NexBank Raises Rates on 12-, 18- and 24-Month CDs
NexBank (Texas) ended the week by raising the rates on three of its CDs:
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.50% | $10k | - | NexBank | 12 Month CD | |
| 2.50% | $10k | - | NexBank | 18 Month CD | |
| 2.50% | $10k | - | NexBank | 24 Month CD |
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.
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As of 3-19-15 NexBank's CDs are now limited to Texas residents.