CNB Bank Direct 2.08% Savings Account

CNB Bank Direct 2.08% Savings Account

While it is true that very few will shell out 2.80 percent on savings and money market accounts, that it’s exactly how much a person can earn with CNB Bank Direct? To learn more about this, here are some subheadings you must read.

What is Citizens National Bank (CNB) Bank Direct?

CNB Bank Direct is the online division of Citizens National Bank of Bluffton in Ohio. CNB was founded in 1920 and it has expanded its assets to a whopping $ 481 million. Currently, it has seven branches in the Northeast Ohio, namely: Bluffton, Elida, Lima, Van Wert, Findlay, Celina, and Springfield. Its Federal Deposit Insurance Corporation (FDIC) number is 6531.
Standing of Citizens National Bank

If you will ask about the ratings of CNB, you will definitely be surprised. It has received four out of five stars in Bankrate’s “Safe & Sound” ratings system. Not only that. The same ratings were given by Bauer Financial. That only means that CNB is a bank which provides safety for your money.

How to Apply Online

The application process for CNB Bank Direct is so easy. First, you have to visit the bank and submit an application. Then you will receive a welcome email that informs you of how to finish the account opening process. Funding for the account is done electronically. You simply have to attach it to a primary checking account at another bank, then do fund transfers via Automatic Clearing House (ACH). This normally takes between one to two days. After this, they will verify your account via two test deposits. They will also be inquisitive about your credit, so be aware about this. This is a regular thing for a bank to do when someone opens an account.

The minimal balance should be a dollar, and there are no fees required. Every month, you can make up to six withdrawals, but the deposit is unlimited.

What About the 2.08% APY

APY stands for annual percentage yield. This is the annual rate of interest that you get out of your deposits or investments. It is also analogous to APR’s or annual percentage rates which are applied in loans. Simply put, annual percentage yield is the amount paid to a depositor by the financial institution he caters.

With Citizens National Bank, you get 2.08% annual percentage yield. That is over six times the national average for savings accounts. That’s also even better than 12-month CD rates or certificate of deposit rates which have now dropped to 1.06% and compared to money market accounts today. And take note that this 2.08% APY is available to every investor across the whole country.

So for instance you have a hundred dollars on your account. After a year, it becomes $102.08 already. But what if you’ve got a bigger savings like a million dollars? You are going to get $ 20,800 APY after a year. That’s a total of $ 1,020,800 on your savings account! Where else would you find that? Of course, only in CNB Bank Direct.

Popularity: 13% [?]

Bank of Internet USA 2.50% Savings

Bank of Internet USA 2.50% Savings

Nowadays, it is hard to find banks (especially online banks) which provide a great deal to its account holders. If you are one of those who are looking for great bank deals but are having a hard time finding one then look no more. The Bank of Internet USA is offering more than most online banks in the USA. It truly is hard to hit upon a certificate of deposit which is good for 12 months that disburses more than 2.25% Annual Percentage Yield. However, for those who would like to have a rate higher than even those offering a 24 month Certificate of Deposit, definitely look into your savings account from the Bank of Internet USA. It will generally help you get your finance boost as well as have economic flexibility.

Some people find it a hassle to search for bank branches which are often far away from their places. However, this problem is eliminated by the Bank of Internet USA. As you would probably know by now, it is purely an online procedure that is based in San Diego, California. You can transact and transfer money to and from your account anywhere you may be with just a few typing and clicking of your mouse. With your Advantage savings account of $100 minimum deposit, you earn about 2.50% rate of Annual Percentage Yield. You can be assured that you will not go wrong with this deal because it is FDIC insured.

You may notice that the account in it does not contain as many perks, but the good thing here is that there is no maintenance fee to worry about. There is also no minimum balance that is needed and the interest is compounded on a daily basis. Plus, another thing that you may get is that you can make transactions of up to three bill payments a month to yourself or to other people you would like to use it to, user and non-user alike. A free Automated Teller Machine (ATM) card is issued just for you.

The main benefit of having an Advantage savings account in Bank of Internet USA is the 2.5% rate of Annual Percentage Yield. There are only a few online banks that can give that kind of a deal to its account holders. However, one of the negative aspect of this is that the yield rates on savings account (especially short term savings account) are rather inconsistent as there is a possibility of the rates to go down. But looking at the positive side, they also have the possibility of going up as well. It all depends on the rate of APY per period.

If you would like to evaluate, compare and contrast the rate of Bank of Internet USA with the best rates given by other online banks in their widespread database, definitely check out their website. Bank of Internet USA is recognized by the Federal Deposit Insurance Corporation or FDIC. Each account holder is insured by this company. If you want to know more about the FDIC, please visit their website at www.fdic.gov.

Popularity: 6% [?]