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Update on the 4.00% Online Savings Account at CNBBankDirect

POSTED ON BY

CNB Bank Direct
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.

Having problems opening and funding the online savings account at CNBBankDirect? You're not alone. I and several readers have experienced a slow account opening process. In my case progress stopped after they informed me by email that the trial deposits were about to be initiated. The trial deposits never came. I just called, and they have initiated another pair of trial deposits. Another reader was able to verify the trial deposits, but is unable to see the account on their system. As he mentioned, the banking reps are nice and friendly, but they seem unprepared for this online savings account and the large demand. As I mentioned when I first reported on this offer, Citizens National Bank is small with only 133 employees, and this online savings account is new.

The offer of 4% APY guaranteed for 6 months is nice, especially now when there are reports that interest rates may be cut due to the economic weakness and turmoil. If you do try to sign up, don't expect a quick process. You may want to keep your initial deposit small. After it's opened and you have access, you can then transfer more. This may mean less time for 4%, but at least you don't have to worry about the money as the new account process drags on.

For more info on this savings account please refer to my previous posts on CNBBankDirect: 4.00% offer post, account review.
  Tags: CNB Bank Direct, savings account

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Comments
8 comments.
Comment #1 by Danny (anonymous) posted on
Danny
I've been trying to get my account established for over a week. First I did the online application and then waited for days for the email to come with the link to e-sign the paperwork. I had to keep calling and ask that they resend the email. (They admitted it was a glitch on their end.) Now I've signed everything and I'm still waiting for the deposits. Can anyone verify that this bank does allow free ACH transfer to be initiated online FROM their accounts and not just accept them when they're initiated from an outside bank account? I'd like to be sure before I transfer everything in.

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Comment #2 by Cindy - CNB marketing director (anonymous) posted on
Cindy - CNB marketing director
Once your online banking is set up you'll have 2 templates, one for a transfer in to your cnbbankdirect account, and the other a transfer from your cnbbankdirect account to your funding account. Transfers into the cnbbankdirect account are unlimited.

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Comment #3 by Anonymous posted on
Anonymous
I have opened a saving account at CNB and it is up and operating. Everything went well until I verified the deposits which was easy but then nothing happened. I had to send a couple of e-mails and make a phone call to get it moving again. The CSR;s there are nice and easy to work with. You can only link 1 account. You can make the transfer with either the funding account or with CNB.

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Comment #4 by Anonymous posted on
Anonymous
My account is set up and working.

I also experienced the delays and snafus with the emails.

BUT their customer service is OUTSTANDING and prompt.

It is b/c they are a small bank and overwhelmed with response.

I just called everyday until it was up and running. It took from Monday to Friday to get it funded.

But IMO it is worth it for the 4% at a 4 STAR bank!

After they'd deducted my initial deposit from my linked bank -- I then transferred more $$$ into my new account.

As I said, since their customer service is exceptional -- I felt comfortable with the whole process.

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Comment #5 by Anonymous posted on
Anonymous
I cant figure out what the interest rate will change to after the initial 6 months of 4.0%. Anyone know?

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Comment #6 by Anonymous posted on
Anonymous
I found out something interesting if you open an account and have an Apple Mac computer.

Found out that the Bank's internet based platform is really written for Windows based software. With the assistance of the Bank's IT Dept., we found out that for Apple Mac's to access the cnbbankdirect.com website, you should use the Firefox brouser. The other brousers (Safari, Internet Explorer and Netscape) do NOT work with this website for Apple Mac's.

I appreciate all the extra efforts that the CS and IT staff made for us Apple Mac users. Like another poster, I also called the Bank everday as problems arose and they tried honestly to help me each time. Even calling back after they found out additional info about their software program for Internet banking.

Now that my accounts are established, I'll be sending more funds to take advantage of the excellent 4% APY rate. Am glad for the 6 month rate guaranty, especially since the 50 basis point rate reduction by Fed. overnight.

OC Steve

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Comment #7 by Anonymous posted on
Anonymous
It has been a long difficult process getting my account set up. The initial on-line process was easy, but after that, I had to wait several days for a series of email--many of which never arrived. I called customer service and they sent an email to verify trial deposits that they never sent. The money for my initial deposit was finally transferred a week after my initial application. I still haven't gotten the email with my online access code, so I can't review my account statement or balance online. I hope this bank is as safe as you say because this experience does not give me any confidence.

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Comment #8 by Matthew (anonymous) posted on
Matthew
The 6-month guarantee is gone. Also, in response to the poster who spoke about Mac compatibility: note that Firefox will NOT work for the website through which you need to electronically sign the paperwork. You should use Safari for that portion of the process.

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