Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
NexBank0.40%$10k-24 Month CD
NexBank0.35%$10k-18 Month CD
NexBank0.30%$10k-12 Month CD
Accounts mentioned in this post. Rates as of April 16, 2014

Top 2-Year CD Rate at NexBank

POSTED ON BY

NexBank

NexBank is offering a very competitive 2-year CD that can be opened online. The 2-year CD has a 1.30% APY. There's also a 1-year CD with a 1.05% APY and an 18-month CD with a 1.15% APY. Minimum deposit is $10,000. These rates are listed in the bank's rates page as of 8/27/2012.

There's an online application for the CDs, and according to the CSR, people in any state can apply. After applying online, new customers will need to mail in a copy of their ID. The CD can be funded with an ACH transfer from your existing account. It can also be funded by mailing a check. I was told the CD rate will be locked at the time of the application as long as the CD is funded within a reasonable amount of time. To close the CD at maturity, they require a signed letter that must be mailed or faxed. The only option to receive the funds is a cashier's check. According to the CSR, the early withdrawal penalty is equal to 6 months of interest for terms of 1 year and above.

This is a small bank with two branches located in Dallas and Plano, Texas.

NexBank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 7.16% (excellent) based on March 2012 data. Please refer to our financial overview of NexBank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 29209).

How This CD Rate Compares

It may be hard to believe, but a 1.30% 2-year CD is a very competitive yield in today's awful interest rate environment. The next best 2-year CD rate that's nationally available from a bank is 1.25% APY at CIT Bank. This requires a $25,000 minimum deposit. This is CIT Bank's Achiever CD which allows a one-time add-on deposit and a one-time bump-up in the rate. This rate is accurate as of 8/27/2012.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

  Tags: NexBank, CD rates

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
I just applied.  It's a bit involved.  After completing the application (and uploading a copy of my driver's license), I received an emai that they will let me know within the next 2 business days if my app has been accepted and the next step.  I chose to mail a check rather than an ACH transfer because of the small deposit routine that some banks use.  It takes about the same amount of time to process the deposit using either method. 

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Comment #2 by KenBDG posted on
KenBDG
Thanks for the information. Please keep us posted on how it goes.

1
Comment #3 by Anonymous posted on
Anonymous
Update from #1 ... I received an email stating that my CD hs been opened with a link to sign in where I would see my account agreements and disclosures.  The email was from "NexBank oflowssuport@andera.com" (During the application process I had to set up a user name and password.)  When I logged in all I saw was the basics of my application - no agreements, disclosures.  No next step info.  The email had a number to call.  I did and it is a lender in Rhode Island!  So I called Nexbank directly.  They offered no explanations for the above and said to just send the check.  Once received, they will send me documents to sign.  Not sure I'm gong to follow through on this.      

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