omissions.

You fill out an online application including the funding amount and at the end of the process you have two choices on how to fund the account. One is to send a check which they have to receive in 30 days (which implies there is a 30 day rate lock).

The other funding method is to select your bank from a list and enter your credentials (login/password) into a program called Plaid. It then displayed the account that I wanted to transfer funds from. It did not display other accounts perhaps because they were CD’s rather than savings accounts or did not have enough money to fund the new account. Once you confirm the account, it apparently gathers the account number and routing number to do an ACH transfer. The list of banks seemed extensive.

My first reaction to this idea was negative (as other commenters have said). Plaid claimed to encrypt the credentials. A TDB rep told me that each of the associated banks had to agree and do some setup to make this possible. I know Yahoo Finance has a way to access brokerage accounts and trades can be placed in Yahoo. So, this limited access does seem somewhat common. I did change my password at the other bank afterwards.

TDB rep told me they do not compound interest (which must be why TDB interest rates and APY are the same).
However, you can have your interest sent to a linked account monthly or quarterly. There is a choice on this during the account creation, but I found it confusing. I learned how it worked after calling TDB after I completed the online process. The rep checked my CD Terms and explained how this worked and allowed me to change the setting. It sounded like future changes would not be possible.

As others have mentioned, after account creation no email is sent confirming the new account. That left some doubt in my mind that the account was created. A few days later, I did get two emails. One with a temporary password, the other with a link that uses that password to access a CD Terms PDF file with the details of the account. A few days later, I got a Welcome email with steps to enroll in online banking and to access disclosures.

Note the TDB Support can only be contacted M-F during business hours.

Online Money Market Ok Start

I signed up online looking for some place to put some money away for the new year.

Here are some notes I made to help others:

They have three ways of connecting to another bank to get money for the account.
1) Using "microdeposit" to confirm that the other bank account is mine. This means that they send a small deposit to the account. The microdeposit will appear to come from another company called "Prelim".
2) Logging in to the other bank
3) Through the mail

I chose to use microdeposit and it took two days for it to show on my other bank.

I got an email as soon as I finished the application and then another two emails a day after telling me how to setup an online account (which I was confused because I thought I had already set it up)

I called them and they had an actual human respond to my call, but it looks like they're only available to be talked to from 9am to 5pm est.



Data as of Q3 2019

Data displayed below is for insuring bank: City National Bank (FL)
Learn why bank health matters

Health Grade Components

FDIC Certificate #20234
Year Established1970
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.08%
Return on Equity - YTD9.01%
Annual Interest Income$436.6MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$15.25B$13.95B
LoansQ3 2019vs Q3 2018$10.70B$10.03B
DepositsQ3 2019vs Q3 2018$11.56B$10.66B
Equity CapitalQ3 2019vs Q3 2018$1.85B$1.67B
Loan Loss AllowanceQ3 2019vs Q3 2018$43.3MM$25.8MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$35.0MM$45.2MM
Real Estate OwnedQ3 2019vs Q3 2018$0$412.00K
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Not Available In CA Or FL

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Please note: TotalDirectBank can conduct business anywhere in the US with the exception of California, Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, Puerto Rico and US Virgin Islands. A valid state issued ID or U.S. passport is required to open an account

Totaldirectbank Money Market Rate Drops

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TotalDirectBank Money Market rate drops from 2.35% to 2.25%.

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TotalDirectBank Money Market Rates

2.10%$5k$500kDirect Money Market Deposit Account

TotalDirectBank CD Rates

2.20%$25k$500k60 Month CD
2.15%$25k$500k36 Month CD
2.10%$25k$500k24 Month CD
2.05%$25k$500k12 Month CD
1.85%$25k$500k6 Month CD
1.75%$25k$500k3 Month CD

TotalDirectBank is an Internet only bank and does not have branch locations. Its headquarters is located at 25 West Flagler Street - Miami, FL 33101

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