Friday, 23 October 2020

Nevada State Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Nevada State Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
02 Jul
5:59

Nevada State Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Nevada State Bank Classic Savings

2.10%

American Express National Bank High Yield Savings Account

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on American Express National Bank’s secure website

Member FDIC

0.15%

CD Rates

Nevada State Bank 1 Year CD

2.50%

Goldman Sachs Bank USA High-yield 12 Month CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

0.30%

CD Rates

Nevada State Bank 3 Year CD

2.80%

Goldman Sachs Bank USA High-yield 5 Year CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

Nevada State Bank’s checking account options

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How Nevada State Bank’s checking accounts compare

We are not impressed with Nevada State Bank’s checking accounts. Only one of its accounts, Premium Interest Checking, earns interest. The rate is also very low, despite the account’s high balance requirements.

Nevada State Bank’s noninterest-bearing checking accounts come with surprisingly high monthly maintenance fees for when you miss the balance requirements. We also noticed that its accounts do not refund out-of-network ATM fees. Depending on the account, Nevada State Bank tacks on an extra $2.50 charge when you use another bank’s ATM. That could get expensive whenever you aren’t near its branches.

There are so many high-quality online checking accounts with low fees and generous interest rates that there’s really no reason to settle for what’s available at Nevada State Bank.

Nevada State Bank’s savings account options

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How Nevada State Bank’s savings accounts compare

If you’re hoping to grow your money, that won’t happen with Nevada State Bank’s savings account. The interest rates are so low that they may as well be nothing at all. Even if you qualify for the relationship upgrade with a Premium Interest Checking account, you still earn practically zero interest with the savings accounts.

Now, Nevada State Bank does do a good job keeping fees low on its savings accounts. Young Savers does not have a monthly fee, and you can easily avoid the monthly fee on Personal Savings. Also, Nevada State Bank only charges a $2 fee if you go over the monthly withdrawal limit, which is reasonable for a savings account.

But none of this really matters when the interest rates are so low. If you want to grow your savings, try one of these excellent savings accounts instead. Not only do they pay extremely competitive rates, but many of them are free.

Nevada State Bank’s CD rates

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How Nevada State Bank’s CD rates compare

If you want to open a Nevada State Bank CD, we would focus only on its Promotional CDs. They offer by far the best rates. But you can only open these CDs with new funds, money that already isn’t at Nevada State Bank. This could be a headache if you are already an existing customer.

The rest of the Nevada State Bank CDs are much less impressive. Its normal CD rates are dismal, lower than what many checking accounts pay.

If you can qualify for a generous Nevada State Bank CD promotion, it might be worth a look. Otherwise, we recommend using something from this list of the best CD rates from around the country. They pay more than even Nevada State Bank’s top promotions, and there are no strings attached for qualifying.

Nevada State Bank’s money market account option

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How Nevada State Bank’s money market account compares

Money market accounts typically have high balance requirements and monthly maintenance fees. In exchange, you’re supposed to receive a generous interest rate. Nevada State Bank’s money market account only meets half of the bargain: the fees are high but the rates are not.

Its money market rates are so low that there are even online checking accounts that pay more interest. While Nevada State Bank gives slightly better rates if you have a Premium Interest Checking account, even with the bonus you still need a balance of at least $100,000 to earn just an average money market return.

We would stay away from this account. The interest rates are not nearly good enough to make up for the potentially high fees. If you want a money market account with a respectable return, these are the top-paying money market options available today.

Nevada State Bank’s IRA account options

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How Nevada State Bank’s IRA CD rates compare

Nevada State Bank’s IRA CDs use the same subpar rates that you get through the regular CDs. The IRA CD rates are worse because you can’t use any of the CD promotions.

Its IRA Money Market account also earns very little. While it gives you more access to your money, you’re sacrificing too much for the interest rate. Other lenders offer these flexible accounts that still earn a decent return.

We do not recommend any of Nevada State Bank’s IRA CDs because of its low rates. If you’re going to hit your retirement savings target, you’ll need to earn much more. You could do so through these IRA CDs, which are the best in the country.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/nevada-state-bank/

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