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.
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
Banks Mentioned in this Post:
|CNB Bank Direct|
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