Wednesday, 25 November 2020

NexBank Review: Checking, Savings, CD and Money Market Accounts

NexBank Review: Checking, Savings, CD and Money Market Accounts
25 Oct
9:12

NexBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

NexBank Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.50%

CD Rates

NexBank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.50%

CD Rates

NexBank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.50%

CD Rates

NexBank 60 Month CD

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

NexBank Checking account options

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How NexBank’s checking accounts compare

NexBank’s checking accounts don’t really offer customers anything when it comes to perks, outside of basic services. The absence of fees on its basic checking account is a plus, but the fact that you have to open the account in person (as with most of NexBank’s other products) is likely to be a huge drawback for any customers living outside of the Dallas area — especially considering that there are so many convenient online checking account options out there. The APY on its Platinum One Checking account, however, is higher than the national average, so that one is likely to appeal to Dallas-area residents who are able to maintain its $2,000 minimum balance requirement, which is higher than most offerings out there.

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How Nexbank’s savings account compares

While this savings account has a low minimum balance requirement and easily waivable monthly fee going for it, it doesn’t offer much else. It’s only available to Texas residents, and the fact that you have to open it in person at one of NexBank’s two locations lessens its appeal even more.

It also doesn’t offer ATM refunds; if its two ATM locations aren’t convenient, this account has even less going for it. Lastly, with an APY below the national average, it’s significantly lower than some of the best online savings account options out there, many of which don’t even have a minimum balance requirement.

NexBank CD rates

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How NexBank’s CD rates compare

While many of NexBank’s CD rates are competitive and higher than the national average, there are still better CD options out there, with both higher rates and lower minimum balance requirements. If you’re not based in Texas, you can’t even apply for any of NexBank’s other products anyway, so there’s really no reason to seek these CDs out over a bank that offers all of its services online.

NexBank Money Market account

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How NexBank’s money market account compares

While NexBank’s money market account offers competitive rates, they’re simply not the best out there. With other banks offering both higher rates on money market accounts and the ability to open an account online, there’s really no reason to choose this one over something more convenient, even if you do live near Dallas.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton

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Source: https://www.magnifymoney.com/blog/reviews/nexbank/

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