Nexity Savings Accounts

In this review of Nexity Bank’s online savings account we will look at specific details of their high yield online savings account to determine whether they are among the best savings being offered right now.

To start out, you only need an initial deposit of $50 to open a high rate savings account. The nice part about a Nexity savings account is there are no average monthly balance requirements to meet. This is great if you are just starting out, or if you do not want to tie up a lot of funds while you test drive a high interest savings account from Nexity bank.  There are absolutely no monthly service charges for savings accounts opened at Nexity Bank.

Opening a Nexity Savings Account

Through their online banking services you can open a savings account completely online in a matter of minutes. The information you need is very basic. Simply gather your drivers license and your social security number. If you would rather, you can open a savings account by calling a Nexity Bank customer service representative.

Features of a Nexity Savings Account

When you open a Nexity savings account you will have free online account access 24 hours a day, 7 days a week. That is what online banking is all about. In addition to this, they also offer free telephone banking, online check imaging, and online statements. Nexity Bank has a customer service office that is open six days a week. They are open extended hours too. Monday through Friday, you can reach a live person from 8:00am Eastern Time until 10:00pm, and on Saturday the hours are only slightly less, running from 9:00am until 6:00pm. Nexity offers their online customers  a free ATM card as well, and should you lose it, the replacement fee is $5.

What is Nexity Bank’s best savings rate?

Nexity Banks best savings rate is .50% APY and that is with a minimum deposit of only $50. At Nexity Bank, the rate you earn is unrelated to your balance. This is great for those just starting out, but may not be the best for someone with a sizable deposit they are looking to maximize. There are other online banks offering returns of 1.2% APY or more. This is a very substantial difference between Nexity bank and the best banks in the nation .

How about the fine print?

Like most savvy customers you are probably concerned about the details of a Nexity Bank high interest savings account. Account holders are limited to 6 transactions per month, which is pretty standard. If you go over the allowable amount in any given month, be prepared to pay a fine of  $10. Also, be aware that if you open a high interest savings account with Nexity Bank, and you decide to close it in less than 90 days, you will be charged $25 dollars. No activity for a period of 24 months will result in a dormant fee of $10. All accounts at Nexity Bank are FDIC insured.

Summary of Nexity Bank Savings Account

The “goodness of fit” between a Nexity Bank savings account and you, depends upon what factors are most key in achieving your financial goals. If you are just starting out, and need a solid bank that offers a good rate of return with no monthly fees, then Nexity may be the bank for you. If you are already an established savings customer, with a fair amount to deposit, you would probably be better off with a bank that has higher minimum requirements, but also pays its customers at a higher APY rate. Be aware that even if you do not have a large initial deposit, there are online banks that combine low initial deposits and high APY rates. Please see Bank Truths list of best savings accounts to find quotes on APY rates being currently offered by other banks.

Are you certain that a savings account is the deposit account that you are looking for? If you are not, scan through Bank Truth’s review of savings accounts in general. Do your homework before opening an account to be sure that it is the best vehicle to move you financially toward your goals. Maybe a money market account or a CD account is more suited to your needs. Check out the articles here to be sure of what you want. If you would like to learn more about Nexity Bank in particular, please see our complete review of Nexity Bank and their products and services.