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What Is a Certified Check? What to Know About Getting One

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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A certified check is much like a personal check you write, except that the bank is the one that issues it. Your bank will set aside money from your account and guarantee that the funds will be there when someone goes to cash the check.

Generally, funds from a certified check must be made available one business day after it’s deposited. If the deposit wasn’t made through a bank teller, the funds are generally available after the second business day.

What’s a certified check and when do you need one?

A certified check is a more secure form of payment than a personal check or cash. Since the bank issues it, the funds are guaranteed. That way, both the check sender and issuer know the check won’t bounce.

Certified checks are often the payment form of choice when it comes to pricier purchases, like buying a used car or furniture from a secondhand store. As a bank-issued document, it provides a certain degree of certainty and peace of mind to the seller.

The recipient will be able to access their funds pretty much right away — the first $5,000 must be available within a business day. Compare it with just a $200 limit for a personal bank, and you can see why a certified check is better for larger transactions.

Certified check vs. cashier’s check

Both certified and cashier’s checks are issued by the bank and are considered “official checks” that guarantee payment. The main difference is that with a cashier’s check, the bank first receives money from the person purchasing it, then guarantees the payment. The funds are drawn against the bank itself.

In contrast, a certified check is drawn against your personal checking account, meaning the funds need to be there for the bank to guarantee payment when it issues the check.

Whichever check you use, both types will typically guarantee that the first $5,000 will be available the next business day, provided the recipient deposits it in person.

How to get a certified check

You can purchase a certified check at most banks and credit unions, though you may consider calling a branch before visiting to confirm that they offer them. It can take just a few minutes to get a certified check depending on how busy the bank or credit union is. While you can typically get a certified check from any bank, it may be easier to go to a bank or credit union that you have an account with since you may not need to pay any fees.

When you get a certified check, you’ll typically need to indicate the amount, who the recipient is and any further notes or details included on the check. Once you’ve done that, the bank or credit union will ask to verify your identity, such as with a state-issued ID. The bank will then issue the check by certifying it (most likely using a stamp) and give you a receipt.

Certified check costs

Most banks and credit unions typically charge a service fee each time you want a certified check. Some banks may charge you a shipping fee if you’re able to order one without going to a physical location.

Note that many banks may offer cashier’s checks instead of certified checks. While they are similar, they are not the same, so check to see what is available before going to the branch.

Here are the fees charged at a few major banks for cashier’s checks, as they do not offer certified checks. Fees for certified checks are often similar, though it’s best to call customer service to double-check.

Fees for Cashier’s Checks at Major Banks
BankCost of cashier’s check
Chase$8 each; free for some checking accounts
Bank of America$15 each; waived with Preferred Rewards
Capital One 360$10 at the branch, $20 if done online (includes overnight shipping)
Ally BankNo charge
Wells Fargo$10 each; waived for certain accounts
Santander Bank$10 each
TD Bank$8 each

Certified check scams to be aware of

Although certified checks are official documents, they may still be susceptible to fraud. Someone can create a fraudulent check and you likely won’t find out until much later when you go to the bank to deposit or cash the check.

If you receive a certified check, check for obvious signs of fraud, such as typos and grammatical errors. If you’re unsure — which may be the case since technology can create convincing scams — contact the issuing bank to confirm that it did issue the check. You may not want to call the number on the check in case it’s false. Instead, it’s best to do a search yourself.

Ultimately, you are responsible for verifying a check’s validity. If you deposit a fraudulent check and the bank finds out the check isn’t real, you may be asked to return the money. If you write your own checks or make purchases with that money from your checking account, you could also be on the hook for writing a bad check and any associated overdraft fees.

All fees listed in this article are accurate as of publishing.

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Bethpage Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Bethpage Federal Credit Union’s checking accounts

Bonus Checking

Offers one of the highest rates out there if you meet certain conditions.
APYMinimum Balance to Earn APY
0.40%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: None
  • Overdraft fee: $30

This is a great option for those who want an everyday-use account with a high APY. In order to earn the advertised APY each month, you’ll need to use your Mastercard debit card at least 10 times, enroll in e-statements and receive a direct deposit every month.

