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BankDirect Review 2022

Updated December 2, 2022
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 3.2 stars out of 5

MMA

Rating: 4.7 stars out of 5

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Overview

Consumers looking for an established online-only financial institution may want to consider BankDirect.

Highlights

  • ATM Fee Refunds
  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

BankDirect is an online-only bank that features competitive rates on some products and is available to customers in all 50 states.

Pros

  • Checkmark

    You can access cash at more than 55,000 surcharge-free ATMs through the Allpoint network.

  • Checkmark

    The rates on some products are competitive.

Cons

  • There are no physical branches.

  • There is a high minimum deposit required for CDs.

  • The money market and interest checking require high balances to earn top rates.

  • You can find better savings account rates elsewhere.

BankDirect bank products

3.2
Rating: 3.2 stars out of 5
Bankrate Score

BankDirect savings overview

BankDirect’s Regular Savings Account has a low minimum opening balance requirement of $100 and charges no monthly fee. Other banks, however, offer higher APYs.

Pros

  • Checkmark

    There is a low minimum opening balance requirement of $100.

  • Checkmark

    There is no monthly fee.

Cons

  • Higher APYs are available elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

BankDirect is a member of the Allpoint network, providing customers fee-free access to more than 55,000 ATMs nationwide. The BankDirect app offers basic functions such as bill pay and mobile check deposits but doesn’t offer more robust features such as a peer-to-peer payment option. Customer support by phone is limited to weekdays.

About BankDirect

BankDirect is the national internet banking division of Texas Capital Bank. It was established in 1999 and provides banking products nationwide.

BankDirect and Texas Capital Bank operate independently.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.