1.90% APY Add on and Bump Up Certificate of Deposit at NexBank Dallas Texas
Are you often dissatisfied with your CD rates? Even the best CD rates online today can give you minimal yield when you’re stuck with the same rate year in and year out. With the triple advantage CD offered at NexBank, you’ll see brighter things ahead.
Not that the triple advantage CD from NexBank Dallas is anything new. As a matter of fact, it’s been around for a few months now, and the rate might have even fallen a few spots since March. So if you’re smart, you’ll open an account before the APY of the 24-month CD falls too far from the 2% mark.
While it’s true that a lot of banks are offering higher yields and this is probably not one of the highest CD rates in the market, none of the higher yielding CDs allow bump up and add on features. How does this work? The minimum deposit for this account is $10,000. On the 12th month, you can choose to add more funds and/or bump up the rate once for every 12-month-period as well.
Apparently these special features are not offered in the bank’s business and IRAs either, so it’s something you should really think over. One thing you have to take note, though, is that the account is only for those who live in Dallas Texas. Apparently, there used to be an online application page for this account, but it’s no longer in the bank’s page. If you’re interested in opening one, you should call NexBank at 972.934.4760.
The bump up feature is a good safeguard against possible declining Certificate of Deposit rates in the months to come. Of course, this will also depend on the bank. Since there are no promised APYs right now, the bank will have to keep their future rates promising.
The branches of the bank are also limited to Plano and Dallas, Texas. You might want to check on the stability and safety of the bank as well before you put in your money. The ratings for the bank are still low, at this point. They received only 2 stars from BauerFinancial and also 2 stars from Bankrate.com.
The bank has been a member of the FDIC since 1934 under FDIC Charter # 29209. Interested holders should also know that the bank is already running the FDIC Cease and Desist Order.
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