Other features include online banking and mobile banking with mobile check deposit. You can also do your banking in person at any one of the 5,000 CO-OP branches or at the network’s 30,000 surcharge-free ATMs.

How to get the Bonus Checking account

You can open the Bonus Checking account online. You’ll need to become a member by depositing $5 into a savings account to qualify, which you can do at the same time as you’re filling out the application form. It’ll ask you to fill in personal details such as your name, employment information and Social Security number, and to provide a driver’s license or government-issued ID (a military ID cannot be used for an online application). Afterwards, you’ll need to fund the new savings account and checking account.

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Young Adult Checking

A great option for 18- to 20-year-old customers.
APYMinimum Balance to Earn APY
0.40%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $30

Bethpage Federal Credit Union also offers an option to get a Young Adult Checking account with the same features and rates as the regular checking, along with free checks. This is available for anyone between the ages of 18 and 20 and the account will automatically convert to a Bonus Checking account once the account holder turns 21.

How to get the Young Adult Checking account

You can open the Young Adult Checking account online. You’ll need to become a member by depositing $5 into a savings account to qualify, which you can do at the same time as you’re filling out the application form. It’ll ask you to fill in personal details such as your name, employment information and Social Security number, and to provide a driver’s license or government-issued ID (a military ID cannot be used for an online application). Afterwards, you’ll need to fund the new savings account and checking account.

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Youth Checking

A great starter account for parents helping their teenagers get off on the right financial foot.
APYMinimum Balance to Earn APY
0.10% $2,500
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $30

This account is great for parents or guardians who want to teach their children about finances to prepare them for doing it on their own. The Youth Checking account is available for ages 15 to 17 and will automatically convert to a Young Adult Checking account once they turn 18.

All account holders get access to free checks and a student Mastercard debit card. Mobile banking and check deposit is available if the parent or guardian chooses so. With access to all of these features, it’s a great opportunity to teach your kids how to use a variety of banking products.

How to get Bethpage Federal Credit Union’s Youth Checking account

You can only open a Youth Checking account in person. Click here to find a location closest to you.

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How Bethpage Federal Credit Union’s checking accounts compare

Both the Bonus and Young Adult checking accounts offer rates that rival those at the top of our list of the best checking accounts currently being offered out there. These Bethpage checking accounts offer some really great perks, such as no monthly maintenance fee and access to a large number of branches and ATMs.

Bethpage Federal Credit Union’s savings accounts

Regular savings

You’ll need to open this account to become a member of the credit union.
APYMinimum Balance to Earn APY
0.10% $5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

This is a basic, no-frills savings account that all new members need to open. As long as you keep $5 in the account, you can access other products that Bethpage Federal Credit Union has to offer.

As a standalone account, it offers you a place to store your cash. You do get an ATM card to make deposits and withdrawals as well as link it to any of their checking accounts. As per Federal Reserve Regulation D, you can make a maximum of six certain withdrawals a month. More than that and Bethpage Federal Credit Union will charge you $10 per excessive withdrawal. If you do so regularly, the credit union may close your account.

How to get the Regular savings account

Head over to their website and fill out an application form online. You’ll need to provide personal details such as your name, employment information and Social Security number. Then you’ll need to make your initial deposit.

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Youth Savings

This account offers a sky-high APY and the ability for your child to save.
APYMinimum Balance to Earn APY
2.00% $5-$999.99
0.35%$1,000+
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

Bethpage’s Youth Savings account is a great opportunity for a parent or guardian to teach their child about personal finances and be able to hand over the account once they reach adulthood. The biggest plus on the account is the high APY paid on the first $999.99; go above that, and the rate drops to a lower, but competitive number.

