* The Federal Deposit Insurance Corporation (FDIC) generally insures, with respect to each FDIC-insured institution, deposit accounts that are held in the same right and capacity up to the maximum amount set by federal law, currently $250,000. An account owner’s interest in the insurable balance of a College Savings Bank, a Division of NexBank CD account is insured by the FDIC on a pass-through basis, together with any other deposit accounts the account owner holds at College Savings Bank, a Division of NexBank, in the same right and capacity, up to the maximum amount.

 

 

 
College Savings Bank, a Division of NexBank
College 529 Plans
2515 McKinney Avenue, Suite 1100
Dallas, Texas  75201

 

How do Fixed Rate CDs work?

Fixed Rate CDs earn a fixed rate for the entire term of the CD (1- and 3-years), determined at the time the CD is opened. The rate will appear on your deposit confirmation along with the annual percentage yield (APY). The minimum initial contribution is $250. Subsequent contributions are also $250. Additional contributions may not be made to existing CDs but may be made into an existing Account to purchase new CDs offered by College Savings Bank, a Division of NexBank. If you do not intend to contribute $250 at one time, you may contribute $25 per month through direct deposits from your bank or brokerage account, or $25 per pay period using payroll deduction. Direct deposit contributions or payroll deductions are held in an Accumulator Account until the balance of your Account reaches $250. Once the funds reach the $250 level, they are used to purchase a Fixed Rate CD.