Review of NexBankTM High Yield Savings Account

Conor Keenan Author Bio By: Conor Keenan  Last updated on July 3, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.

Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.

Read our review & open a new​ savings account with confidence.  NexBank 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 NexBank High Yield Savings Account

Competitive APY:

NexBank offers 5.26% 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 over 20x higher than the national average.

Low minimum balance requirement:

Anyone with $1 can open a NexBank 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, NexBank offers $0 monthly maintenance fees & unlimited withdrawals.

Customer service: 

NexBank 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:

NexBank 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: 

NexBank was first chartered in 1922 and has grown to be the largest privately-held bank in Texas with assets totaling $16 billion.

NexBank has been a trusted banking partner for more than 100 years and is focused on helping its customers grow and protect their savings for future generations.

These features plus the sky high APY make this account a rare offer.

Open Your New Account with NexBankTM Now

 

NexBankTM High-Yield Savings Account: 5.26% APY

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

While NexBank’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.

American Express High Yield Savings Account Logo

Rating:

APY

4.10%

Annual Percentage Yield (APY)

American Express® Savings Details

  • High Yield Savings Account
  • Min. to Earn APY: $0
  • Min. to Open: $0
  • 4.10% APY
  • APY as of October 14, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details
Open Account

 On American Express National Bank's Secure Site, Member FDIC

Cit Bank Logo

Rating:

APY

4.70%

CIT Bank® Platinum Savings Details

  • High Yield Savings Account
  • Balance for APY: $5,000
  • 4.70% APY
  • No Monthly Service Fees
  • Earn a Higher APY with a Higher Min. Balance
  • Mobile App Online Banking
  • Deposit Checks Remotely & Make Transfers Easily
  • FDIC Insured up to $250,000
  • Sign Up in Under 5 Minutes
  • See Site for Details
Open Account

On CIT Bank's Secure Site, Member FDIC

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

NexBankTM High-Yield Savings Account: 5.26% 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

NexBank High Yield Savings Account, Powered by Raisin

NexBank 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 NexBank 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 NexBank, 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 NexBank 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.

Brief History of NexBank:

It was established in 1922, originally under the name “Heritage Bank.” Over the years, NexBank has undergone several transformations and rebranding efforts to better align with its expanding services and market reach.

The bank has built a strong reputation by focusing on providing specialized financial services to institutional clients, real estate investors, large corporations, and middle-market companies. NexBank also prides itself on its commitment to the local community, often participating in community development and providing financial education.

Through strategic leadership and a focus on innovation in financial services, NexBank has grown substantially. Its approach to banking includes a significant emphasis on personalized service and custom financial solutions, which have helped it to maintain a competitive edge in the financial services market of Texas and beyond.

NexBank High Yield Savings Account Pros:

Pros:

  1. High interest rate: NexBank’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: NexBank 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.

    NexBank 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 NexBank

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

    1. Register for an account with Raisin.com, the platform that manages NexBank’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 NexBank 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

     

    NexBank FAQ

    Is NexBank Legit?

    Yes, Nexbank is a legit bank. NexBank was first chartered in 1922 and has grown to be the largest privately-held bank in Texas with assets totaling $16 billion.

    Assets are federally insured up to $250,000 per depositor.

    is Nexbank FDIC Insured?

    Yes, your NexBank Account on the Raisin platform is FDIC insured for up to $250,000 per depositor.

    Conclusion of NexBankTM Savings Account Review

    NexBank has a long history of serving the local community. In a changing environment, banks must adapt to stay relevant and competitive. NexBank partnership with Raisin illustrates its innovative spirit.

    They’re a customer-focused bank that’s building better customer experiences for the digital era and helping their customers save more money and earn higher APYs than what traditional banks offer.

    See More Reviews

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    *National Savings Rate Average as published by FDIC