There are currently two types of this account — the custodial Youth Savings and the Young Adult Savings. In order to open a custodial Youth Savings account, either the custodian or the minor must be a resident of New York.

The custodial account is for anyone under the age of 18. The minor is the owner of the account but the adult has full control over it. When the child turns 18, the account will automatically be converted to a young adult savings account and they’ll have full access to the account. It’ll then automatically be converted to a regular savings account once the account holder is 21 years old.

Perks of the account include online and mobile banking and ATM access.

How to get the Youth Savings accounts

Head over to Bethpage Federal Credit Union’s website and fill out an application form online. Adults will need to first open a regular savings account with $5 to establish membership. You’ll need to provide personal details such as your name, employment information and Social Security number. For the custodial savings account, you’ll need to fill in personal details for the minor. Afterwards, just make make your initial deposit.

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Special Purpose Account

Use this account to set aside money for your short-term savings goals.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

This is meant as a savings account for those who want to set aside money specifically for short-term savings goals, such as a vacation or large purchases. This account earns interest, but you’ll need to call the credit union for its current rates.

You do get an ATM card to access your funds easily, but remember that since it’s a savings account, Regulation D limits you to six certain withdrawals a month. Bethpage Federal Credit Union will charge you $10 per withdrawal when you make more than six.

Other than the lower minimum threshold, there isn’t much else to know about this account. If you like having separate savings accounts for different purposes, it’s a good choice.

How to get the Special Purpose Account

You’ll need to establish membership by depositing $5 in a regular savings account. To do so, head to the credit union’s website and fill out an online application form by providing details such as your name, address, employment information and Social Security number. Then you can fund your account.

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How Bethpage Federal Credit Union’s savings accounts compare

Except for the whopping APY paid on Youth Savings account balances up to $1,000, Bethpage Federal Credit Union’s savings accounts rates fall short when compared to other online banks. The accounts on our list of the best online savings accounts have much higher APYs and also don’t require minimum balance amounts.

If you were planning on opening an account for your child, it’s a great option since you need to open a savings account to access the credit union’s other products. Otherwise, you’re better off shopping around.

Bethpage Federal Credit Union’s CD rates

Certificate accounts

Offers some great rates at a fixed rate of return.
TermAPY
6 months0.40%
12 months0.45%
18 months0.45%
19 months1.10%
24 months0.50%
30 months0.55%
36 months0.55%
48 months0.60%
60 months0.75%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less – 90 days’ interest
    • More than 12 months – 180 days’ interest

This is a fixed-rate CD that’s best for those looking for a conservative investment vehicle. The $50 minimum opening deposit is one of the lowest we’ve seen, and the rates are pretty competitive as well. Interest earned is compounded daily and credited either monthly or quarterly. You can either have the interest kept in the CD, transferred to another account or paid to you via paper check.

Bethpage Federal Credit Union will send you a notice 16 days before your account matures. When it does, you’ll get a seven-day grace period — three days shorter than most other banks — and you can either withdraw funds, add additional money or renew for another term. Otherwise, your CD will automatically be renewed for the same term, except for the 19-month CD, which will be renewed as a 12-month CD.

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Bump Up Certificate

This CD offers you the chance to increase your rate once during your term.
TermAPY
39 months0.55%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days interest

This CD is best for those seeking a long-term CD but wanting an opportunity to increase their rates. The Bump Up certificate gives you the opportunity to increase your rate once during the 39-month term. If the rate increases, you’ll need to request the bump up.

When your account matures, the CD will automatically be renewed to the 36-month fixed rate CD.

How to get Bethpage Federal Credit Union’s CDs

You can open either the fixed rate or bump up CD online by heading to Bethpage Federal Credit Union’s website and completing their online application form. You’ll need to provide details such as your name, address and Social Security number. Then you can fund your account.

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How Bethpage Federal Credit Union’s CD rates compare

Bethpage Federal Credit Union’s CD rates are on par with some of the best offerings out there. Their CDs also have a lower minimum opening deposit than some of those on our list of the current best CD rates. The Bump Up CD also offers a great rate and the opportunity to increase it during your term.

