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NexBank Review

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NexBank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1934, NexBank has assets totaling $8 billion and $6 billion in deposits, which makes it a large bank. NexBank, whose headquarters are in Dallas, Texas, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a superb 4.6 stars out of 5, NexBank is an exceptional bank that you should strongly consider. NexBank provides customers with a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, NexBank's standard checking does not carry a monthly maintenance charge. Finding an institution with free checking as well as a high savings APY is your best bet for accruing the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.1
SmartAsset Average: 3.5

NexBank has a savings rate of 0.15%, which is poor as compared against the national average. Its one-year CD has a rate of 2.50% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at a rate of 1.50%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How NexBank's Savings Rates Compare

NexBank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

NexBank has generally extremely low fees compared to the national average. NexBank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. NexBank unfortunately does not refund out-of-network ATM fees, meaning you'll need to locate a NexBank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

NexBank is a brick-and-mortar bank, with three total branches in Texas. With mobile and web apps, NexBank makes mobile banking straightforward, even on the go. NexBank's online and mobile banking platforms receive relatively high praise from customers. The NexBank mobile app has been given a 4.2 out of 5 (with 5 reviews on Apple and Android) compared to the national average of 3.8. NexBank's mobile app lets you manage your finances by looking at monthly statements, sending and receiving funds and accessing support representatives. NexBank receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

NexBank is currently a large bank with assets totaling $8 billion and $6 billion in deposits. Its Texas Ratio is 0.75%, suggesting a negligible chance of failure. Additionally, NexBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare NexBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 1.25% APY $2000
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.50% APY
$10000 for all terms
Money Market Account 1.25% APY $1

NexBank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. NexBank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. NexBank's CD rates are fair in comparison to the national average.

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Find a NexBank Near Me

NexBank has three physical locations in the U.S.

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