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.

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