A division of City National Bank of Florida, TotalBank is an online bank that features two types of consumer savings vehicles: money market accounts and certificates of deposit (CDs). The bank is best for those looking for high-yield digital savings products who don’t need a full-service bank or in-person access. It won’t be a good fit for consumers in the market for a checking or savings account or seeking robust digital banking tools.
In this review, we’ll look at account options available through TotalBank, the pros and cons of the online institution and who may benefit from using its banking services.
Annual percentage yields (APYs) and account details are accurate as of August 5, 2024.
Account Basics
Money Market
For high-yield earnings, TotalBank offers its TotalBank Money Market Deposit Account. Money market accounts are similar to high-yield savings accounts, but they also offer some of the functionality of a checking account.
A TotalBank Money Market Deposit Account earns up to 5.26% APY, which is far more than the national average rate of 0.60% as of November 18, 2024, according to data from the FDIC.
Opening a money market account with this online bank requires a $25,000 minimum deposit, and a $2,500 minimum balance required to earn interest. This account has no monthly fees. Customers can have up to $1,000,000 in total deposits across all of their accounts at TotalBank.
Like other money market accounts, this account limits withdrawals or transfers to six per month and charges an excess transaction fee of $10 each time you exceed this limit. However, it allows unlimited deposits.
TotalBank Money Market Deposit Accounts do not come with a debit card or check-writing privileges, making it more restrictive than other money market accounts.
CDs
TotalBank also offers customers a chance to save money through TotalBank CD accounts. The bank provides six term lengths, ranging from three months to five years. Its rates are competitive with the best CD rates on many terms, especially three-month CDs.
One drawback to TotalBank’s CDs is its minimum deposit requirement. Opening a CD with the bank requires a hefty minimum deposit of $25,000, which is a much higher minimum than found at the majority of competing online banks. See the bank’s current CD rates below.
| TERM | APY |
|---|---|
| 3 Months | 4.91% |
| 6 Months | 4.85% |
| 12 Months | 4.50% |
| 24 Months | 4.00% |
| 36 Months | 3.56% |
| 60 Months | 3.50% |
CDs are subject to early withdrawal penalties of up to six months’ simple interest for any withdrawals made before a CD reaches maturity. Interest payment frequency and payment method depend on the CD term.
CDs automatically renew, but customers can opt out or add and withdraw funds during the 10-day grace period following maturity.
Other Accounts and Services
TotalBank does not offer checking accounts, savings accounts or other banking services at this time.
Access on the Go
As an online bank, customers have virtual access to their accounts at TotalBank. Customers can manage their accounts online via computer, tablet or mobile device. But with no debit card and no access to checks, online banking is limited to viewing your accounts and monthly statements and creating account alerts.
TotalBank’s mobile app has a rating of 2.9 out of 5 stars on the App Store and no customer rating on Google Play.
Pros
- Competitive rates on CDs and money market accounts
- Online account access
Cons
- Limited account options
- High minimum deposit requirements
- Limited functionality in mobile app
- No debit card or check-writing privileges
How TotalBank Stacks Up
Since it only offers two types of banking products, TotalBank is far from a full-service bank. Still, it warrants consideration for those in the market for a money market account or CD with a competitive rate. If you want a simple money market account—perhaps as a place to keep an emergency fund—that’s separate from funds at another bank, TotalBank is more than adequate to meet your needs.
TotalBank lags behind its competitors in terms of technology, with a bare-bones mobile app that offers few tools or capabilities. If you want access to convenient features like bill pay and mobile check deposit, you’ll need to look at other online banks.
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Frequently Asked Questions
Is TotalDirectBank FDIC insured?
TotalBank is a subsidiary of City National Bank of Florida, which is FDIC-insured (FDIC# 20234). The federal government protects your money up to $250,000 per depositor, per ownership category, in the event of a bank failure.
Does TotalDirectBank offer business accounts?
No, TotalBank doesn’t offer any business or commercial banking services at this time.
Does TotalDirectBank have a mobile app?
Yes, TotalBank offers a mobile app that is available for both Apple and Android devices.
Does TotalDirectBank have credit cards?
No, TotalBank doesn’t carry any consumer credit cards at this time.
Does TotalDirectBank have local branches?
No, TotalBank is strictly an online bank. It is a division of City National Bank of Florida, but you can only open an account online and all business is done online or by mail.
