NexBank Review: Competitive CD Rates and Low Fees
Review
Updated
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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.
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.
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.
NexBank Savings Account
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.
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.
NexBank High-Yield Money Market Account
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.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
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= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
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
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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.
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.
APY = Annual Percentage Yield
If you can overcome the high minimum deposit requirement of $10,000, NexBank offers very competitive rates on eight standard CD terms. It also offers a few promotional CDs that you can find on its website.
| 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 |
|---|---|---|---|---|---|---|---|
| 3.61% | 4.14% | 4.27% | 3.72% | 3.55% | 3.44% | 3.34% | 3.29% |
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.
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.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for LendingClub CD
On LendingClub's Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
NexBank has two checking accounts -- one is free and the other earns interest.
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.
NexBank E-Free Checking
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.
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.
NexBank Platinum One Checking Account
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.
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 |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
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.
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.
If NexBank isn't the right fit for you, here are a couple other banks that might be worth checking out.
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 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.
NexBank is right for you if:
Along with its deposit accounts, NexBank also offers:
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.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