Bethpage Federal Credit Union’s money market account options

Money Market account

You can earn a much higher rate than the regular savings account.
APYMinimum Balance to Earn APY
0.40% $500-$24,999.99
0.40%$25,000-$49,999.99
0.40%$50,000+
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: depends on balance tier
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: None
  • Overdraft fee: N/A

This money market account is best for those who are looking for a great rate on a savings account, much higher than on Bethpage Federal Credit Union’s regular savings account. But just like the savings account, you also get ATM access, online and mobile banking.

As with all savings accounts, Federal Reserve Regulation D limits certain withdrawals to six per month. Make more than that and the credit union will charge you a $10 excessive withdrawal fee for each one. Exceed the six-withdrawal limit too often and Bethpage Federal Credit Union may close your account.

How to get Bethpage Federal Credit Union’s Money Market account

You’ll first need to open a savings account with $5 to become a member of the credit union. To do so, go to its website and fill out an application. You’ll need to fill in information such as your name, address, employment information and Social Security number. Afterward, you can fund the savings and money market accounts.

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How Bethpage Federal Credit Union’s money market account compares

Bethpage Federal Credit Union’s Money Market account is pretty comparable to some of the best money market offerings out there. The minimum balance is similar to other online banks that offer high rates. Unless you really care about having limited check-writing capabilities, this account is a great choice.

Bethpage Federal Credit Union’s IRA accounts

IRA CD rates

IRA CD

Earn a guaranteed rate of return for your retirement savings.
TermAPY
6 months0.40%
12 months0.45%
18 months0.45%
19 months1.10%
24 months0.50%
30 months0.55%
36 months0.55%
48 months0.60%
60 months0.75%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less – 90 days of interest
    • More than 12 months – 180 days interest

This is a great account for those who want a guaranteed rate of return on their retirement savings. The rates are some of the best out there and the minimum opening deposit is pretty low. You are limited, depending on your age, to what IRS rules allow you to put into the account each year.

With this account, interest earned is compounded monthly and credited to your account either monthly or quarterly, depending on your CD term. When your account matures, you have a seven-day grace period in which you can withdraw funds, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed.

How to get Bethpage Federal Credit Union’s IRA CDs

You’ll need to establish membership by opening a savings account with a $5 deposit. Then you can head to their website and fill out an application form to request more information from a customer service representative who will help you handle the paper. You can also head your local branch to open an account.

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How Bethpage Federal Credit Union’s IRA CD rates compare

Bethage Federal Credit Union’s IRA CD rates are comparable to some of the best offerings out there. The ones on our list of the best IRA CD rates have higher minimum deposit amounts which could be a disadvantage if you don’t have a lot to invest initially. The seven-day grace period for renewal is shorter than most similar IRA CDs out there. Still, if you go with this IRA CD, you can’t go wrong.

IRA money market

Earn a great rate in a tax sheltered or tax deferred account.
APYMinimum Balance to Earn APY
0.40%$1-$24,999.99
0.40%$25,000-$49,999.99
0.40%$50,000+
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: depends on tier
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a great account for those who want to maximize their retirement savings, as this one of the best rates we’ve seen lately. Even though there are higher rate tiers, you are limited by the IRS to the amount you can deposit each year, so check to see what the current rules and regulations are.

Another advantage is that you can technically withdraw money any time but you are limited to six certain withdrawals a month as per Regulation D. You may also face penalties from the IRS if you make withdrawals before the age of 59½.

How to get Bethpage Federal Credit Union’s IRA money market account

You’ll need to first become a member by opening a saving account with $5 and pop into your local branch or fill out an application form on their website to request to open an account. Then Bethpage will help you handle the paperwork necessary.

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Overall review of Bethpage Federal Credit Union’s banking products

Overall, Bethpage Federal Credit Union offers great rates on most of their deposit accounts and IRA products. These have low opening deposit amounts and offer perks such as ATM access, free checks and mobile checking.

