North American Savings Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.7

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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    4.2
  • Savings
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    2.2
  • Checking
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    3.9
  • MMAs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Live Oak Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Vio Bank

    Member FDIC

    Savings account

    0.57 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    3.7

    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

    • It 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 pay no fees if they use U.S. Bank ATMs.

    What we don't

    • You can find banks that pay higher yields.

    • It has a limited number of branch locations.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    The bank offers a wide selection of CD terms. The 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.

    What we like

    • The bank has a good selection of CD terms.

    • Opening deposit requirements are reasonable.

    What we don't

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

    Savings accounts

    2.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Live Oak Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    NASB has six different savings accounts, plus an IRA savings account. 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 $15,000 for the high-yield Super Saver Savings.

    What we like

    • Yields are better than average.

    • The bank has tools and calculators to help customers gauge their financial 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

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Monifi

    Member FDIC

    Checking account

    0.50 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    NASB's interest-bearing Prosper Checking pays a competitive yield if you maintain a $1,500 balance. It comes with perks such as cellphone protection, roadside assistance and more. Prosper requires $1,500 to open. Thrive Checking requires $100 to open and charges a $6 monthly fee. Advance Checking requires $100 to open and charges a $7 monthly fee if your balance dips below $100. Prosper and Advance checking have an $8 inactivity fee if the accounts aren't used for six months.

    What we like

    • The checking account selection fits customers with different needs.

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

    • Yields are higher than many other banks.

    • Some accounts come with perks, such as roadside assistance.

    What we don't

    • The APY on the interest-bearing Prosper account falls if your balance hits $50,000 or higher.

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

    Money market accounts

    3.4

    Bankrate Score

    NASB offers two high-yield money market accounts with competitive rates and digital banking tools. Money Market Checking can be opened online or at a branch; Premium Money Market Checking must be opened at a branch.

    What we like

    • The highest yields far exceed most traditional banks.

    • There are different balance and interest-rate tiers.

    What we don't

    • The highest yield requires a $50,000 balance.

    • The Premium Money Market Checking can't be opened online.

    Bank experience

    NASB serves customers who do branch banking, as well as those who prefer mobile or online banking. NASB online banking lets you pay bills, transfer money to your other NASB accounts, deposit checks and get e-statements and account alerts. Its mobile app rates three stars or less, 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, headquartered in Kansas City, Missouri, is a full-service bank that offers checking, savings, money market and CD accounts, as well as mortgages. It has assets of more than $2 billion. It has 11 branches and also offers online and mobile banking and peer-to-peer payments through Popmoney.

    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.