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.