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North American Savings Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.8

Bankrate Score

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NASB is good for savers who want liquidity, higher yields and online account accessibility. If you like NASB’s products, rates and terms but don’t live in Missouri, banking online with NASB is a good option.

  • CDs
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    4.7
  • Savings
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    2.2
  • Checking
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    4.3
  • MMAs
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    3.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.8

    Bankrate Score

    NASB is a midsize Kansas City bank with brick-and-mortar branches, as well as online banking services, digital wallets and a mobile app that broadens 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 transfer of funds from other banks.

    What we like

    • NASB is a full-service bank with branch locations, as well as online and mobile banking.

    • Its best yields on deposit accounts are competitive and beat the big traditional banks.

    • It is an established bank, founded in the 1920s, and is FDIC-insured.

    • Customers have fee-free access to over 24,000 ATMs, including those in the MoneyPass network.

    What we don't

    • You can find banks that pay higher yields.

    • It has a limited number of branch locations.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    The bank offers 10 terms of CDs, most of which must be opened in a branch. The 15-month online CD pays a very competitive APY. NASB checking customers can earn higher interest rates on CD products based on aggregate balances in checking account(s) of which they are the primary or secondary account holder.

    The minimum deposit to open a CD is $1,000, except for the 12-month IRA CD, which requires $100. All in-branch CDs can be opened as IRAs.

    What we like

    • The bank has a good selection of CD terms.

    • Opening deposit requirements are reasonable.

    • In-branch CDs can be opened as IRAs.

    What we don't

    • While the bank’s highest yields are better than average, higher yields can be found at other banks.

    • Most CDs must be opened at a branch.

    Savings accounts

    2.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    NASB offers six savings accounts, plus an IRA savings account. Bankrate focused on Performance Savings for this review. The account requires $5,000 to open and levies a $7.50 monthly fee if the balance dips below that. The rate is well above average but below what some online banks offer. The highest APY requires a balance of at least $75,000.

    There is also a savings account for youths under age 18, a Super Saver  account that pays a decent APY on balances of $15,000 and up, a basic Statement Savings account and an assortment of other accounts with different features. All accounts incur a $7.50 monthly maintenance fee if minimum balances are not maintained. Accounts can be opened online or in a branch, and come with access to online and mobile banking.

    What we like

    • Yields are better than average.

    • The bank offers a variety of savings accounts for different needs.

    What we don't

    • You can find higher yields at other banks.

    • The highest yielding account requires a $15,000 deposit.

    • A monthly fee is charged if balances fall below the minimum.

    Checking accounts

    4.3

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    NASB has three checking accounts. For this review, we focused on Advance Checking, which requires only $100 to open, and comes with online and mobile banking, including mobile bank deposit. A monthly minimum balance of $100 is required to avoid a $7 monthly fee. There is no surcharge to use MoneyPass ATMs. The overdraft/nonsufficient fund fee is $32, slightly less than the national average for NSF fees.

    NASB also offers the interest-bearing Prosper Checking account, which pays a top-tier APY on balances of $5,000 and higher, provided other criteria are met. It comes with cellphone protection and other perks. Prosper requires $1,500 to open.

    Prosper and Advance checking have an $8 inactivity fee if the accounts aren't used for six months. Thrive Checking requires $100 to open and charges a $6 monthly fee.

    What we like

    • The checking account selection fits customers with different needs.

    • All accounts come with the full suite of NASB digital banking tools.

    • The interest-bearing Prosper account pays very competitive APYs.

    • Some accounts come with perks, such as cellphone protection.

    What we don't

    • The ceiling for the top APY on the Prosper account is $49,999.

    • The Prosper and Advance accounts charge an $8 fee if there is no activity for six months.

    Money market accounts

    3.0

    Bankrate Score

    NASB offers the Premium Money Market account, which requires $1,000 to open and pays a competitive APY. There are two rate tiers, with a $25,000 balance required to earn the higher APY. A $7.50 monthly service fee applies, unless a $1,000 balance is maintained. The account can be opened online or at a branch and comes with check writing, and online and mobile banking.

    What we like

    • The highest yields far exceed what most traditional banks offer.

    • It comes with check writing, as well as digital banking tools.

    What we don't

    • The higher yield requires a $25,000 balance.

    • Higher yields are available at a variety of online banks.

    Bank experience

    NASB serves customers in the Kansas City area who like branch banking, as well as those who prefer online and mobile banking. Its mobile app is highly rated in the Apple App and Google Play stores.

    NASB’s debit card works with Apple Pay, Google Pay and Samsung Pay for making purchases using a mobile phone. Its partnership with MoneyPass expands its ATM network well beyond the Kansas City area.

    Customer service is available by phone, but the hours of availability are not posted on the website.

    About North American Savings Bank

    North American Savings Bank, headquartered in Kansas City, Missouri, is a full-service bank that offers checking, savings, money market and CD accounts, as well as mortgages, commercial loans and more. It has 10 branches and three mortgage loan offices in Kansas City. It offers online and mobile banking, along with access to over 24,000 surcharge-free ATMs in the MoneyPass network.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.