TotalDirectBank CDs

TotalDirectBank CDs Review

TotalDirectBank CDs are offered by TotalDirectBank, a bank founded in and based in Miami, FL. TotalDirectBank CDs are available in 49 states (and Washington, DC).

Key Takeaways

• Only one CD type available. TotalDirectBank CDs only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.16%, which is much higher than the national average for a CD account.
• High minimum deposit. You must deposit a minimum of $2,500, which is high compared to most CD accounts.
• Wide selection of CD terms. TotalDirectBank CDs allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of TotalDirectBank CDs

TotalDirectBank CDs FAQ

Are CD from TotalDirectBank federally insured?

No, your TotalDirectBank CD accounts are not insured by a federal insurance agency. This means that if TotalDirectBank were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.

What types of CDs does TotalDirectBank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does TotalDirectBank offer on its CDs?

TotalDirectBank CDs offers an APY starting at 3.05% and ranging up to 5.16%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.

What is the minimum deposit to open a CD account with TotalDirectBank?

TotalDirectBank CDs require a minimum deposit of $2,500 to open an account.

What is the grace period for TotalDirectBank CDs?

TotalDirectBank CDs does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does TotalDirectBank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

TotalDirectBank does not charge an early withdrawal fee.

TotalDirectBank does charge any of the fees we track.