North American Savings Bank is offering a new special CD with two competitive rates. It's a 13-month CD, and the highest rate is 1.31% APY. This requires that you are an existing customer with a checking account or savings account opened before August. Without this relationship, the rate is 1.25% APY. Minimum deposit is $1,000. These rates are listed in the bank's rates table as of 12/12/2011.
There's an online application via andera.com. However, the online application only lists the standard CD terms. When I emailed the bank about this last year, 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.
I used the bank's online chat service to ask this question today, and the CSR said essentially the same thing. Also, she said this CD is available nationwide.
A reader left a comment about his experience opening CDs with NASB in my 2010 post. He mentioned the following:
I have opened multiple CDs with NASB and each time they were most helpful. It is quite easy and they are very communicative with you during the process.
You can also open this CD at a branch. NASB branches are located in the Kansas City metro area.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 22.07% (average) based on September 2011 data. Please refer to our financial overview of North American Savings Bank for more details. The bank has been a FDIC member since 1940 (FDIC Certificate # 29708).
How These CD Rates Compare
Even without the relationship rate, this 13-month CD yield of 1.25% is higher than the best 1-year CD rates available nationwide. That's currently 1.15% APY at CIT Bank, Melrose Credit Union and Doral Bank Direct. You can get a higher rate at Digital Credit Union (1.36% APY), but this has checking relationship requirements. These rates are accurate as of 12/12/2011.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.