| Bank or Credit Union | Apy | Min | Max | Product | |
| CNB Bank Direct | 0.85% | - | - | High Yield Savings |
4.00% Online Savings Account for 6 Months at CNBBankDirect
Update 3/13/2011: The yield has fallen to 1.15% APY. Refer to the bottom of the post for the rate history.
Update 10/11/08: The 6-month guarantee for the 4% APY is no longer available for new customers. I was told by the bank's CSR that those who applied before Friday when the 6-month guarantee was still listed should receive the guarantee.
CNBBankDirect is offering 4.00% APY on its no-minimum online savings account, and the 4% is guaranteed for the first 6 months. The yield had been 3.50% APY since early August. For my full review of CNBBankDirect, please refer to my August 4th review for all of the details.
CNBBankDirect has an ACH transfer system to allow you initiate bank-to-bank transfers, but I was told you're limited to only one linked account. A few other downsides to the account include a hard credit pull and a limit of one beneficiary. I don't know about the speed of the ACH transfers. This requires reports from users since banks typically just state a standard line about the transfer time.
CNBBankDirect is a division of Citizens National Bank, based in Bluffton, OH. Citizens National Bank is a small bank with 133 employees, $504 million in assets and $350 million in deposits based on FDIC data as of 6/30/08. It was established in 1920, and it has been FDIC insured since 1934 (FDIC Certificate # 6531).
It's always a good idea to be careful regarding new websites. The FDIC page only lists the bank's main URL (www.cnbohio.com). I was able to find this press release (pdf) at cnbohio.com in which CNBBankDirect is mentioned. I would prefer to see a link to the internet bank like what Emigrant Bank provides, but it's common for banks not to provide such links. If you have doubts about CNBBankDirect, I would recommend you contact Citizens National Bank using the contact info listed at www.cnbohio.com.
Update 10/03/08: There's now a link at Citizens National Bank's website pointing to CNBBankDirect.com.
Citizens National Bank does seem to be financially healthy based on financial ratings: 4 stars (sound) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both are based on 6/30/08 data.
Rate History:
03/13/11: 1.15% APY
11/17/10: 1.20% APY
04/26/10: 1.25% APY
03/29/10: 1.35% APY
01/17/10: 1.50% APY
10/09/09: 1.70% APY
08/29/09: 1.85% APY
06/13/09: 2.00% APY
04/18/09: 2.20% APY
03/21/09: 2.30% APY
03/13/09: 2.80% APY
02/20/09: 3.00% APY
02/10/09: 3.20% APY
01/30/09: 3.40% APY
12/20/08: 3.50% APY
11/20/08: 3.75% APY
09/23/08: 4.00% APY
Anonymous - #1, Tuesday, September 23, 2008 - 1:10 PM
hard or soft inquery?
O-Qua Tangin Wann (anonymous) - #2, Tuesday, September 23, 2008 - 1:36 PM
Caution:
Assuming Banking Guy received accurate info that only one beneficiary is allowed, please tread carefully.
If your account is a single owner account with just one qualifying beneficiary, your FDIC coverage is only $100,000 total. I know this can be confusing because you would think that you and the beneficiary would be covered for $100,000 each. But it does not work that way. Once you designate your account a POD or ITF account, you lose the insurance for yourself. The insurance is only for the names of the beneficiaries (even though you get the insurance money paid to you should the bank fail). To get $200,000 FDIC coverage for a single owner account, you need two qualifying beneficiaries. This kind of defeats CNB's allowance of just one beneficiary.
If Banking Guy disagrees with my posting I hope he will state his opinion. Thank you.
~O-Qua Tangin Wann
Cindy (anonymous) - #3, Tuesday, September 23, 2008 - 3:25 PM
CNBBankDirect does pull a hard credit report. Customers are more than welcome to open more than one account and name different beneficiaries for each.
Ned (anonymous) - #4, Tuesday, September 23, 2008 - 4:51 PM
In response to Caution:
FDIC will insure up to $200,000 for an individual at this bank in the following way: One account for 100k in individuals name only plus one account for 100k in individuals name with a beneficiary that is ITF another.
