Dedicated to Deposits: Deals, Data, and Discussion

2.25% 24-Month Add-On CD at NexBank in Texas - Local Only

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NexBank
NexBank continues to offer a competitive 24-month add-on CD. It has a yield of 2.25% APY. Minimum deposit is $10,000. The rate is listed at the bank's promotion page as of 12/06/09. 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 2.05% APY 18-month CD and a 1.80% APY 12-month CD. Minimum deposit is $10,000. These rates are listed at the bank's rates page as of 8/30/09.

There's an online application (link on the left side of CD page). However, the application form only allows the state of Texas to be specified. At the top of the application it states that "if you work in Texas and reside outside of Texas please contact us." So it appears to be limited to those who live or work in Texas.

My last post on this bank was in August when this special 24-month CD had a yield of 2.45%.

Branches are located in Dallas and Plano, Texas.

NexBank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 29209).

Update 1/05/2010: The bank is operating under a FDIC Cease and Desist Order.

Other Competitive Certificate of Deposit Rates

  Tags: NexBank, CD rates, Texas

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