Where Bethpage Federal Credit Union falls short in on their savings accounts, which you need to open one in order to access the other products. If you look beyond that, Bethpage Federal Credit Union offers some great choices for most consumers.

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BankDirect Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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BankDirect’s checking account options

Checking with Interest

You can earn some interest with this account and enjoy ATM refunds.
APYMinimum Balance to Earn APY
0.05%$2,500-$9,999.99
0.10%$10,000+
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: none
  • ATM fee refund: Up to four per month, a maximum of $2.50 per transaction
  • Overdraft fee: $45

This checking account does earn you some interest, but it really isn’t that much. The minimum opening deposit is a bit higher than the Smart Checking, and you’ll need to pay a $15 monthly maintenance fee. However, you can get that waived if you maintain an average daily balance of $2,500.

You also get your first 50 personalized checks for free, along with free bill pay, limited ATM refunds and a Visa CheckCard. Considering the low APY and a $5 inactivity fee — you’ll be charged this per month if there’s no activity for more than 90 days — this is an account best suited for everyday transactions.

How to get the Checking with Interest account

You can open the Checking with Interest by filling out an application form. Once you indicate which account you want to open, you’ll need to provide personal details such as your name, address, employment information and Social Security number. Then you’ll need to print out their Master Deposit Agreement form (or they can mail you one), sign it and mail it to BankDirect along with your initial deposit. Once that’s complete, you’ll receive your welcome packet in the mail within 7 to 10 days.

You can also open an account by calling and apply over the phone or to request an application form through the mail.

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Mileage Checking with Interest

This account gives you the opportunity to earn both interest and American AAdvantage® miles.
APYMinimum Balance to Earn APY
0.01%$2,500-$9,999.99
0.01%$10,000+
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $12
  • ATM fee: none
  • ATM fee refund: Up to four per month, a maximum of $2.50 per transaction
  • Overdraft fee: $45

This account is a great choice for those who want to earn some reward miles with a debit card rather than credit card. There are opportunities to earn one-time or ongoing monthly bonuses as long as you meet the bank’s requirements and are a member of the American Airlines AAdvantage® program.

Some of what you’ll receive include:

  • 1,000 AAdvantage® miles when you open a new account
  • 10,000 AAdvantage® miles for establishing direct deposit into your account
  • 5,000 AAdvantage® miles for using your Visa CheckCard at least 12 times, at least $500 each month
  • 100 AAdvantage® miles every month for each $1,000 you keep in your checking account

Your first 50 personalized checks are free, too.

The only downside to this account is that the APY is abysmal. But you do earn AAdvantage® miles, which can make up for it if you’re a frequent traveler.

How to get the Mileage Checking with Interest account

Head to BankDirect’s website and fill an online application form. You’ll need to indicate which account you want open then fill in personal details such as your name, address, employment information and Social Security number. Then, print out the Master Deposit Agreement (you can ask them to mail you one), sign it then mail it to the bank with your initial deposit. You’ll receive your welcome packet in the mail upon approval in 7 to 10 days.

You can also open an account by calling and apply over the phone or to request an application form through the mail.

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Smart Checking

This free account gives you free checks but doesn’t earn you interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $45

This is BankDirect’s basic checking account and doesn’t earn any interest on balances. You do get your first 50 personalized checks for free and there’s no monthly maintenance fee. If you’re looking for an account just to do your everyday transactions, this is a good choice.

Other perks with this account include free online banking and bill pay. A free Visa CheckCard has a daily limit of $2,500 for purchases and a $500 limit at the ATM.

How to get the Smart Checking account

You can open the Smart Checking account online by completing an application form. You’ll need to indicate which account you want then fill your personal details, including your name, address, Social Security number and state-issued ID. After submitting the form, you’ll need to print out their Master Deposit Agreement form (or they can mail you one), sign it and mail it to BankDirect along with your initial deposit. You’ll then receive a welcome kit within 7 to 10 days.

