NexBank Review: Checking, Savings, CD and Money Market Accounts

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NexBank Checking account options

Platinum One Checking

This interest-bearing checking account has a monthly fee and high minimum balance requirement.

APY

Minimum Balance Amount to Earn APY

1.25%

$2,000

  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $25
  • ATM fee: None
  • ATM fee refund: Up to $20 per statement cycle
  • Overdraft fee: $25

NexBank’s Platinum One checking account has a high minimum balance requirement compared to many checking accounts out there, so it would likely only appeal to people who want to earn more interest on those funds than they might with a basic checking account, and are able to deposit and maintain the $2,000 daily minimum. For these customers, the $25 monthly fee may be negligible. This account also offers customers online banking and bill pay capabilities, as well as custom checks and traveler and cashier’s checks. Its generous ATM refund policy is also a definite plus, as the bank only has two ATMs at its two Dallas locations.

How to get NexBank’s Platinum One Checking account

If you’re based in Texas and interested in opening this checking account, you’ll have to visit one of its two locations in person, which may not be worth the effort if you don’t live near Dallas. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

LEARN MORE Secured

on NexBank’s secure website

Member FDIC

E-Free Checking

A non-interest-bearing checking account with no monthly fees or minimum balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $10 per statement cycle
  • Overdraft fee: $25

If you’re a Texas resident looking for a simple checking account to manage your funds without having to worry about any fees or balance requirements, this account could be a good option for you. This account doesn’t earn interest, however. While the lack of fees is definitely a plus, this no-frills account doesn’t really offer any perks outside of basic services like online banking and bill pay.

How to get NexBank’s E-Free Checking account

If you’re based in Texas and interested in opening a NexBank checking account, you’ll have to visit one of its two Dallas locations in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

LEARN MORE Secured

on NexBank’s secure website

Member FDIC

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How NexBank’s checking accounts compare

NexBank’s checking accounts don’t really offer customers anything when it comes to perks, outside of basic services. The absence of fees on its basic checking account is a plus, but the fact that you have to open the account in person (as with most of NexBank’s other products) is likely to be a huge drawback for any customers living outside of the Dallas area — especially considering that there are so many convenient online checking account options out there. The APY on its Platinum One Checking account, however, is higher than the national average, so that one is likely to appeal to Dallas-area residents who are able to maintain its $2,000 minimum balance requirement, which is higher than most offerings out there.

NexBank savings account

A traditional interest-bearing savings account with minimal restrictions.

APY

Minimum Balance Amount to Earn APY

0.15%

$200

  • Minimum opening deposit: $200
  • Minimum balance to earn APY: $200
  • Monthly account maintenance fee: $3 if balance falls below $200
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $25

NexBank’s savings account is suitable for Texas residents looking for an interest-bearing savings account with minimal fees and requirements. You can avoid its $3 monthly fee by maintaining a balance of at least $200, which isn’t hard to do if you’re putting money away with the intention of not touching it.

As with the bank’s checking accounts, you have to open this account in person. Since it does not offer any ATM fee refunds, this savings account likely won’t appeal to people who live outside of the Dallas area and aren’t able to regularly visit one of the bank’s two locations to make a withdrawal.

Once you open the account, however, you will have online banking capabilities and the ability to transfer funds with ease. While account holders get unlimited in-person and ATM transactions, this account is subject to Federal Reserve Regulation D, which limits account holders up to six certain types of fund transfers per month.

How to get NexBank’s savings account

As with NexBank’s other account options, you have to be a Texas resident and be able to visit the bank’s Dallas headquarters or branch location to open a savings account in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

LEARN MORE Secured

on NexBank’s secure website

Member FDIC

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How Nexbank’s savings account compares

While this savings account has a low minimum balance requirement and easily waivable monthly fee going for it, it doesn’t offer much else. It’s only available to Texas residents, and the fact that you have to open it in person at one of NexBank’s two locations lessens its appeal even more.

It also doesn’t offer ATM refunds; if its two ATM locations aren’t convenient, this account has even less going for it. Lastly, with an APY below the national average, it’s significantly lower than some of the best online savings account options out there, many of which don’t even have a minimum balance requirement.

NexBank CD rates

NexBank CDs

Various term lengths to choose from, with many offering competitive and higher-than-average rates.

Term

APY

1 month

0.10%

2 months

0.10%

3 months

1.41%

6 months

1.51%

12 months

1.61%

18 months

1.61%

24 months

1.61%

36 months

1.61%

48 months

1.61%

60 months

1.61%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 6 months’ worth of interest if the CD hasn’t reached maturity.

NexBank offers a wide range of CD term lengths for customers looking for an efficient way to put away funds for an extended period of time while earning interest. However, its shorter term offerings have rates below the national average. If you go for one at least 12 months in length, though, rates are more competitive, going up to twice as high as the national average. While you can deposit as much as $240,000 into NexBank’s CDs, its $10,000 minimum opening deposit is higher than some of the other top CD options out there, many of which also offer much higher rates.

How to get NexBank’s CDs

Unlike with NexBank’s checking and savings account options, its CDs are available to out-of-state customers and you are able to open them online, as well as in person at one of its two Dallas locations. To do so, you will need several pieces of information, including your Social Security number, driver’s license or government-issued ID, checking or savings routing and account number (if linking a non-NexBank account to your application), your employment status, an address and a phone number. You must be a U.S. citizen or permanent U.S. resident to apply for a NexBank CD.

LEARN MORE Secured

on NexBank’s secure website

Member FDIC

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How NexBank’s CD rates compare

While many of NexBank’s CD rates are competitive and higher than the national average, there are still better CD options out there, with both higher rates and lower minimum balance requirements. If you’re not based in Texas, you can’t even apply for any of NexBank’s other products anyway, so there’s really no reason to seek these CDs out over a bank that offers all of its services online.

NexBank Money Market account

High-Yield Money Market account

A high-yield account with higher-than-average rates.

APY

Minimum Balance Amount to Earn APY

1.00%

$0-$99,999

1.46%

$100,000

  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $25 if balance falls below $10,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $25

Just like its checking and traditional savings accounts, NexBank’s High-Yield Money Market account is only available to Texas-based customers who are able to open it in person. It does, however, offer high interest rates and the ability to waive the monthly fee if the account balance stays above the $10,000 minimum deposit required to open it. While account holders get unlimited in-person and ATM transactions, this account is subject to Federal Reserve Regulation D, which limits account holders up to six certain types of fund transfers per month.

How to get NexBank’s money market account

If you want to open NexBank’s money market account, you are required to be a Texas resident and be able to visit one of the bank’s two Dallas locations to open it in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its sole branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

LEARN MORE Secured

on NexBank’s secure website

Member FDIC

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How NexBank’s money market account compares

While NexBank’s money market account offers competitive rates, they’re simply not the best out there. With other banks offering both higher rates on money market accounts and the ability to open an account online, there’s really no reason to choose this one over something more convenient, even if you do live near Dallas.

Overall review of NexBank’s banking products

While NexBank’s accounts are available to customers across the state of Texas, they really aren’t the most worthwhile or convenient option for people that don’t live close to Dallas. The fact that you have to visit a branch in person to open an account (with the exception of its CDs) or use a fee-free ATM is a huge disadvantage, so we don’t know why you wouldn’t choose a more convenient option like an online bank.

Additionally, none of its products offer customers any real rewards or benefits outside of basic services you would expect to get with virtually any bank, such as mobile and online banking. Lastly, while its CD rates are competitive and available to out-of-state customers, there are still better options out there, so we say look elsewhere, especially since you can’t take advantage of any of NexBank’s other offerings and services.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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