Published April 30, 2024
Fact Checked
Ashley Maready
If you're in the market for high-yield CDs or savings accounts, NexBank may have an exciting offer for you. The bank has competitive CD rates for a variety of terms, a free checking account with ATM fee reimbursements, and a lucrative savings account through the saving platform Raisin. Read on to learn what else NexBank has to offer and see if it's a good fit for you.
NexBank
Bottom Line
NexBank has excellent CD rates; in fact, many of its terms are leading the market. It also offers a competitive rate on a savings account through the savings platform, Raisin. 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 APYs, the bank doesn't have many noteworthy perks, no relationship benefits, and no physical branches.
Pros
- Competitive APYs
- Low fees
Cons
- Low savings account APY
- No branch access; online only
- High minimums on CDs
NexBank savings accounts
NexBank offers one savings account directly to clients, one money market account, and a high-yield savings account through the savings platform Raisin.
NexBank High-Yield Savings Account from Raisin
The NexBank High-Yield Savings Account has one of the highest APYs you'll find for a savings account -- 5.26% (at the time of writing). The high-yield savings account has no monthly fees and a minimum opening deposit of $1. It's powered by Raisin, so you'll need to transfer funds to the Raisin platform to start saving.
Ratings Methodology
Rates as
of May 19, 2024
NexBank High-Yield Savings Account from Raisin
Member FDIC.
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.
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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.
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= Best
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= Excellent
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= Fair = Poor- High APY
- No monthly service fee
- Low minimum opening deposit
- FDIC insured
- No branch access
- Transactions can only be conducted via ACH transfers (i.e. no mobile checks or cash deposits)
- Money cannot be withdrawn directly from Raisin
- No checking account offered through Raisin
- Cannot link Raisin accounts to third-party apps (e.g. budgeting apps)
The NexBank High-Yield Savings Account, powered by Raisin, gives you an impressive APY. The trade-off, however, is limited access to your money. Although your deposits are held within NexBank, they're managed on Raisin's platform, which doesn't currently allow direct withdrawals. To remove funds, you have to transfer it electronically to an external account. Still, if you're okay with the limited access, you can score a competitive APY on this account.
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 May 19, 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 May 19, 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
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 (excluding its offering through Raisin), 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 |
|---|---|---|---|
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 4.60%
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!
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|
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 |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
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 |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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NexBank CD accounts
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 May 14, 2024
APY = Annual Percentage Yield
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 |
|---|---|---|---|---|---|---|---|
| 4.80% | 5.25% | 5.35% | 4.75% | 4.80% | 4.55% | 4.45% | 4.25% |
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 May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
NexBank 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 May 19, 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 May 19, 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.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
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 |
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')
|
|
|
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 |
0.50%
Rate info
You can earn the maximum savings 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
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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NexBank 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.
NexBank 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
-
Review sources
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 The Motley Fool Ascent 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.
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Yes, you can deposit checks using the NexBank mobile app.
Our Banking Experts
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.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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