NexBank Review

Overview

NexBank was founded in 1934 with its headquarters in Dallas, Texas. NexBank owns assets of $15.81 billion and $11.55 billion in deposits, which makes it a large bank. NexBank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave NexBank a 4.6 stars out of 5, suggesting it is among the best banks, and should be given serious consideration. NexBank offers the full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance charge. Locating a bank with free checking and a high interest rate savings account is the best bet for gaining the highest income on your deposits alongside convenient access to your funds.

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

With a savings rate of 1.50%, NexBank ranks poorly in comparison to other U.S. banks. NexBank's one-year CD has a rate of 5.35% and the five-year CD earns at a rate of 4.25%, while its highest-yielding money market account earns at an APY of 3.25%. Given NexBank's poor savings rate, you should think about other options to earn more on your deposits.

How NexBank's Savings Rates Compare

NexBank typically has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. NexBank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to find a NexBank ATM or eat the fee.

NexBank is a brick-and-mortar bank, with three total bank locations in Texas. With mobile and web apps, NexBank makes account access convenient, even on the go. NexBank receives fairly positive feedback from customers for its mobile banking services. With 5 ratings across Apple and Android platforms, the NexBank mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). NexBank's mobile app allows you to manage your funds by monitoring current statements, sending and receiving funds and accessing support representatives. NexBank receives an excellent consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

NexBank is currently a large bank and owns $15.81 billion in assets as well as deposits totaling $11.55 billion. Its Texas Ratio is 4.76%, denoting that NexBank is in excellent financial health and unlikely to fail. 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.

Products Offered

NexBank has several deposit products like 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 think about other options 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 average U.S. bank.

Find a NexBank Near Me

NexBank has three physical branches across the U.S.