Dedicated to Deposits: Deals, Data, and Discussion
CNB Bank Direct0.86%$1k$250k24 Month CD
CNB Bank Direct0.76%$1k$250k18 Month CD
CNB Bank Direct0.66%$1k$250k12 Month CD
Accounts mentioned in this post. Rates as of August 29, 2014

Top 12-Mo, 18-Mo & 24-Mo CD Rates at CNB Bank Direct - But There's a Catch


CNB Bank Direct

CNB Bank Direct started offering online CDs earlier this year. I only did a quick note on these since the rates were not that competitive. However, the rates have actually gone up since then, and now they are very competitive compared to what other banks are offering. However, these CDs have a major downside.

The current CD rates as of 4/26/2010 are: 2.15% APY 24-month, 1.85% APY 18-month and 1.65% APY 12-month. These rates are shown in an image on the "Online Banking Login" page. The link to this page is on the top left of the CNB Bank Direct home page.

They don't list any details about these CDs on the website. I just did an online chat with the bank reps this morning. Here's what I learned.

Certificate of Deposit Details

Update 6/17/2010: There has been a change to their early withdrawal policy. Please see this post for more details.

One downside is a high minimum deposit of $25,000. The big downside, however, is that no early withdrawals are allowed. You have to wait to maturity. At maturity, the grace period is 10 calendar days. The grace period is the time after maturity when you can withdraw the CD funds without any penalty. This is especially important when the CD doesn't allow early withdrawals. The CSR stated that they will electronically send a maturity notice at least 10 calendar days prior to maturity. It's not much time, so you'll have to pay special attention not to miss it.

Before you can open this online CD, you must first have the online savings account. Once you have the online savings account, you have to log into your account, and then you should be able to apply for this CD. The CD would have to be funded from money in the CNB Bank Direct online savings account. The rate would lock at the time you apply. At maturity, you would specify closure instructions using their "Certificate Redemption Form". Funds would then be transferred to your CNB Bank Direct online savings account.

High Yield Savings Account

I first reviewed CNB Bank Direct and its online savings account in August 2008. In September of 2008 they launched a special 4% promotion with the 4% guaranteed for 6 months. The account stayed competitive after the promotion. The current rate is now 1.25% APY. The rate just fell from 1.35% last week.

CNB Bank Direct Overview

CNB Bank Direct is a division of Citizens National Bank, based in Bluffton, OH. Citizens National Bank is a small bank with $418 million in deposits. When I reported on the bank in 2008, it had only $350 million in deposits so the internet savings account seems to have helped raise their deposits.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at (based on 9/30/09 data). Our health rating at DepositAccounts for the bank is not quite as high partly due to a significant increase in the Texas ratio from the end of 2008 to the end of 2009. Thus, the composite score is 3 out of 5. The bank has been a FDIC member since 1934 (FDIC Certificate # 6531).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of The tables now have a new & improved format!

Related Pages: CNB Bank Direct, CD rates

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Comment #1 by Anonymous posted on
Last night, I discovered the "health" feature of this website for the first time.  I had never noticed the Health tab before.  The Texas Ratio feature is really nice as a comparison tool to check the TR status of our current banks, or those we might be considering.  This is a great website!  Thanks, Ken, for putting all this info together.