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NexBank Review: Competitive CD Rates and Low Fees

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Fact Checked: Ashley Maready
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

If you're in the market for high-yield CDs, NexBank may have an exciting offer for you. The bank has competitive CD rates for a variety of terms and a free checking account with ATM fee reimbursements.

Read on to learn what else NexBank has to offer and see if it's a good fit for you.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Offer image for
Member FDIC.

NexBank

Bottom Line

NexBank has excellent CD rates; in fact, many of its terms are leading the market. Its basic checking account is free and comes with an out-of-network fee reimbursement, while its savings account offers an easy way to waive its monthly fee. Aside from high CD APYs, the bank doesn't have many noteworthy perks, no relationship benefits, and no physical branches.

Pros
  • Competitive CD rates
  • Low fees
Cons
  • Low savings account APY
  • No branch access; online only
  • High minimums on CDs

Savings accounts

NexBank Savings Account

This is a basic online savings account with a 1.50% APY and $3 monthly service fee, which is waivable if you keep a steady $200 daily minimum balance. Opening the account also requires a $200 minimum deposit.

Ratings Methodology
Rates as of Dec 20, 2024

NexBank Savings Account

Member FDIC.
APY
1.50%
Min. To Earn APY
$200 to open
  • Easy way to waive fee
  • FDIC insured
  • Low APY
  • Monthly service fee
  • No branch access; online only

The NexBank Savings Account is about as basic as you can get. In fact, unless you're already banking with NexBank, there are few reasons to choose this over other savings accounts. Many online savings accounts don't charge monthly fees and come with more competitive APYs. Consider your options before settling on this one.

NexBank High-Yield Money Market Account

This money market account will earn up to 3.25% APY, depending on the balance in the account. It charges a $25 monthly service fee, which is waivable if you maintain a $10,000 daily balance.

Like other money market accounts, this one lets you access funds with checks-writing privileges.

Ratings Methodology
Rates as of Dec 20, 2024

NexBank High-Yield Money Market Account

Member FDIC.
Monthly Fee
$25, waivable with min. daily balance of $10,000
Min. Balance
$10,000
APY
up to 3.25% Rate info Circle with letter I in it. Balance of $0-$999.99 earns 0% APY, balance of $1,000.00 to $99,999.99 earns 2.25% APY, balance of $100,000.00+ earn 3.35% APY
Min. To Earn APY
$1,000
  • Check-writing privileges
  • Easy way to waive fee
  • FDIC insured
  • Need high deposit to earn highest APY
  • Monthly service fee
  • No branch access; online only

Although the High-Yield Money Market Account is the highest earning savings account at NexBank, you need a very high deposit to get the highest APY. Even so, the account's APY doesn't compete with the best money market accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit (CDs)

Certificates of deposit (CDs) offer fixed interest rates in exchange for locking your savings up for a set term. NexBank CD rates rank high among the best CDs rates on the market -- that is, for those who can meet the high minimum opening deposits.

Standard CDs

NexBank Standard CDs come in eight terms, ranging from three to 60 months. Its APYs are generally competitive for all terms, but the minimum opening deposit is steep at $10,000. This could make it difficult to build a long CD ladder, not to mention risky if you only have $10,000 in savings. Like other CDs, NexBank will impose a severe penalty for early withdrawals.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for NexBank Standard CD
NexBank Standard CD
Bottom Line

If you can overcome the high minimum deposit requirement of $10,000, NexBank offers very competitive rates on eight standard CD terms.

MINIMUM DEPOSIT $10,000
3 Mo. APY 6 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
3.71% 4.24% 4.37% 3.98% 3.55% 3.44% 3.34% 3.29%

Promotional CDs

NexBank also has several promotional CDs. Oddly enough, many of these CDs have slightly lower APYs than its Standard CDs, though they require a higher $25,000 opening minimum deposit.

Compare CD rates

NexBank has competitive rates, but the minimums might push these products out of reach. For comparison, check out some of our favorite CD options below.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

NexBank has two checking accounts -- one is free and the other earns interest.

NexBank E-Free Checking

The NexBank E-Free Checking is a free online checking account that comes with a Visa® debit card that gives you access to NexBank's ATM network. You'll need $100 to open this account, but you don't need to maintain a $100 balance to waive any fees. What's more, NexBank will waive out-of-network ATM fees up to $10 per statement cycle, which is rare for a free checking account to offer.

Ratings Methodology
Rates as of Dec 20, 2024

NexBank E-Free Checking

Member FDIC.
APY
N/A
Min. To Earn APY
N/A
  • No monthly service fee
  • No minimum balance requirements
  • Low minimum opening deposit
  • Out-of-network fee reimbursement
  • Not interest-bearing
  • No branch access; online only

The E-Free Checking account offers a lot of value at no cost. The account has no monthly service fee, no monthly balances to maintain, and will even reimburse out-of-network ATM fees up to $10 per statement cycle.

NexBank Platinum One Checking Account

The NexBank Platinum One Checking Account earns 1.00% on balances above $1, but comes with a $25 monthly service fee. The fee is waived if you can maintain a $2,000 daily minimum balance. This account also comes with a debit card and will waive up to $20 of out-of-network fees per statement cycle.

Ratings Methodology
Rates as of Dec 20, 2024

NexBank Platinum One Checking Account

Member FDIC.
APY
1.00%
Min. To Earn APY
$1
  • Interest-bearing
  • Monthly fee waivable
  • Out-of-network ATM fee reimbursement
  • High monthly service fee
  • No branch access; online only

NexBank's Platinum One Checking Account has a decent APY for a checking account. The monthly service fee is high, but can be waived if you can keep $2,000 in your account each day. The account is really great for those who use out-of-network ATMs often, as you can get up to $20 in fees reimbursed each statement cycle for those.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer service and experience

NexBank has an A rating with the Better Business Bureau, but currently has no customer reviews. You can reach NexBank's customer service team for personal banking needs Monday through Friday from 9:00 a.m. to 5:00 p.m.

Relationship benefits

NexBank doesn't offer relationship benefits on personal bank accounts, like APY boosts or fee waivers when you meet certain minimum balance requirements.

If you're looking for relationship benefits, you might want to look at the best national banks, such as Chase, Wells Fargo, or PNC Bank.

Alternatives to NexBank

If NexBank isn't the right fit for you, here are a couple other banks that might be worth checking out.

Ally Bank

Ally Bank charges no monthly fees on its savings and checking accounts. Its basic savings account has a competitive APY, while its checking account reimburses out-of-network ATM fees up to $10 per statement cycle. It doesn't have the most competitive CD rates, however, at least not in comparison with NexBank.

Capital One Bank

Capital One Bank is the perfect balance between online and in-person banking. Like other online banks, it offers free checking and savings accounts with competitive APYs. But like brick-and-mortar institutions, it has several branches that you can visit for in-person help. It also offers competitive CD rates on a variety of terms, though, again, you'll likely find a higher rate with NexBank.

Is NexBank right for you?

NexBank is right for you if:

  • You want to snag a high APY on a high-yield savings account.
  • You're looking for a bank account with easy ways to waive account fees.
  • You're fine with online banking and don't need in-person banking assistance.

Other products by NexBank

Along with its deposit accounts, NexBank also offers:

  • Mortgages

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • NexBank has three locations in Dallas, Texas -- one main office and two mortgage operations centers. Aside from these, however, NexBank doesn't have any branches at this time.

  • Yes, NexBank is an FDIC member bank. Deposits made at NexBank are protected up to $250,000 per depositor.

  • Yes, you can deposit checks using the NexBank mobile app.