Dedicated to Deposits: Deals, Data, and Discussion

The NetBank Deal at drugstore.com

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Update 9/28/07: NetBank closed by the FDIC. See post for more details.

Drugstore.com has a link at its partners offers page for a $175 promotion by NetBank. Here's my unofficial summary of this deal:

  • $75 signup bonus for opening a checking account with a $50 minimum deposit and maintaining a balance of $500 for at least one month.
  • $75 signup bonus for opening a money market account with a $100 minimum deposit and maintaining a balance of $1500 for at least one month.
  • $25 Visa gift card for opening a CD account with a balance of at least $10K for a term of at least 1 year.
  • The first signup must be done through their promotional page.
  • You can sign up for any one or two of the promotions. You don't have to do all three.


Here's their FAQ page for this promotion, and here are the details for the checking account, money market account, and CD promotion. They do have several types of fees related to minimum balances, checking inactivity, and account closures.

Their money market rates are not the best. Currently their top rate is 3.04% APY. Their CD rates are competitive ranging from 4.26% APY for 1 year term to 4.75% APY for a 5 year term. These are about 0.11% to 0.15% better than ING.

Their checking has similar features to others. One feature I haven't seen elsewhere is a free online account consolidation service which allows you to view not only your NetBank account information but also your non-NetBank online account information.

Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Awesome signup deal. I was with NetBank back in '98, but closed a/c after a year once competitors came out with better products. So returning in 2005, I'm a new customer again! Signed up for NetValue Checking on 08/16/2005, and funded 08/30. Signed up for NetConnect Silver MMA on 08/30, and waiting on snail-mail for first funding. I initially planned to add an external checking account to the NetValue Checking, and then transfer funds to it, and then onto the MMA - however, it won't add my external checking account - says invalid username/password. WTF? I didn't typo it, and I tried 3 times. Anywho, after one month I can drop the NetValue checking balance to near-zero, and the MMA to $500 - and avoid the fees. Monthly inactivity fees kick in after 90 days on both the checking account and the bill-paying - $3 & $5 per month repesctively. So I'll need to pay a couple of checks & bills. If I close these accounts within 6 months, there's a $25 early-closure fee. Also, there's an unavoidable $7.50 fee for account closure. (You can't just run these down to zero, due to the monthly inactivity/dormancy fees). However, looking forward to the $150 signup bonus in 2 months time.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for sharing your experience and giving some more details. Hope the signup bonus arrives on time. This signup bonus does seem to be the top one out there.

-Ken

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Comment #3 by Anonymous posted on
Anonymous
Did you guys have to send in a notorized page along with a copy of social security and drivers liscence?

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