NexBank continues to offer its Triple Advantage CD. However, the rate has fallen 40 basis points since February. The rate is now 2.00% APY for a 2-year term as of 3/14/2010. Nevertheless, this is a competitive rate for an add-on CD. 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. Minimum initial deposit is $10,000.
The 2.00% APY is not the best for 2-year terms. But the add-on feature is nice to hedge against the risk that rates will stay low or go lower in the next year. When your CDs mature, you can always rely on the add-on CD.
The bank used to have an online application, but I no longer see the application link. The application used to allow anyone from Texas to apply. If you're interested in this CD, you should call the bank's toll-free number (1-800-827-4818). Branches are located in Dallas and Plano, Texas.
NexBank's ratings for safety and soundness continue to be a little weak: 2 stars (problematic) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 29209). Another thing to note about this bank is that it's operating under a FDIC Cease and Desist Order.
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals