Whether you have a specific goal you’re saving for (a new car, vacation, school, etc.) or you prefer to see your money work harder than parking it in a traditional savings account, high yield savings accounts provide a unique solution. Offering higher interest rates but similar safety as typical savings accounts, high yield savings accounts appeal to savers who want to see larger returns without the risk, all while maintaining access to your cash in case of emergencies. NexBank combines the security of a legacy financial institution with the convenience of an online banking platform to offer an array of personal banking solutions, including competitive high yield savings accounts. In this review, we’ll outline the account perks and APYs, how to get started and more to help you understand if NexBank can help you supercharge your savings.
| Highlights |
|---|
| Earn up to 4.15% APY |
| 90-day rate lock for new users |
| No monthly fees, required balance, or minimum to maintain |
| $1 minimum deposit to open |
| Member FDIC |
About NexBank
As a trusted banking partner for more than 100 years, NexBank is a privately held, Dallas-based bank that offers a full suite of personal banking services designed to help customers grow and protect their savings for years to come. While NexBank is also known for its highly rated institutional, commercial and mortgage divisions, its personal banking services stand out for their competitive rates, personalized service and secure, user-friendly experience for everyday banking needs.
To bring its banking expertise and exclusive products to savers nationwide, NexBank has partnered with the secure Raisin platform. Raisin is essentially a digital marketplace that connects customers with federally regulated banks, like NexBank, and credit unions so they can access a special selection of high yield savings products and rates—all completely free.
Through Raisin, you can set up an online high yield savings account with NexBank, featuring rates that most competitors can’t beat, to help increase your growth potential while providing around-the-clock access to your funds from anywhere.
| Pros | Cons |
|---|---|
| APY—more than 10 times the national average | No mobile app currently offered |
| $1 minimum to open an account | No ATM access, debit cards or checks |
| No hidden fees or monthly charges | Must be accessed and managed through Raisin platform |
| No penalties or limits on withdrawals | |
| FDIC-insured up to $250,000 through NexBank | |
| Backed by over 100-year history and expertise from NexBank | |
| 24/7 access to accounts and funds via Raisin platform | |
| Exclusive bonus cash introductory offers through Raisin | |
| Superior security and data protection through Raisin |
Types of NexBank Savings Accounts
High yield savings accounts are gaining popularity with people who want to see larger rates of return when they invest their money, but don’t want the risk of a rollercoaster stock market. They’re also a better option for savers that value easier access to their cash without worrying about the penalties often associated with CDs.
And while NexBank offers a variety of traditional savings accounts and products through their local branches and website (think CDs and money market accounts), their high yield savings account is available exclusively through the Raisin platform.
By partnering with Raisin, NexBank is able to extend its services to customers across the country, while also offering exclusive rates and requirements that you won’t find when opening an account directly with the bank.
Here’s a quick snapshot of what you can expect when you open a NexBank high yield savings account through Raisin:
- $1 minimum deposit
- No monthly fees or balance requirements
- Streamlined account management, including deposits and withdrawals, statements and customer service through the Raisin platform
- 24/7 access to accounts and funds from anywhere
- FDIC insurance for up to $250,000
Although NexBank does offer competitive APYs on their CDs and money market accounts, as well as their standard savings account, those often carry more stringent requirements, like substantial minimum deposits or daily balances, to get the best terms, making their high yield savings account through Raisin more accessible for the average investor.
Opening a High Yield Savings Account with NexBank
With NexBank and the Raisin platform, you can start watching your money grow in just a few minutes with these simple steps:
- Select the NexBank high yield savings account from Raisin’s network
- Create an account and verify identification details (i.e., SSN, phone number, etc.)
- Add a joint account owner if preferred
- Link an external bank account to transfer funds
- Confirm your first deposit amount
When you create your free Raisin account and choose the high yield savings account from NexBank, you’re automatically registered as a NexBank customer as well. No extra steps or paperwork needed.
As an added perk, Raisin often offers special cash bonuses or offers just for signing up through their platform. Since their offers can vary, it’s best to check directly with Raisin to see if you can earn extra cash automatically when you open a NexBank high yield savings account.