Check out the FDIC web page for rules to see this is true or use their EDIE program.
Best Regards
Anonymous - #5, Tuesday, September 23, 2008 - 6:11 PM
Opening the account takes a little time. The initial form is easy to complete, then you must wait a day to get an email with a link for forms for you to digitally sign. Then you must wait another day for another email with info on verification of your trial deposits.
Anonymous - #6, Tuesday, September 23, 2008 - 9:31 PM
CSR told me today
- the bank puts a 3 day hold on ACH deposits ... a comment from the initial post said 5 days ... can someone with an account tell me which is correct?
- the bank will not do wire transfers, incoming or outgoing, for this account
- the bank said they do NOT have their own ACH system on their website, the ACH has to be initiated from another financial institution ... again, can someone with an account please tell me whether this is correct?
Anonymous - #7, Wednesday, September 24, 2008 - 7:24 AM
Anybody know which report gets pulled? I'd like to open an account, but not with an Experian pull.
Anonymous - #8, Wednesday, September 24, 2008 - 9:51 AM
The hold on pulled money is 5 days.
ACH is supported by outside entity like cash edge.
They pulled on me Trans union and equifax and ChexSystems.
Anonymous - #9, Wednesday, September 24, 2008 - 9:57 AM
Trans union info is compiled from Equifax and Experian.
If you have blemish at Experian, it will show at Trans Union for sure.
Anonymous - #10, Wednesday, September 24, 2008 - 10:09 AM
If you initiate pull today (Wednesday), the money will be available next week on Wednesday. It is 5 business days or one week, same as most other Banks for saving accounts.
Anonymous - #11, Wednesday, September 24, 2008 - 10:14 AM
To poster at: 2:51 PM, September 23, 2008.
They also allow joint account for additional $100K insurance.
Anonymous - #12, Wednesday, September 24, 2008 - 12:01 PM
Thanks to all posters, this helped me a lot to make my decision.
Anonymous - #13, Wednesday, September 24, 2008 - 12:03 PM
I called CS this morning and found out that account CANNOT be opened as a living trust vesting, but they will allow unlimited accounts with 1 POD on each. Am still finding out if POD appears on account title with/without POD's name.
Also, there is an early account close-out fee of $20 if done within the first 180 days of account opening.
The customer service staff answers the phone calls promptly. They are located in Ohio and are a few hours different from CA, so factor that in when calling them at their lunch time or after 5PM their time. The supervisor is not always available to handle more complicated questions.
OC Steve
Anonymous - #14, Wednesday, September 24, 2008 - 8:57 PM
Got update on POD designations via e-mail from CS:
"...I (have) attached a copy of the Ohio Signature Card which will have the documentation necessary for FDIC requirements for a POD beneficiary account which is set up. Your name will appear under Account Owner. Account Ownership would show Name of Beneficiary as POD."
Well, I think I will just go ahead and open a " Joint account" to eliminate any possible POD problem.
Banking Guy has done an excellent job of educating us all on some Bank problems/unwillingness to be certain account is POD designated in the computer and on account statement.
Thanks.
OC Steve
Anonymous - #15, Thursday, September 25, 2008 - 8:06 AM
I received email from them saying they don't have joint accounts.
Anonymous - #16, Thursday, September 25, 2008 - 11:34 AM
Yes, I just called CS again and confirmed they do not offer any vesting other than "Individual", with option for POD beneficiary (1 per account).
I have an Apple Mac computer and am having access problems with their esignfinancial.com initial sign-on web site. Am working with IT at the Bank to see if Apple Mac access is not supported. Will let you know what I find out.
OC Steve
Anonymous - #17, Friday, September 26, 2008 - 4:11 PM
The bank website doesn't mention this, but they do 2 trial deposits and 2 withdrawals to the account you give them before they pull your initial deposit.