You can also open an account by calling and apply over the phone or to request an application form through the mail.

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How BankDirect’s checking accounts compare

As far as rates go, BankDirect’s checking accounts fall way short of other banks and credit unions on our list of the best current checking account rates. Other places offer rates that are more than 10 times what BankDirect is offering and typically include free checks and some ATM refunds. Most also don’t charge monthly maintenance fees.

However, where BankDirect shines is their Mileage Checking with Interest account. If you’re interested in earning travel rewards, this is a great choice, as long as you understand you’re not going to earn much interest.

BankDirect’s savings account option

Regular Savings Account

You earn a tiny bit of interest with this account.
APYMinimum Balance to Earn APY
0.10%none
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: Up to four per month, a maximum of $2.50 per transaction
  • Overdraft fee: none

If you’re looking for a savings account with ATM access, this can be an OK choice. You’ll need to request this option and can only make withdrawals with the card. Also, you’ll earn a little interest.

For savings accounts, you’re limited to six withdrawals a month, as per Federal Reserve Regulation D. If you make more than two withdrawals a month, BankDirect charges a fee of $2 per withdrawal. ATM withdrawals don’t count against the six-withdrawal limit.

How to get the Regular Savings Account

You can open an account by filling out an online application on BankDirect’s website. Once you pick which account you want to open, fill in personal information such as your name, address, employment details and Social Security number. You’ll then need to print out the Master Deposit Agreement (or have one mailed to you), and mail a signed copy along with your initial deposit. Once the bank receives your documents, you’ll get a welcome packet in the mail in about seven to 10 days.

Or you can call customer service to open an account over the phone or ask for an application form to be sent via mail.

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How BankDirect’s savings account compares

BankDirect’s savings account earns little interest, so accounts offered by a lot of competitors are better. Some advantages of this account are ATM access, ATM fee refunds and no monthly maintenance. Otherwise, you’re better off looking elsewhere.

To find a savings account with the best rates, check out our list of the best online savings accounts.

BankDirect’s CD rates

Certificates of Deposit

Earn a fix rate of return with these CDs.
TermAPY
90 days0.10%
6 months0.50%
12 months0.60%
18 months0.60%
24 months0.60%
30 months0.50%
36 months0.50%
48 months0.25%
60 months0.25%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Depends on original maturity date:
    • Less than 91 days – 30 days interest
    • 91 days up to and including a year – 90 days interest
    • More than one year – 180 days interest

These fixed rate CDs are best for those looking for a conservative investment option. Interest is compounded daily and credited to your account either monthly or quarterly; for CD terms of less than a year, interest is credited when the account matures. The interest can either be kept in the CD or transferred to another BankDirect account.

When your account matures, you have a 10-day grace period where you can either withdraw funds, make additional deposits or renew for another term. If you do nothing, your account will automatically be renewed.

How to get BankDirect’s Certificates of Deposit

You can fill an online application form. Start off by choosing the account you want then fill in your personal information such as your name, address, employment details and Social Security number. Next, print out the Master Deposit Agreement and mail back a signed copy along with your deposit. Once approved, you’ll get a welcome packet within 7 to 10 days.

You can also call the bank to open an account or request an application form in the mail.

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Mileage Certificates of Deposit

This CD allows you to earn both interest and AAdvantage® miles.
TermAPY
6 months0.10%
12 months0.10%
24 months0.10%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Monthly account maintenance fee: $12
  • Early withdrawal penalty: Depends on original maturity date:
    • Less than 91 days – 30 days interest and 3% of principal
    • 91 days to one year – 90 days interest and 3% of principal
    • More than one year – 180 days interest and 5% of principal

This account is a great choice if you’re interested in earning reward miles. The APY is really low, but the points you earn could make up for it. This account charges you a $12 monthly service fee, so keep that in mind when thinking about opening this CD.

