NexBank is headquartered in DALLAS and is the 9th largest bank in the state of Texas. It is also the 120th largest bank in the nation. It was established in 1934 and as of March of 2023, it had grown to 102 employees at 3 locations. NexBank's money market rates are 7X the national average, and it has an A health rating.
Related Posts
6/10 - NexBank Debuts Rate-Leading 12-Month Promotional Online CD
3/6/15 - NexBank Raises Rates on 12-, 18- and 24-Month CDs
8/27/12 - Top 2-Year CD Rate at NexBank
10/3/11 - Bump-Up & Add-On CD at NexBank in Dallas - Texas Only
5/2/10 - Bump-Up & Add-On CD at NexBank in Dallas Texas - Local Only
3/14/10 - 2.00% 24-Month Add-On CD at NexBank in Dallas - Local Only
2/10/10 - NexBank Increases the Rate of its 24-Month CD Special - Texas Only
1/5/10 - 2.25% 24-Month Add-On CD at NexBank in Texas - Local Only
8/30/09 - 2.45% 24-Month Add-On CD & 2.15% 12-Month CD at NexBank in Texas
5/5/09 - 2.85% 24-Month Add-On CD at NexBank in Texas
7/8/08 - 4.28% 12-Month CD at a Dallas Bank (NexBank)
5/6/08 - 3.50% 12-Month Liquid CD Promotion at NexBank
Decent Bank With Good Current Rate
I have purchased CDs thru Nexbank off and on for a number of years. Like any other bank when they need money they will have attractive rates then when they meet their goal the rates will get cut. I have purchased the CDs both in person at their brick and mortar location as well as online. I haven’t had any problems with service on purchasing or closing the CDs. They use the Plaid system on their online platform which I’m not crazy about but so far I haven’t had an issue. I just recently opened a 12 month promotional CD that was offered. Online application was easy. Decent bank that currently has competitive rates.
Rough Start
This bank will not assign an account number to you until your initial deposit is fully received. This is problematic as there is no way to check the progress of the account opening. Days are spent waiting for the bank to communicate with you. And nothing occurs.
In my case, two days after my account opened, I finally learned about it after initiating an e-mail.
Poor policy. And poor customer service.
Bad Customer Experience
(1) Online presence is awkward to use. (2) Opted to establish a "link" to my personal checking account in order to transfer in and out. Applied online and received approval in just a day or two. But, when I tried to transfer out funds upon CD maturity I was told that out-of-state accounts could not be used. (3) In order to withdraw funds I had to send a notarized letter, a ridiculous requirement that only added to the "float" time they benefit from. (4) Trying to speak with anyone at the bank was difficult and you have to leave a message and wait for a return call. Played 'telephone tag.'
Certainly will not patronize this bank again!
WARNING: NO ACH Out Upon CD Maturity
This bank does NOT send your maturity funds via ACH out. I spoke with a CSR at the bank, and he informed me that you have to send them a letter (probably a notarized letter) requesting closure of the CD account upon maturity and they will MAIL YOU A PHYSICAL CHECK. This is an antiquated and dangerous practice in this day and age. Think about delays in mail delivery or if your check gets misplaced in the mail. Then you have a lot of hoops to go through to get your money back (which you could have invested elsewhere had they sent you via ACH). For a little extra APY, I would NOT go through this hassle. Peace of mind comes first.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29209 |
| Year Established | 1934 |
| Employees | 102 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.94% |
| Return on Equity - YTD | 11.8% |
| Annual Interest Income | $170.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $15.18B$11.72B |
| Loans | Q1 2023vs Q1 2022 | $9.61B$6.83B |
| Deposits | Q1 2023vs Q1 2022 | $10.69B$9.24B |
| Equity Capital | Q1 2023vs Q1 2022 | $1.17B$924.1MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $49.9MM$44.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $31.2MM$39.1MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $583.00K$0 |