TotalBank review: Savings products with competitive yields, but limited product range

TotalBank, a division of City National Bank of Florida, is an online-only bank that offers money market accounts and certificates of deposit (CDs) with above-average annual percentage yields (APYs).

It’s not a full-service bank, though, which can be a drawback for individuals looking for a financial institution with a full scope of banking solutions. You also won’t get branch or ATM access, and its accounts come with hefty minimum deposit and balance requirements.

TotalBank rates and products

TotalBank offers money market accounts and high-yield certificates of deposit (CD) with competitive APYs to help make your money work harder.

Money market account

• APY: up to 5.26% (as of October 2024)
• Minimum initial deposit: $25,000
• Monthly fees: $0

The Online Money Market Deposit Account offers an impressive 5.26% APY on all balances over $2,500 — capped at $1 million. This is significantly higher than the national average, making it an attractive option for savers with substantial funds.

However, there are some limitations to consider:

• No check-writing privileges or debit card access
• Limited to six fee-free withdrawals per month
• $25,000 minimum opening deposit requirement
• $25 account termination fee if you close the account within six months of opening it

CDs

• APY: 3.50%-5.00% (as of October 2024)
• Terms: 3 to 60 months
• Minimum initial deposit: $25,000

TotalBank’s High-Yield CD offers competitive rates, especially for shorter terms. A significant upside is the ability to earn 5.00% APY through a CD with a term of just three months. This short-term, high-yield option is particularly appealing to maximize your returns without tying up your money for an extended period.

Key features and considerations:

• $25,000 opening deposit requirement, which is higher than many competitors
• Maximum deposit of $500,000
• Early withdrawal penalties apply, ranging from 30 to 180 days of compounded interest, depending on when you withdraw funds

Other TotalBank products and services

At the time of publication, TotalBank only offers money market accounts and high-yield CDs. For customers seeking a one-stop shop for all their banking needs, TotalBank's limited product range may be a significant drawback.

TotalBank digital experience and customer support

Online and mobile banking platform

You can manage your money market account or high-yield CD directly from TotalBank’s online dashboard. There’s also a mobile app available for download on Android and Apple devices. The Android app isn’t rated, but it holds a subpar rating of 2.9 out of 5 on the AppStore.

Support is only provided electronically or by mail; there are no physical branches where you can withdraw funds, make deposits, or open new accounts.

Customer service

TotalBank's customer support options are somewhat limited compared to traditional banks:

• Online inquiry form available on the website
• Phone support is available Monday through Friday from 8:30 a.m. to 5:00 p.m. EST
• No online chat function

While TotalBank boasts an A+ rating with the Better Business Bureau (BBB), it's worth noting that the bank isn't BBB accredited. Additionally, no customer reviews are available on major online platforms, making it difficult to gauge overall customer satisfaction.

Account security

Total Bank is backed by the Federal Deposit Insurance Corporation (FDIC). So, all deposits of up to $250,000 per account, per depositor, are protected in the unlikely event of a bank closure. The bank also implements security measures to protect your data from unauthorized access.

How TotalBank stacks up

TotalBank stands out for its competitive yields, but its limited product offerings and steep opening deposit requirements dip its ranking. You won’t pay monthly maintenance fees, a significant perk you won’t find at big banks.

Still, as previously mentioned, you could be penalized if you close your money market account within six months or make an early withdrawal from your CD.

It’s also worth noting that TotalBank does not have an extensive ATM network. Account holders don’t get debit card access, which is relatively uncommon with money market accounts. Check-writing is also not an option.

The bank’s reach is impressive, though, as it serves all states except Florida and select U.S. territories. That said, there are no physical branches for in-person banking support.

Is TotalBank right for you?

Total Bank could be ideal if you prioritize high yields and are comfortable with a digital-only banking experience. It offers some of the more competitive rates in the industry on money market accounts and CDs but with minimal fees. It’s worth considering if:

1. You have a substantial amount to deposit ($25,000 or more)
2. You're looking for high-yield savings options
3. You're comfortable managing your accounts entirely online
4. You don't need a full suite of banking services

However, it won’t be the best fit if:

1. You prefer in-person banking services
2. You need frequent cash access (no ATM network or debit card)
3. You're looking for a full-service bank with checking accounts, loans, or credit cards
4. You can't meet the high minimum deposit requirements

While the high yields are attractive, they come with trade-offs in terms of account access and flexibility.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

The bottom line

TotalBank offers competitive rates on its money market accounts and CDs, potentially helping you grow your savings faster. Its focus on high-yield savings products could make it a solid choice for savers with substantial deposits who are comfortable with online-only banking.

However, the bank’s limited product range, high minimum deposits, and lack of physical branches won’t suit everyone. Before opening an account, consider your savings goals, account access needs, and comfort level with the services offered.