How much you can earn depends on the CD term and your deposit amount:

  • 6 month term — 250 AAdvantage® miles for each $1,000 you invest up to $50,000 and 25 miles per $1,000 over $50,000
  • 12 month term — 500 AAdvantage® miles for each $1,000 you invest up to $50,000 and 25 miles per $1,000 over $50,000
  • 24 month term — 1,000 AAdvantage® miles for each $1,000 you invest up to $50,000 and 25 miles per $1,000 over $50,000

In other words, the longer the term and the more you deposit, the more you can earn. As well, interest is compounded daily and credited monthly. When your account matures, you have a 10-day grace period where you can withdraw funds or renew for another term. Otherwise, the CD will automatically be renewed.

How to get the Mileage Certificates of Deposit

You can open an account online by filling out BankDirect’s online application form. Choose the CD term you want and fill in your personal details such as name, address, employment information and Social Security number. Then you’ll need to print out the Master Deposit Agreement and mail back a signed copy with your opening deposit. You’ll receive a welcome packet in the mail in 7 to 10 days, once the bank receives your documents.

You can also call the bank open an account or request an application form in the mail.

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How BankDirect’s CD rates compare

Some of the terms of BankDirect’s Certificates of Deposit are comparable to competitors. Their best rates are for CD terms ranging from 12 to 24 months, while other terms are much lower than online peers.

Both CDs require a $10,000 opening deposit, which is one of its shortcomings. The mileage CD also has a steep $12 monthly maintenance fee. If you’re interested in earning reward miles, you’re better off opening its Mileage Checking account, as it requires a lower minimum deposit amount. Otherwise, for higher rates, check out our list of the current best CD rates.

BankDirect’s money market account options

Money Market Plus

This account offers ATM access and limited check-writing capabilities.
APYMinimum Balance to Earn APY
0.60%$10,000+
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: Up to four per month, a maximum of $2.50 per transaction
  • Overdraft fee: N/A

If you’re looking for a hybrid of a checking and a savings account, this money market is your best bet. You earn a much-higher interest rate than the checking account options, and you get an ATM card and 50 free personalized checks.

Federal Reserve Regulation D mandates that you’re allowed a maximum of six withdrawals per month, though ATM withdrawals don’t count. If you make more than six withdrawals, BankDirect will charge you a $10 excess transaction fee for each one you make.

How to get the Money Market Plus account

U.S. residents can open an account by filling out an application form online. You’ll need to choose the type of account you want and provide personal information such as your address, employment information and Social Security number. Afterward, print the Master Deposit Agreement (or have the bank mail you one), and send a signed copy with your opening deposit. Then you’ll get a welcome packet in the mail when BankDirect receives your documents.

You can also call the bank to open an account or request an application form in the mail.

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Mileage Money Market

Earn American Airlines AAdvantage® miles with this account.
APYMinimum Balance to Earn APY
0.05%$500-$9,999.99
0.05%$10,000+
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: none
  • ATM fee refund: Up to four per month, a maximum of $2.50 per transaction
  • Overdraft fee: N/A

This money market account is best for those who want a hybrid checking and savings account and the ability to earn reward miles. If you want to maximize the number of points you want to earn though, you’re better off opening the Mileage Checking account. Otherwise, this account does offer a slightly higher APY and you can waive the maintenance fee if you can maintain a $10,000 minimum daily balance.

Here are how many AAdvantage® miles you can earn:

  • 1,000 AAdvantage® miles for opening an account
  • 50 AAdvantage® miles every month for each average daily balance of $1,000, up to $50,000
  • 15 AAdvantage® miles every month for each average daily balance of $1,000 over $50,000

Like the Money Market Plus account, you also get your first 50 personalized checks for free and an ATM card. You’re also limited to six withdrawals per month, as mandated by regulation. You’ll be charged $10 for each excessive withdrawal you make. ATM withdrawals don’t count toward this withdrawal limit.

