$50 Bonus for NetBank 1-Year CD

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

NetBank is offering a $50 Visa cash card for opening a CD with a minimum of $2k for at least 1 year. NetBank's 12-month certificate currently pays 4.80% APY which isn't bad for a 12-month CD. This offer seems to only be available to current NetBank customers. The promotion is running until March 31 '06. Thanks to the reader who sent me this deal in the mail and also the reader who posted it here!

For those not yet a NetBank customer, the $175 promotion seems to still be valid. Also, NetBank's iPod shuffle promotion is still active through this month. So you could get these bonuses and then another $50 for this new CD promotion. NetBank seems to be continuing these types of promotions. Its latest one is with TigerDirect.com and is similar to the $175 promotion except that the bonuses are in TigerDirect.com gift cards. Also, it's only $160 in value. If the $175 promotion expires, this Tiger one may be the next best one.

NetBank's Warns of a Weak First Quarter

On a side note, NetBank reported fourth quarter earnings a few days ago and warned of a weak first quarter. This Motley Fool article describes how the flattening yield curve and the tough competition are affecting NetBank. It'll be interesting to see if NetBank continues these promotions. They may not help NetBank's profits but it could be the reason why NetBank reported moderate increases of 6% year over year in both customers and deposits.
Comments
Leif Wickland
Leif Wickland (anonymous)   |     |   Comment #1
Do you happen to have a link to page page advertising this bonus or some description of how to receive the bonus? I kicked around the inside and outside of NetBank's website and could find neither.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
According to this FW thread, it's on the left and bottom button when you log in.

Also, FW member FatFreddie confirmed in this post that you should be able to get the 2 $75 bonuses, the iPod bonus for a CD, and then this $50 bonus for another CD. Note, the iPod bonus now requires $2.5K instead of $1K.

The thread also highlights 4 important NetBank fees to avoid:
a) Checking inactivity - $3/month after 3 months inactivity. Set up a small DD or mail in a small deposit.
b) MMA balance under $500 - $5/mo.
c) Account closure within 6 months - $25 per account.
d) Account closure with balance under $7.50 - $7.50
Anonymous
Anonymous   |     |   Comment #3
How do I contact NetBank? Need 800 or other phone no. plus internet address? Thanx.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Netbank's web address is http://www.netbank.com.

Their phone number is 1-888-256-6932, Press 3. See Contact info.
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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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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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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.

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

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