Customer Support
Since all of the details and daily account management of your NexBank high yield savings account is done through the Raisin platform, customer support is also provided by Raisin. Their team of representatives is available Monday through Friday from 8 a.m. to 8 p.m. to help you with any questions or concerns via live chat, phone or email.
How NexBank Compares to the Competition
By partnering with Raisin, NexBank is able to expand its reach nationwide and offer some of the most competitive rates and requirements in the market. Here’s a look at how they stack up to some other popular savings options:
NexBank vs. Capital One
While Capital One is a mainstay of the digital banking marketplace, NexBank’s high yield savings account, offered through Raisin, offers better APYs and terms overall. With a competitive APY, no monthly fees and a low $1 minimum opening deposit, NexBank delivers strong returns and easy access for savers. While Capital One makes it easier to transfer money between accounts, NexBank’s high yield savings account often comes with a special sign-up bonus from Raisin, earning you extra money right from the start. Both banks are FDIC-insured and user-friendly, but NexBank’s higher rate and limited-time bonus make it the better choice for maximizing savings.
NexBank vs. CIT Bank
With robust legacies in the banking industry, NexBank and CIT Bank (a division of First Citizens Bank) offer compelling high yield savings accounts backed by financial strength. NexBank offers a higher APY rate with no minimum balance requirements, while CIT Bank’s Platinum Savings offers their best rates on balances of $5,000 or more, with much lower introductory rates below that threshold, plus a minimum deposit of $100 to open an account. With NexBank, there’s a straightforward $1 minimum deposit, no monthly fees and tiered cash bonuses available to new users through Raisin—benefits that CIT Bank doesn’t match. NexBank’s higher ongoing return, simpler access and bonus incentives make it the superior choice for savers focused on maximizing earnings.
The Bottom Line: Why We Love It
The high yield savings account from NexBank is a straightforward, no-fee solution with some of the industry’s best interest rates and no minimums or tiered balance requirements to earn them. With a competitive APY, no monthly fees and a low $1 minimum deposit, it offers an easy, low-risk way to grow your money faster than traditional savings accounts. Plus, all funds are FDIC-insured through NexBank, which has more than 100 years of banking expertise and financial strength backing up your account. And unlike many other high yield savings accounts, new customers can qualify for cash bonuses just for signing up through their partner platform, Raisin, helping you get off to a strong start toward your financial goals.
FAQs
In order to take money out of your NexBank high yield savings account, you first have to transfer the desired amount to your Cash Account within Raisin. The Cash Account acts as the hub of all transactions within the Raisin platform, so withdrawals also need to flow through this step.
Once funds are in your Cash Account, you can then transfer funds via an ACH transfer to your linked external account. From there, you can withdraw whatever funds you need. This process typically takes around one to three business days.
No. While some banks may limit withdrawals on a monthly basis, there are no limits on withdrawals with the NexBank high yield savings account, but transactions are not processed on weekends or on federal holidays.
Yes, Raisin is a secure financial services platform that partners with federally insured banks and credit unions—including NexBank—and all deposits made through Raisin are FDIC-insured up to $250,000 per institution, per depositor.
It is a SOC 2 certified organization, which means that it has met the requirements from the American Institute of Certified Public Accountants (AICPA) to ensure protection of customers’ data. It offers strong encryption, multifactor account authentication, and a transparent process to securely grow your savings online.
Raisin itself does not hold your money; it simply serves as a secure online platform to help you access high yield savings accounts from trusted financial institutions.
Featured In
Featured In
Methodology
The Consumer Rating Difference
Behind Our Best Online Banking Ratings
We make choosing the best Online Banking easy with expert reviews and rankings.
Here’s the methodology behind our ratings:
Comprehensive Overviews
From preferences, to pricing & more, we cover all you need to know about Online Banking in our detailed reviews.
Pricing Details
We break down how much the Online Banking costs, noting everything that’s included for the different price points.
Online Banking Comparisons
With so many different Online Banking available, it can be hard to decide which one is right for you. We compare different brands based on your preferences.