How to get the Mileage Money Market account

You can open an account online by heading to BankDirect’s website and completing an application form. After choosing the account you want, fill in your personal details. The bank will then require you to print a copy of the Master Deposit Agreement and send back signed copy along with your initial deposit. You’ll then receive a welcome packet in the mail in 7 to 10 days.

Otherwise, you can call customer service to open an account or request an application form in the mail.

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How BankDirect’s money market accounts compare

The Money Market Plus account has a fairly comparable rate when measured against other online banks. However, you only get the stated APY with a $10,000 minimum daily balance; other competitors don’t typically have such requirements and offer slightly higher rates. If you can meet the high balance requirement and find it important to get ATM and limited check writing capabilities, then this account is a good choice.

The Mileage Money Market account is a unique choice for those wanting to earn rewards miles, but the APY is less than desirable. If you only care about the points, then this could be the account for you. Otherwise, look at our list of the best money market rates to do some comparison shopping.

BankDirect’s individual retirement account options

IRA Certificate of Deposit rates

This IRA option doesn’t offer great rates.
TermAPY
12 months0.25%
18 months0.25%
24 months0.25%
30 months0.25%
36 months0.25%
48 months0.25%
60 months0.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 180 days interest

The IRA CD is a good option for those looking for a retirement account that offers a guaranteed rate of return. The $1,000 minimum balance requirement is pretty low but you are limited to how much you can deposit in a year as per IRS regulations.

Earned interest is compounded daily and credited monthly or quarterly. If you make an early withdrawal, remember that you may also face IRS tax penalties if you’re under the age of 59½ in addition to BankDirect’s early withdrawal penalties. When your account matures, you have a 10-day grace period where you can make additional deposits, renew for another term or make withdrawals. Otherwise, it’ll be automatically be renewed.

How to get BankDirect’s IRA Certificates of Deposit

You can’t open an IRA CD account online, only by mail or over the phone. You can find a list of the appropriate forms, so you can print them out and mail it back to the bank. Otherwise, you can call customer service to complete an application or ask them to mail you an application packet.

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How BankDirect’s IRA CD rates compare

BankDirect’s IRA CD rates fall way short when compared to our list of the current best IRA CD rates. Competitor rates are more than double what BankDirect is offering and some even offer shorter terms. All this to say, you’re better off looking elsewhere.

IRA Money Market account

You’re getting pretty low rates with this IRA account.
APYMinimum Balance to Earn APY
0.10%$0.00 to $9,999.99
0.15%$10,000+
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a simple money market account that doesn’t offer a high rate so it’s best for those who need an account for retirement savings but offers some sort of liquidity. Keep in mind that there is no ATM or check-writing capabilities, so the only way to access your cash is through a bank transfer or having a check mailed to you.

Because this is a saving account, Federal Reserve Regulation D limits account holders to six withdrawals a month. BankDirect will charge you a $10 excessive withdrawal fee for each one you make over six a month. Also you may be penalized by the IRS if you make distributions before you’re 59½ .

How to get BankDirect’s IRA Money Market account

You can only open a IRA Money Market account over the phone or by mail. Head over the BankDirect’s website to find a list of application forms you can print and fill out so you can mail it to the bank. Alternatively, you can call the bank to complete an application over the phone or to request an application packet in the mail.

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Overall review of BankDirect’s banking products

BankDirect does offer some good choices for banking products. For one, the mileage-earning checking and money market accounts are pretty unique in that you can earn a significant amount of American Airlines AAdvantage® miles just for doing the regular banking transactions you do anyway.

Their CDs and money market accounts also offer some pretty great rates. Although not the highest we’ve seen, they’re still pretty high, so they’re worth considering. The money market account also offers limited check-writing capabilities and ATM access which is great for those wanting more convenience.

However, where the bank falls short is with their checking account and IRA options. These rates are extremely low compared to other online banks. If you’re after the highest rates, you’re better off shopping around and seeing what else is out there.

Overall BankDirect has some pretty competitive products and is worth taking a second look.