CNB Bank Direct - High Yield Savings

Average Score:

•   Great rate - hard credit check - you decide

  CNB's High Yield Savings Account has had consistently high APY's for some time now so I called in to find out more about the account.

  The CSR that I spoke with was very knowledgeable about the account, but during the entire conversation I felt like he was rushing me off the phone - not sure if they're rated on call time, but it was really frustrating - and I wouldn't be excited about the prospect of getting this rep on the phone when I had a problem with my account.

  Turns out the account just started in June 2008 and from what I can tell they've had very competitive rates since the beginning. He mentioned that they only allow 1 linked bank account, but there are no limits on ACH transfers to and from that account.

  He also mentioned that they performed a hard credit check during the application process - he tried to minimize the importance of this, and he's right that for a lot of people it won't be a big deal, but if you're thinking about applying for a mortgage or a credit card anytime soon, you might want to think twice about it.

  Finally, there are no joint accounts - although you can add a single beneficiary to your account to bump your FDIC insurance limit.

  Overall, only a few minor drawbacks - but if you're not concerned about the hard credit check - I think this is a pretty good account, with a solid rate.
  

  Posted by Watchman -- March 18, 2009