TotalDirectBank CDs
CD APY Range
Minimum Deposit
Terms
Our Rating
TotalDirectBank CDs
CD APY Range
Minimum Deposit
Terms
Our Rating
TotalDirectBank Certificates (CDs) Rates
TotalDirectBank is known for its competitive CD rates, particularly for short-term options. When it comes to 3-month and 6-month CDs, TotalDirectBank offers some of the highest rates nationwide. Currently, they provide an impressive 5.42% Annual Percentage Yield (APY) for 3-month CDs and 5.45% APY for 6-month CDs.
However, it's worth noting that the rates for long-term CDs are not as enticing as other banks and credit unions, although they remain quite high. If you opt for a 3-year CD, you can expect to receive 3.56% APY, while a 5-year CD will earn you 3.05% APY.
One important aspect for consumers to consider is the relatively high minimum deposit requirement imposed by TotalDirectBank. To open a CD account, they mandate a minimum deposit of at least $25,000. This amount is high compared to other CD minimum deposits and might be too steep for many consumers.
The maximum amount allowed per client is $1,000,000.
Term | APY |
|---|---|
3 Months | 5.42% |
6 Months | 5.45% |
12 Months | 5.35% |
24 Months | 4.34% |
36 Months | 3.56% |
60 Months | 3.05% |
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High APY On Money Market Account
While there is no “pure” savings account, consumers can open a money market account in a very competitive rate of 5.26% APY, and the minimum deposit is similar to CDs – at least $25,000.
Product | APY | Minimum Deposit |
|---|---|---|
Money Market Account | 5.26% | $25,000 |
The Direct Money Market Deposit Account offered by TotalDirectBank provides several benefits for account holders. These include the opportunity to grow money faster through compounded interest, the convenience of online fund transfers from external bank accounts, and the assurance of FDIC insurance coverage up to the maximum allowable limit.
Moreover, the account allows for unlimited deposit transactions and permits up to six withdrawals and transfers per month. Additionally, there are no monthly maintenance fees associated with this account.
Who Can Open An Account And How To Do It?
To open an account with TotalDirectBank, follow these steps:
Eligibility: TotalDirectBank accepts account applications from individuals across the United States, except for residents of Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and the US Virgin Islands.
Online Application: Visit TotalDirectBank's website and complete the online application to open either a Certificate of Deposit (CD) or a Money Market Deposit Account. The application can be filled out using a computer, tablet, or smartphone.
Documentation: To open an account, you will need to provide a valid state-issued ID or a U.S. passport as identification.
Citizenship or Resident Alien Status: TotalDirectBank requires applicants to be either U.S. citizens or Resident Aliens. Federal banking regulations mandate the provision of a valid social security number, driver's license, state-issued ID, or U.S. passport for documentation purposes.
Funding the Account: TotalDirectBank offers online funding options. You can initiate an online transfer from your linked external account. This external account should be owned by you at a U.S. financial institution and be capable of transferring funds to other banks.
TotalDirectBank is a member of the Federal Deposit Insurance Corporation (FDIC). This membership ensures that your deposits are protected up to the maximum allowable limit.
About TotalDirectBank
TotalDirectBank offers a convenient online banking experience, aiming to help customers grow their savings effortlessly.
By operating solely online, the bank reduces costs, enabling them to offer higher savings rates to account holders. TotalDirectBank provides 24/7 access to manage savings from various devices, empowering customers to stay in control of their finances.
As a division of City National Bank of Florida, which has a rich history of over 75 years, TotalDirectBank benefits from the strength and reputation of its parent bank, boasting over $22 billion in assets.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