Anonymous - #18, Friday, September 26, 2008 - 10:58 PM
I noticed the application has a space for a promo code. Anyone know of any active promo codes? I haven't opened my account yet.
Anonymous - #19, Sunday, September 28, 2008 - 10:48 PM
A friend of mine lives in Ohio and said he received a flyer with a promo code of CLARK on it. If you use that you're supposed to receive $25 when you open the account. I don't have the flyer in front of me so I don't know the details. It's worth a shot if you're opening the account anyway.
I have not yet opened the account but have been thinking about it. I did call the bank and askes questions this past week and was satsified with the answers I received.
If anyone confirms this promo code as working, please post.
Anonymous - #20, Monday, September 29, 2008 - 12:53 PM
I am in the process of opening two POD accounts at this Bank. The process is very slow. You get a series of e-mails and initially have to go to a specific non-bank secure web-site to obtain the various account disclosures and have to electronically sign each item as read, agreed to and received.
In speaking with their behind the scene person (there appears to only be 1 person doing the on-line account processing), I think the account opening process is going to take 1-2 weeks. I hope the rate guarantee will cover those of us trying to open the account during this rather long process.
I did work out my Apple Mac computer problems with the Bank's IT dept. Apparently I had an outdated Adobe Reader edition (free) and needed to update it and check a box on the program to allow opening web based items.
Will let you know my progress as it happens. Just remember this is a smaller bank, so your miles may vary.
OC Steve
Anonymous - #21, Wednesday, October 1, 2008 - 8:03 PM
I tried to call the CNBBankDirect to make sure that they are FDIC insured. The Lady told me that CNBBankDirect is a division of Citizen national bank as it is mentioned in CNBBankDirect website. However, she mentioned that there is NOT any link in Citizen national bank web site to the CNBBankDirect. Is this usual?
Cindy (anonymous) - #22, Friday, October 3, 2008 - 7:41 AM
There is now a link from the Personal Savings page of Citizens website to cnbbankdirect.com.
Anonymous - #23, Monday, October 6, 2008 - 12:30 PM
Cindy:
You seem very knowledgeable about CNB Bank Direct. Are you an employee of that Bank? I have called the Bank several times with a number of questions/follow-up questions and get a new tidbit of information each time.
Thanks.
OC Steve
Anonymous - #24, Monday, October 6, 2008 - 7:37 PM
I have opened an account and the process was very cumbersome. Not as smooth as the other online sites but I realize this is a small bank. Each time I've called the staff have been extremely helpful and answered all of my questions in a friendly manner.
I just get the feeling that they are overwhelmed with the response they've received from this account. Maybe they didn't expect this many accounts. I don't know. But the bottom line is it's a great rate!
CD
Anonymous - #25, Monday, October 6, 2008 - 11:02 PM
Well, now that the FDIC has increased the insurance to $250,000 there's a lot less worry about proper titling of POD accounts.
Anonymous - #26, Wednesday, November 19, 2008 - 11:17 PM
The bank just lowered its online savings account to 3.75%
Anonymous - #27, Thursday, November 20, 2008 - 6:01 PM
I opened my account when they offered the fixed 4% APY rate and logged into my account and the rate is still showing as 3.93%, so it looks like the bank is honoring the 4% fixed guarantee that it offered for the customers that applied before the cutoff.
Anonymous - #28, Thursday, January 22, 2009 - 6:20 PM
Rate lowered to 3.5%
Anonymous - #29, Saturday, January 24, 2009 - 7:39 AM
Opened account back in October. No problems so far. Online banking interface isn't as intuitive or user friendly relative to the likes of ING or HSBC but does the job. Can initiate ACH transfers, download monthly statements, check balance, etc.
Only interaction with customer service was via email to confirm max single tranfer limit for deposits and withdrawls. CSR said there is none; only limitation is account balance cannot be more than $1 million.
Will continue to bank with them unless they significantly drop the rate -- I hope not.
Anonymous - #30, Tuesday, February 10, 2009 - 11:46 AM
unfortunately, it's time to post another update. The rate has fallen again, to 3.20% APY
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