Review of Nelnetbank^®  High Yield Savings Account

Read our review & open a new​ savings account with confidence.  Nelnetbank^® is FDIC insured up to $250,000 per depositor.  Fund your new account & take advantage of the power of compound interest today!

Main Benefits You Get with Nelnetbank^® High Yield Savings Account:

Offered through a partnership between Raisin, a leading platform for high-yield savings products, and Nelnetbank, a well-established financial institution, this account promises attractive returns, security, and ease of access. This review will delve into the key benefits, pros and cons, suitability, account opening process, and provide an overview of the companies behind this product.

Competitive APY:

Nelnetbank offers 4.76% APY exclusively through the Raisin Platform on their high yield savings account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is much higher than the national average.

Low minimum balance requirement:

Anyone with $1 can open a Nelnetbank high yield savings account through the Raisin Platform. This minimum balance is much lower than some other savings accounts that can charge you up to $5,000 or more to open an account.

No monthly maintenance fee:

In addition to this high APY & low minimum balance requirement, Nelnetank offers $0 monthly maintenance fees & unlimited withdrawals.

Customer service: 

Nelnetbank has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, and responsive customer service team based in New York, NY.

FDIC insured:

Nelnetbank is federally insured by the FDIC. This covers you for as much as $250,000 per depositor in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Trusted History: 

Nelnetbank was founded in 1996 and along with its parent company, has over $15 billion in total assets.

Nelnetbank’s goal is to help you dream big and achieve more.

These account features plus the sky high APY make this a unique offer worth your attention.

Open Your New Account with Nelnetbank^® Now

NelnetBank^® High-Yield Savings Account: 4.76% APY

Customers Also Viewed These High-Yield Savings Accounts From Our Partners

While Nelnetbank’s high-yield savings account is a compelling choice, it’s crucial to consider other options as well. Different banks offer various features and benefits, and exploring these alternatives can help you find the best fit for your financial needs.

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

NelnetBank^® High-Yield Savings Account: 4.76% APY

American Express^® High Yield Savings Account: 4.10% APY as of October 14, 2024

CIT Bank^® Platinum High Yield Savings Account: 4.70% APY

Discover^® Bank Online Savings Account: 4.10% APY - Earn up to $200 with Promo Code: CA624

Nelnetbank High Yield Savings Account, Powered by Raisin

Nelnetbank uses the secure Raisin platform to offer savings products like their high yield savings account to savers nationwide. Historically a regional bank, this partnerships allows Nelnetbank the ability to offer its high APY to more savvy savers.

Customers open accounts at Raisin.com, and the platform manages all aspects of the products offered by Nelnetbank, including a customer’s deposits and withdrawals, statements and any customer service needs.

In simple terms, Raisin provides you exclusive access to a special selection of Nelnetbank products. Best of all, Raisin is completely free!

Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. They use a host of cybersecurity & bank level protection measures to protect your funds and sensitive information.

Choice: Savings products from the Raisin network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Service: A supportive, accessible, and responsive customer service team based in New York, NY, sets Raisin apart.

Access: Enjoy 24/7 online access to your account and funds.

Nelnetbank High Yield Savings Account Pros:

Pros:

1. High interest rate: Nelnetbank’s high yield savings account offers a competitive interest rate. This rate of return is one of the highest among online banks.
2. FDIC insurance: Nelnetbank is FDIC-insured, so your deposits are insured up to $250,000 per depositor. You can sleep a little more soundly knowing that your money is safe and secure.
3. Convenient online access: The Raisin platform allows you to easily access and manage your account online.
4. No minimum balance requirement: You can open an account with any amount of money over $1, and there are no monthly maintenance fees.
5. Easy to use: The Raisin platform is user-friendly and easy to navigate.

Nelnetbank Bank High Yield Savings Account Cons:

Cons:

1. Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
2. Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
3. Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
4. Limited account options: The Raisin platform offers personal high yield savings and CD accounts, so you may not have access to other types of accounts, such as a business account or checking account.
5. Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.

How to Open a High Yield Savings Account with Nelnetbank

The process of opening a high yield savings account with Nelnetbank is straightforward and can be completed entirely online. Here are the steps:

1. Register for an account with Raisin.com, the platform that manages Nelnetbank’s high-yield savings accounts. You will need to provide your personal information, including name, date of birth, physical address, email address, Social Security number, and phone number.
2. Select the Nelnetbank High-Yield Savings Account and make a minimum deposit of $1 to open it.
3. Connect an existing account to transfer funds electronically.

Once you’ve completed these steps, you’ll start earning interest on your savings from day one.

Raisin Contact Information:

Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)

Email Address: support.us@raisin.com

Address:
85 Broad Street
New York, NY 10004

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*National Savings Rate Average as published by FDIC