NexBank Raises Rates on 12-, 18- and 24-Month CDs

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NexBank (Texas) ended the week by raising the rates on three of its CDs:

  • 12-month CD (1.10% APY)
  • 18-month CD (1.25% APY)
  • 24-month CD (1.35% APY)
  • The new rates represent the first increase for these CDs in almost eight months. The minimum deposit for any of these CDs is $10K, with no balance cap.

    According to CSR, the Early Withdrawal Penalty is the same for all three CDs: 60 days interest.

    APYMINMAXINSTITUTIONPRODUCTDETAILS
    1.45%$10k-NexBank24 Month CD
    1.35%$10k-NexBank18 Month CD
    1.25%$10k-NexBank12 Month CD
    Accounts mentioned in this post. Rates as of July 26, 2016.

    Availability

    Headquartered in Dallas, NexBank offers its services and product line to all U.S. citizens and permanent U.S. residents with a current U.S. address.

    Opening and funding accounts can be done directly online, or if you prefer a brick-and-mortar experience, at either of the two Dallas branches.

    Bank Overview

    NexBank (FDIC Certificate # 29209) has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 1.94% (excellent), as of December 31, 2014. In the past year, NexBank increased its total deposits by $423.61 Million, excellent annual growth rate of 42.05% growth rate. Please refer to our financial overview of NexBank for more details.

    Originally established in 1934 as the Terrell Federal Savings and Loan Association, NexBank today is the 30th largest bank in Texas. In a February 2015 press release, Matt Siekielski, Chief Operating Officer of NexBank Capital, Inc., stated:

    NexBank has delivered record results for a third consecutive year, reflecting the growth of our core businesses and increasing capital position.

    In calendar year 2014, NexBank total assets increased by 42% to $1.81 Billion, total deposits grew to $1.43 Billion, and loan portfolio investments expanded to $1.38 Billion.

    How the CDs Compare

    When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, NexBank’s 24-month CD is the most competitive of the three CDs.

    The above rates are accurate as of 3/6/2015.

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

    Comments
    Sylvia
    Sylvia   |     |   Comment #1
    From my experience, it's a lot easier to deposit than withdraw money from this bank, if you can't get to one of their branches.  Last year, when I wanted CD closed at maturity, they demanded notarized letter.  Moreover, since I live out of state, there was no wire or ACH option, only check, contrary to what I was told when I opened CD that I funded through ACH.  The notarized letter was required even though check was going to my address on file.  It was a major inconvenience I've yet to experience anywhere else.
    Anonymous
    Anonymous   |     |   Comment #2
    Thumbs up, and thank you so much for taking the time to post about your very concerning experience.  What happened to you, including especially their lying, would be ample reason for me not to do business with this poor excuse for a bank.  Thanks again, Sylvia.  You have helped others to avoid real trouble.
    gregk
    gregk   |     |   Comment #3
    Apart from the tedious mechanics, why would anyone want to commit funds at these crummy rates anyway? 
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