NexBank is offering a 5.50% APY for new money deposits between $25k and $5m.
The bank’s 12-month Promotional Online CD remains competitive in the shifting landscape of 1-year CD rates.
- Update 1/30/2024: The APY rate decreased from 5.65% APY to 5.50% APY.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
NexBank 12 Month CD Rate
The 5.50% APY holds its ground among the top rates nationally for 12-month CDs, making it an attractive option for those seeking robust returns on shorter-term deposits.
- APY: 5.50% for both standard and jumbo tiers ($25k minimum and $100k minimum respectively).
- Availability: Nationwide through online application.
- New Money Requirement: Deposits must be from outside NexBank accounts.
Rates last updated 1/30/2024
Early Withdrawal Penalty
- 6-Month Interest: Penalty for withdrawals before maturity, with partial withdrawals allowed maintaining a minimum $25k balance.
Account Opening and Eligibility
- Eligibility: Available to all U.S. citizens and permanent residents (18 years and older) with a current U.S. address.
- Application: Exclusively online.
Funding and Other Details
- Funding Options: ACH transfer with detailed instructions provided during application.
- Ownership Types: Individual or joint accounts available.
- Interest Compounding: Daily, credited quarterly.
- Maturing Funds: Options include ACH, wire, cashier’s check, or transfer to a NexBank account.
- Beneficiaries: Unlimited with equal shares, requiring detailed information.
Bank Overview
NexBank is a significant player in Texas banking and the largest privately held bank in the state.
The bank boasts nearly $16 billion in assets and a diverse customer base.
Comparison with Other CDs
When compared to other CDs of similar terms and minimum deposit requirements, NexBank’s 12-month Promotional Online CD remains competitive, particularly for its rate and substantial maximum deposit limit.
Take a look at these rates below. You can find the best CD rates here.
Our Take
NexBank’s 12-month Promotional Online CD offers a compelling rate for those looking to invest new money.
With its considerable deposit range, competitive APY, and the backing of a solid financial institution, it’s an attractive choice for individuals seeking a balance of return and reliability in their short-term investment strategy.
The bank’s online accessibility further enhances its appeal to a nationwide audience seeking competitive banking solutions.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
Discover more from MoneysMyLife
Subscribe to get the latest posts sent to your email.
