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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

Featured 2-Year CD Rates

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CNB Bank Direct0.86%$1k$250k24 Month CD
CNB Bank Direct0.76%$1k$250k18 Month CD
CNB Bank Direct0.66%$1k$250k12 Month CD
CNB Bank Direct0.41%--High Yield Savings
Accounts mentioned in this post. Rates as of August 27, 2014

Top Internet CD Rates at CNB Bank Direct - Available Nationwide


CNB Bank Direct

CNB Bank Direct continues to offer three competitive mid-term CD rates: 1.50% APY for 1 year, 1.65% APY for 18 months and 1.85% APY for 2 years. These may seem low, but I'm afraid they're competitive these days. The next best 1-year and 2-year CD rates from an internet bank are 1.48% APY and 1.79% APY at Bank of Internet USA. To see the CNB Bank Direct rates, you have to go to the bank's front page and click the "online banking login" on the top left. Above the login box there's a banner with the CD rates. These CD rates are listed here as of the morning of 10/20/2010.

In the past, CNB Bank Direct did not allow early withdrawals from these CDs. However, that has changed. In June I received an email from CNB Bank Direct with their new early withdrawal penalties. Here's an excerpt:

Early withdrawal now permitted should you need to access your funds before the maturity date. Penalty fees apply. [...] An exception will be made in the event of death or determination of legal incompetence of the primary account owner. Early withdraw penalties apply as follows:
<= 12 months, 90 days of interest on amount withdrawn.
> 12 months, 180 days of interest on amount withdrawn.

CNB Bank Direct's minimum deposit is $25,000, and you are required to be an online savings account customer. 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.

Some might think the online savings account requirement is a pain, but at least it makes the CD funding and withdrawal easier. You can just use the bank's ACH bank-to-bank transfer service to deposit and withdraw money from the savings account. The savings account used to have very competitive rates. Back in September 2008 they had 6-month promo offering 4.00% APY on the entire balance. The account stayed fairly competitive after the promotion, but it's no longer on the top list of the best rates. The rate is now 1.25% APY as of 10/20/2010.

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 $406 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.

Citizens National Bank has an overall health score at of 3 out of 5 with a Texas Ratio of 19.67% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Citizens National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6531).

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  Tags: CNB Bank Direct, CD rates

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