North American Savings Bank is offering a new special CD with a competitive rate. It has a 23-month term with a 2.05% APY. Minimum deposit is $1,000. The bank continues to offer its very competitive 14-month CD which has a 1.75% APY. These rates are listed at the bank's CD rates page as of 8/20/2010.
There's an online application via andera.com. 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. I have some excerpts in my May review. Some readers in that post commented about opening these CDs using their cash back credit cards. It appears NASB codes the CD purchases as a purchase instead of a cash advance. However, it may also depend on your credit card issuer.
Branches are located in the Kansas City metro area.
The bank's rating for safety and soundness at Bankrate.com remains at 4 stars (sound). However, it has fallen by one star at BauerFinancial. It's now 3 stars (adequate). It has an overall health score of 3 out of 5 at DepositAccounts.com (see our financial overview for North American Savings Bank). These ratings are based on 3/31/2010 financial data.
The bank's parent mentioned an OTS supervisory agreement in a May 5th 8-K filing. It should be noted that the 8-K states that the 'Bank is not deemed to be in "troubled condition".'
The bank has been a FDIC member since 1940 (FDIC Certificate # 29708).
Searching for the Best CD Rates
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