CNBBankDirect still offers their high interest savings account that earns 2.00% APY for all balances.. This online savings account does not have any minimums set with it.

The current interest rates are significantly low compared to what they gave mid last year but this is understandable because of the present market conditions. It is still a competitive money in the bank deal.

The savings account does not come with an ATM or check writing privileges. It does not also impose any monthly service fees. All earnings are compounded and credited to the account on a monthly basis.

Interested individuals from any state can open an account. They have an online application which you can fill out while the savings account is funded via ACH funds transfer. If you have a savings account or a checking account with another bank, you can use them to fund the savings account with CNBBankDirect initially. Initial deposit is just set at $1.

The bank performs a hard credit inquiry using the Chexsystem according to the customer service representative that we spoke with. So be careful if you don’t have the luxury of an excellent credit score. You can inquire through their customer service line at 877-777-9358 if you have any concerns.

The bank also has an ACH transfer facility. One downside though is that you can only link one account to your savings. This linked external account can be modified if you log on online. The ACH funds transfer is free and may take up to 3 days to complete. Like other ACH it is limited to 6 per month as required by law but there are no limits set for the transfer.

CNBBankDirect set a ceiling for the balance on the account at $1 million. Another downside to this account is that you can only nominate one beneficiary.

CNBBankDirect operates as the online division of the Citizens National Bank. CNB is based in Ohio with a declared asset of about $504 million and deposits of $350 million. It is insured with the FDIC through certificate # 6531.

CNB is financially healthy if you will look at the review of bankrate.com and BauerFinancial which both issued 4 stars.