2.45% 24-Month Add-On CD & 2.15% 12-Month CD at NexBank in Texas

NexBank is offering an attractive CD promotion. It's a 24-month CD with a yield of 2.45% APY. The minimum deposit is $10,000. The rate is listed at the bank's promotion page as of 8/30/09. It's not the best rate for a 2-year CD, but it has a nice add-on feature. Additional deposits of $10,000 or more are allowed anytime. There's also a bump feature which is typically less useful. It allows customers to bump-up the rate once per a 12-month period to the rate of NexBank's current 24-month CD offering.

In addition to this add-on CD, the bank has some competitive rates on its standard CDs including a 2.15% APY 12-month CD and a 2.20% APY 18-month CD. The 12-month CD is also available in an IRA. Minimum deposit is $10,000. These rates are listed at the bank's rates page as of 8/30/09.

When I contacted this bank last year about a similar promotion, I was told out-of-state customers can apply without a branch visit. Since these policies can often change, I recommend contacting the bank if you're interested.

Branches are located in Dallas and Plano, Texas.

NexBank has fair ratings for safety and soundness: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. These ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 29209).

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Tags: NexBank, CD rates, Texas