North American Savings Bank Review 2020

Published March 2020 by Libby Wells

AT A GLANCE
2.9
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Bankrate Score

bank-logo
Money Bag

Low Minimum Balance

Bank Vault

Low Minimum Deposit

Award Ribbon

Rewards Checking

NASB is good for savers who want liquidity and prefer to park money in savings, checking and money market accounts with higher yields and online accessibility. Some of its online-only deposit accounts pay higher yields. If you like NASB’s products, rates and terms but you don’t live in Missouri, banking online with NASB is a good option. If you prefer branch banking and live outside the Kansas City area, you need to find a different bank.

  • CDs
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    2.6
  • Savings
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    2.5
  • Checking
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    2.6
  • MMAs
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    2.9

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    Bankrate Score

    NASB is a midsize Kansas City bank with brick-and-mortar branches, but its online banking services, digital wallets and mobile app broaden its reach and appeal. It offers attractive yields on CDs, checking, savings and money market accounts. It has a “switch kit” that helps ease the transition of funds from other banks.

    What we like

    • It is a full-service bank with physical branches, as well as supports online and mobile banking.

    • Its highest yields on deposit accounts are generally better than the big traditional banks.

    • It is an established bank, founded in the 1920s, and deposits are federally insured.

    What we don't

    • Limited number of branch locations.

    • Some deposit accounts with the highest yields have other requirements outlined in the fine print.

    • You can find banks that pay higher yields on deposits.

    CD rates

    2.6

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    The bank offers a wide selection of CD terms.

    CD interest rate is calculated based on a customer’s aggregate NASB checking account(s) balance. All in-branch CDs can be opened as IRAs. Interest compounds daily.

    What we like

    • Lots of options for terms and minimum deposit amounts.

    • Bank’s highest yields are far better than average.

    What we don't

    • Better yields can be found at other banks.

    • There are banks with lower minimum deposit requirements.

    Savings accounts

    2.5

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    NASB offers a selection of seven different savings accounts, plus IRA savings. One account is designed for youths under age 18.

    All accounts incur a $7.50 monthly maintenance fee if minimum balances are not maintained. Minimum deposits range from $25 for the youth savings account to $5,000 to earn the highest APYs.

    What we like

    • Yields are better than average.

    • Minimum to open most of the top-yielding savings accounts don’t exceed $5,000.

    • It offers tools and calculators to help customers gauge their financial needs.

    What we don't

    • You incur a monthly fee if balances fall below the minimum required.

    • You can find higher yields elsewhere.

    Checking accounts

    2.6

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    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.40 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    NASB has checking accounts that give customers access to all the bank’s digital banking tools, as well as cellphone protection (up to $400 per claim; $800 maximum per year), ID fraud resolution and 24/7 road assistance. These benefits have limitations, though, so a careful reading of all terms is required.

    What we like

    • There is a selection of checking accounts for different needs.

    • Checking yields are higher than many other banks.

    • Some accounts come with less conventional perks, such as ID theft aid.

    What we don't

    • You must maintain a balance of $1,500 to earn interest.

    • Top-yielding accounts require minimum number of monthly debit card transactions.

    Money market accounts

    3.8

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    Bankrate Score

    NASB offers two high-yield money market accounts with competitive rates and digital banking tools. One can be applied for either online or at a branch; the other requires in-branch application.

    What we like

    • Highest yields far exceed most traditional banks.

    • There are different balance and interest-rate tiers.

    What we don't

    • Highest-yielding money market accounts are online-only.

    • If you plan to write checks, you must buy them.

    • Its “Premium” money market account requires applying at a branch location.

    Bank experience

    NASB serves customers who do branch banking, as well as those who prefer to bank online. NASB online banking lets you pay bills, get e-statements and account alerts, transfer money to your other NASB accounts and deposit checks. Its mobile app rates below three stars, but that represents a very small review sampling on Google Play and the App Store.

    NASB’s debit card also works with Apple Pay, Google Pay and Samsung Pay to make purchases using your mobile phone.

    Customer service by phone is available six days a week, no Sundays. There are 11 branch locations and they are limited to the Kansas City area.

    About North American Savings Bank

    North American Savings Bank, or NASB, is a full-service, FDIC-insured bank based in Kansas City, Missouri. The bank has more than $2 billion in assets and 11 branch locations in the Kansas City area. Its highest yields on CDs, checking and savings accounts are better than many banks but less than what some online banks pay.

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.