Top 2-Year CD Rate at 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.
Banks Mentioned in this Post:
Locations: 2 Health Rating:
|Recent Posts: Bump-Up & Add-On CD at NexBank in Dall... | Bump-Up & Add-On CD at NexBank in Dall...|