Hot CD Specials at North American Savings Bank in Missouri
Update 5/1/10: These hot 10-month and 17-month CDs are no longer listed at the bank's website. A new 14-month CD special is listed with a 1.95% APY.
North American Savings Bank is offering two very competitive CD specials: a 2.05% APY 10-month CD and a 2.65% APY 17-month CD. Minimum deposit is $1,000. These specials are listed at the bank's rates page as of 4/18/2010 These were also advertised in the 4/18/10 edition of the Kansas City Star, so hopefully these will be available for a while.
There's an online application (via andera.com), and the only restriction mentioned in the application is that you have to be at least 18 and a US citizen. However, the online application doesn't list these special CD terms as options. I've sent an email asking if these specials can be opened without a branch visit. Update 4/19/2010: I received the bank's reply to my email. It appears to be a nationwide deal. Here's their reply:
You are able to open the promotional CD's online. However, because we do not have an easy way to add these promotional rates to our website, we would ask that you select the 12 month CD and then call us at 816.316.4000, option 3, or email us and let us know which CD term you would like to open. We can change the term from the 12 months to whichever term you would like in our system prior to completing the CD opening process.
The bank's regular CD rates are fairly competitive. The best one as of 4/18/2010 is a 2.05% APY 24-month CD. You can also open the E-Checking online which could be handy for when the CD matures.
Branches are located in the Kansas City metro area.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1940 (FDIC Certificate # 29708).
Best CD Rates
How do these CD rates compare to other top rates? As a comparison, Bankrate's top nationwide 9-month CD rate as of 4/18/10 is 1.41% APY, and its best 18-month CD rate is only 1.79%. And the banks offering these are 1-star banks.
You can find higher CD rates available nationwide in the CD rates section of DepositAccounts.com.
Anonymous - #1, Sunday, April 18, 2010 - 4:09 PM
you can also get these rates for IRA money.
Anonymous - #2, Sunday, April 18, 2010 - 4:10 PM
Keep up the good work.
Anonymous - #3, Monday, April 19, 2010 - 2:55 PM
Any response to your email about whether a branch visit is required? Thanks for checking into it.
KenBDG - #4, Monday, April 19, 2010 - 6:40 PM
I just updated the post with the bank's reply to my email. It looks to be a nationwide deal!!!
Anonymous - #5, Tuesday, April 20, 2010 - 2:48 PM
I got the 17 month special 2.65% today, 4/20/10. Online application was easy to fill out, you can fund it through an ACH or credit/debit card, but can not send a check (I called and girl said they're working on that capability but can't do it now). The 12 & 17 month specials don't show on their site, you fill it out for the 12 month and then send them an e-mail referencing your account number (which you get at the end of the application), and tell them which special you want. The only problem I had was clicking on their link for an e-mail, it froze my computer up and I had to reopen my e-mail and send it from there but otherwise no problem.
Anonymous - #6, Tuesday, April 20, 2010 - 6:59 PM
Is the 2.65% APY 17-month or 18-month CD? This link shows 18-month.
http://www.nasbextra.com/about/rates.pdf
The above link is selected from
https://secure.andera.com/index.cfm?Action=home.wizDisplay
by clicking the RATE/APY
Has anyone opened this CD and confirm the 2.65% APY is for 17-month?
Anonymous - #7, Tuesday, April 20, 2010 - 10:20 PM
The 18 month CD shows on the link and was at 2.65% but it also says "not available" now when you start the on-line application. As stated the 10 & 17 aren't listed and have to be filled out as a 12 month with a follow-up e-mail, I called to verify before finishing my paperwork. I opened the 17 month today.
Anonymous - #8, Tuesday, April 20, 2010 - 10:24 PM
I'm sorry, I made a mistake when posting comment #5 -- I meant to say the 10 month (not 12) and 17 month specials aren't listed but are available and it is nationwide.
Anonymous - #9, Wednesday, April 21, 2010 - 10:01 AM
Does anyone know if there is there a maximum amount for funding the cds with a credit card?
Anonymous-L.A. (anonymous) - #11, Monday, April 26, 2010 - 1:19 PM
I applied on-line today, but Andera's ID check showed as "failed authorization", which I've never had before on many on-line applications. The customer service rep tried to solve it, but then offered to fax me some forms and to mail the check. I decided to cancel the application which then requires notarization (and next-day mail by my choice). Does anybody have a similar experience with no obvious answer. Perhaps it was the 30 minute time limit, which may have been exceeded because the applications with beneficiaries required so much info!
Anonymous - #12, Tuesday, April 27, 2010 - 12:49 PM
To anon #10:
I think that bank is fine. It's not at risk of going out of business. I checked and they never had a negative profit quarter throughout the entire recent crisis. That LLC that made them postpone the filing of their 1Q is $19m at most and the loss will probably only be a fraction of that amount. Even if they lose $10m from it, they'll survive.
Scott (anonymous) - #13, Wednesday, April 28, 2010 - 6:06 PM
After seeing Fed rate statement today I decided to open a 17 month and got the "failed authorization" At first I thought it was because of my credit freeze, They use Equifax but was told it's just a soft pull. So I called and was told I forgot to put in my License number and told me to do application again, Was sure I did fill that but tried again and it went through. One other thing to note is $100k max.
Scott (anonymous) - #14, Wednesday, April 28, 2010 - 6:10 PM
Also wanted to add that when I called I talked to the CSR for a few minutes, she was very nice, Told me they are swamped trying to get all these online CDs opened and never expected such a large response. So I wouldn't doubt this ending very soon
Anonymous - #15, Friday, April 30, 2010 - 11:12 PM
I opened the 17-month CD with them very smoothly.
Scott (anonymous) - #16, Saturday, May 1, 2010 - 5:05 AM
Between me, brother and mother opened 5, 17 month CDs, Started process on Wednesday 4/28. All accounts open/funded with correct rate and online access on Fri 4/30. They were swamped opening CDs so am very impressed with the speed and that everything done correctly.
Anonymous - #17, Saturday, May 1, 2010 - 1:48 PM
This offer has vanished as of 5/1/10
Scott (anonymous) - #18, Wednesday, June 2, 2010 - 11:05 AM
Have had these CDs for over a month and no interest posted yet so sent a message asking and got this reply:
Thank you for contacting Deposit Services. Interest on a CD is compounded daily and paid quarterly. Interest will be paid at the end of June.
Figured I would post here for any others who opened
Add Your Comment
Post a Comment