Citizens National Bank is a small Ohio bank with 129 employees and $482 million in assets based on FDIC data as of 3/31/08. It was established in 1920, and it has been FDIC insured since 1934 (FDIC Certificate # 6531).
Citizens National Bank does seem to be financially healthy based on financial ratings: 4 stars (sound) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both are based on 6/30/08 data.
There's a lot more information over at BankDeals, including information about hard pulls and account opening.
Update on the 4.00% Online Savings Account at CNBBankDirect
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Having problems opening and funding the online savings account at CNBBankDirect? You're not alone. I and several readers have experienced a slow account opening process. In my case progress stopped after they informed me by email that the trial deposits were about to be initiated. The trial deposits never came. I just called, and they have initiated another pair of trial deposits. Another reader was able to verify the trial deposits, but is unable to see the account on their system. As he mentioned, the banking reps are nice and friendly, but they seemed unprepared for this online savings account and the large demand. As I mentioned when I first reported on this offer, Citizens National Bank is small with only 133 employees, and this online savings account is new.
The offer of 4% APY guaranteed for 6 months is nice, especially now when there are reports that interests may be cut due the economic weakness and turmoil. If you do try to sign up, don't expect a quick process. You may want to keep your initial deposit small. After it's opened and you have access, you can then transfer more. This may mean less time for 4%, but at least you don't have to worry about the money as the new account process drags on.
For more info on this savings account please refer to my previous posts on CNBBankDirect: 4.00% offer post, account review.
tempting, I don't want to burn a hard inquiry just for .25% over costco savings, nor do I want to give money to a bank that hits me with a hard inquiry to open a simple savings account.
not only that but even after the first 30 days...they put a 5 day hold on money you transfer in (10 day holds on initial deposits)...plus (as someone pointed out) they only allow 1 account to be linked to them...also the bank itself is small (6 branches and believe it or not, there is only 3 people working on the Online Savings Account side of this particular account with only 1 technical person who is actually opening the accounts...plus i got a hard pull when i opened, and they are very slow with applications..the one girl working on it is swamped...i gave up in frustration and asked them to close it and went with a slightly lower yield at another bank's online saving account, but that allows multi-links and gets you set up quick and works much better, overall...
So Rate Chasers..keep this mind....you'll get your RATE but it isn't going to be a smooth or joyful experience..... This is very much a "mom and pop" kind of operation at the present time at CNB Online Direct.....
The slow service and mom and pop aspect of this bank doesn't appeal to me. On top of that the hard pull is a no go. I need to switch from ING, but don't have $1K minimum.
NYCSportsResearcher said:The slow service and mom and pop aspect of this bank doesn't appeal to me. On top of that the hard pull is a no go. I need to switch from ING, but don't have $1K minimum. No offense (I used to do it), but rate chasing without $1k isn't really worth it. If ING is working for you, it really doesn't make a difference. At $1k - you are talking about $12.50 per year between ING Direct (2.75%) and this (4%).
I agree with your initial assertion though - although 6 months guaranteed is very tempting its not worth the hard pull and the slow service.
anyone else noticed CNBBankDirect no longer has "4% APY guaranteed for 6 months" in their intro flash? I swear it was there yesterday - small black fine print just under yellow "four easy steps" button.
flyingtwopigs said:anyone else noticed CNBBankDirect no longer has "4% APY guaranteed for 6 months" in their intro flash? I swear it was there yesterday - small black fine print just under yellow "four easy steps" button.
offer is over?
Nope..because if you skip the intro flash...you will see the fine print about it toward the bottom of the page....it is not over....
I'm not seeing any small print saying it's guaranteed for 6 months. All I see is that the rate is variable and subject to change after account opening.
craig10x said:flyingtwopigs said:anyone else noticed CNBBankDirect no longer has "4% APY guaranteed for 6 months" in their intro flash? I swear it was there yesterday - small black fine print just under yellow "four easy steps" button.
offer is over?
Nope..because if you skip the intro flash...you will see the fine print about it toward the bottom of the page....it is not over....
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