5.40% 12-Month CD and $100 Bonus at Netbank (May Soon Be Ending)

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Update 9/28/07: NetBank closed by the FDIC. See post for more details.

NetBank has some very competitive CD rates which include a 5.40% APY 12-month CD and a 5.45% APY 18-month CD. The minimum deposit is $1,000.

NetBank is still advertising new customer bonuses for its accounts. With the acquisition of NetBank by EverBank (see post), these NetBank promotions will likely end.

Two of the best NetBank online promotions are from Buy.com and Drugstore.com. The Buy.com NetBank promo page has up to $215 in Buy.com Gift cards for opening a NetBank Checking ($70), Money Market ($70) and CD ($75). The Drugstore NetBank promo page has up to $250 in cash bonuses for opening a NetBank Checking ($75), Money Market ($75) and CD ($100).

The $100 bonus for the CD requires a term of at least 1 year and a minimum deposit of $15,000. The $100 bonus would add about 0.67% to the $15K CD yield which would result in an effective yield of over 6% APY.

These promotions have been around for couple of years. Refer to my post from last year for the details of the Drugstore/NetBank promo. I have more details on NetBank in this post. But with operations changing over to EverBank, you'll have to worry more about EverBank (see post).

A few things to consider if you do try for these NetBank promotions is that you may not qualify for the 6% EverBank promotion since this is only for new EverBank customers. Also, with all of these changes in the works, there's a possibility that these promos may fall through the cracks. So be sure to save the promo page for future reference if you have to argue your case with EverBank.

Both NetBank and Everbank are FDIC insured (NetBank FDIC Certificate # 32575 and EverBank FDIC Certificate # 34775).

Thanks to the readers who mentioned these latest NetBank rates and bonuses.
Comments
Netbank Raises CD Rates Again - 5.50% 1 Year, 5.45% 6-Month
Update 9/28/07: NetBank closed by the FDIC. See post for more details.

Netbank raised CD rates again this week on its 12-month and 6-month terms. The yield of the 12-month CD is now 5.50% APY (up from 5.45%). The yield of the 6-month CD is now 5.45% APY (up from 5.40%). The rates on all other terms remain the same. Netbank's last rate increase was two weeks ago on January 30th.

Please refer to my previous post for more info on opening accounts at Netbank and their current $250 new account bonuses....



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Netbank Raises CD Rates Again - 5.45% 1-to-2 Year
Update 9/28/07: NetBank closed by the FDIC. See post more details.

Netbank raised rates again this week on all of its CDs. The 12-month, 18-month and 24-month CDs all have an APY of 5.45%. All other terms have an APY of 5.40%. The minimum deposit is $1,000.

Thanks to the readers who left comments in my last week's post on Netbank. People seemed to have both good and bad experiences with Netbank. Some of the negatives include:
  • The accounts have no ACH ability
  • CSRs are often not aware of the internet promotions
  • Several fees (see...





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5.40% 12-Month CD at Netbank and $100 Bonus
Update 9/28/07: NetBank closed by the FDIC. See post for more details.

Netbank raised rates on all of its CDs with terms of 1-year and longer. All of its CD rates are very competitive. Terms of 1 year to 2 years have an APY of 5.40%. Longer terms have an APY of 5.35%. The minimum deposit is $1,000.

A few months ago, this 5.40% yield wouldn't have been worth mentioning. But now it's near the top for 12-month and longer terms. What makes this even better is that Netbank still has a...



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$100 Bonus for 5.25% 12-Month CD at Netbank
Update 9/28/07: NetBank closed by the FDIC. See post more details.

Netbank has updated their Drugstore.com promotion. Previously, the most you could get by opening a 1-year CD was a $25 Visa gift card. With the new promotion, you can now get up to a $100 Visa Gift Card. This requires opening a Netbank 12-month CD with a minimum deposit of $15K. You also have the choice of a $50 Visa gift card for a minimum deposit of $10K or a $20 card for a $5K minimum. The current APY of...

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Netbank's $25 CD Bonus for Current Customers
Update 9/28/07: NetBank closed by the FDIC. See post for more details.

Netbank is offering current customers a $25 Visa Gift Card when you open and fund a 1-year (or longer) term CD with a minimum balance of $5K. This is not quite as good as what Netbank was offering last February in which the bonus was $50 and the minimum deposit was $2K. The current 1-year CD has a competitive APY of 5.25%. So for a $5K CD, this extra $25 raises the APY by 0.5% to 5.75%. The offer...

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