NetBank Joins Upromise to Help Families Save More for a Child's College Education; Upromise Members can earn up to $90 in ScholarDollars with NetBank

Business Wire, June 23, 2004

ATLANTA & NEEDHAM, Mass. -- NetBank, Inc. (Nasdaq: NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (www.netbank.com), today announced a new affiliation with Upromise, Inc., the nation's largest college savings service. NetBank will provide Upromise(R) members with up to $90 worth of ScholarDollars(TM) when they open a NetBank checking and money market account and use services like direct deposit and online bill pay. Upromise members can redeem their ScholarDollars online for cash contributions into their Upromise accounts.

"Upromise helps families achieve one of their most important financial goals - saving toward a child's college education," said Eve McDowell, managing director of marketing at NetBank. "And NetBank's superior deposit rates can help Upromise members earn a higher rate of return on their bank accounts while managing their finances in the industry's most convenient and versatile setting."

To qualify for Upromise ScholarDollars, members must open a new NetBank checking account with an average monthly balance of $1,000 within 90 days of opening the account and meet any of the following requirements:

--Online Bill Pay - Make three online bill payments in one month within 90 days of opening a NetBank Checking account

--Direct Deposit - Make one direct deposit within 90 days of opening a NetBank Checking or Money Market account

--Money Market - Have an average monthly balance of $5,000 within 90 days of opening an account

"Our affiliation with NetBank provides our members with a convenient and user-friendly method to manage their finances no matter where they live in the country, while saving for college," said Michael Libenson, vice president, Partner Services for Upromise.

Upromise members can learn more about earning ScholarDollars for their accounts by visiting www.netbank.com/upromise.

About NetBank, Inc.

NetBank, Inc. (Nasdaq: NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its primary areas of operation include personal and small business banking, retail and wholesale mortgage lending, and transaction processing. For more information, please visit www.netbank.com.

About NetBank

NetBank(R), the country's first commercially successful Internet bank, provides a full line of financial services in all 50 states designed around the needs and lifestyles of its customers. Since it operates no branches, NetBank is focused solely on providing the best automated banking experience in the industry while passing along its cost savings through higher deposit rates and free account services. Through its mortgage lending subsidiaries, Market Street Mortgage(R) and RBMG(R), NetBank ranks as a top 30 U.S. mortgage lender. The company's ATM and merchant processing subsidiary, NetBank Payment Systems, operates the fourth-largest proprietary ATM network of any U.S. bank. NetBank, Equal Housing Lender and Member FDIC, is a primary operating subsidiary of NetBank, Inc. (Nasdaq: NTBK), a diversified financial services company. For more information on NetBank's products and services, please visit www.netbank.com.

About Upromise

Upromise is the country's largest privately-funded service helping families save for college. Membership is free and allows families to automatically save money for college while making everyday purchases at more than 18,000 grocery and drug stores, 15,000 gas stations, 9,000 restaurants and 7,000 hotel locations nationwide, as well as tens of thousands of retail stores and 200 online shopping sites. Upromise's contributing companies include America Online, Citi(R), Coca-Cola(R), Exxon Mobil Corporation, Kellogg Company, Kimberly-Clark, McDonald's(R), SBC Communications, The Sharper Image(R) and hundreds of others. Upromise also makes it easy for families to start their own college savings strategy through tax-advantaged 529 college savings plans, or by using Upromise contributions to help pay off their student loans. Brokerage services are provided through Upromise Investments, Inc. (member NASD/SIPC). Upromise is headquartered in Needham, Mass. For additional information, visit www.upromise.com or call 781.707.8400.