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New 14-Month CD Special at North American Savings Bank - Available Nationwide

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North American Savings Bank

North American Savings Bank ended its two hot CD specials that I first reported on April 18th. However, the bank came out with a new CD special which isn't as good as the old ones, but it's still competitive compared to what other banks are offering. The rate is 1.95% APY for a 14-month term. Minimum deposit is $1,000. This rate is listed at the bank's CD rates page as of 5/04/2010.

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 only lists the standard CD terms. When I emailed the bank about this in April, I received the following instructions:

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.

Several readers were able to open these old CD specials. Here are some excerpts from the comments:

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.

The commenter also mentioned that there's a $100K maximum deposit.

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 bank's regular CD rates continue to be fairly competitive. The best one as of 5/04/2010 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 and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1940 (FDIC Certificate # 29708).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!

  Tags: North American Savings Bank, CD rates, Missouri

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
I have had lots of problems with their online application process which fails repeatedly at the security question screen.  I contacted a CSR who said there is nothing they can do about it and there is no other way to apply.

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Comment #2 by Anonymous posted on
Anonymous
After I opened my first CD my second try also failed at the security question although I knew there hadn't been a problem with my answers.  I called and they could see my application; since my first CD had already been funded I was able to talk to a manager and convinced her to let me overnight a check to them for the 2nd one.  If my application had been denied on the first attempt I'm not sure that would have been possible and I did have to go to a manager to get it through.

Yesterday I filled out the online application for the newest 14 month special and my application was denied before the security question even came up.  I called and found out it was denied because it had been less than 30 days from my previous one, however they again let me overnight a check and this time I didn't have to go through a manager.

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Comment #3 by Anonymous posted on
Anonymous
I was wondering if any one had experience with opening a CD and funding it with a credit card?  The application on line says you can use a credit card so I called the bank and asked them if it would be treated as a purchase or a cash advance.  At first the CSR said she thought a purchase and suggested I call my card issuer.  The she said let me check on it and came back and said it would be treated a purchase.  If this is correct one could really add to the interest rate by putting it on a cash back card and say getting 1% back on.  And the cash back isn't subject to tax like interest.  However, I am some what skeptical that they would accept the card in this way.  Don't they pay a merchant fee then?  Any one with any thoughts on this?

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Comment #4 by Anonymous posted on
Anonymous
It looks like NASB is going to code this as a purchase, but it's not clear how the various card issuers will treat it.  Citi, for instance, will likely ding you with fees and deny miles or other kickbacks, treating it as a cash equivalent.  Others may be more kind.

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Comment #5 by Anonymous posted on
Anonymous
I have used my credit card to fund the opening of a bank account. It depends on the bank as to whether they treat this as a purchase or a cash advance and not the credit card company. Remember, if you go to a bank and ask to withdraw cash using a credit card, they WILL process this as a cash advance. I had a chat with NASB person and she said the same thing. But, will call/chat again today just to confirm.

The reason banks treat this as a purchase is to get deposits and consider it as a cost of acquiring a customer. Can't think of any other reason.

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Comment #6 by Anonymous posted on
Anonymous
I would be interested to see what more information you can find out.  I wouldn't want to chance it because the cash advance fee would wipe out the interest and you wouldn't get any points either (at least the majority of cards don't over it on cash advances). 

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