Last Friday when I was updating my weekly survey of the best CD rates, I noticed the big rate increases at National Bank of Kansas City. The bank's long-term CDs are now very competitive. Minimum deposit is $5,000. Below are the list of the most competitive CD rates listed at the bank's rates page as of 7/24/2012:
- 2.02% APY 60 month CD
- 1.76% APY 48-59 month CD
- 1.51% APY 36-47 month CD
Nationally Available - But Currently No Online Application
The last time National Bank of KC had been offering competitive rates was in 2008. Back then they had a working online application, and the CDs could be opened from any state. The online application is currently not in operation, and they inform customers to call 913-905-2100. I did that on Friday, and I confirmed that CDs can still be opened without a branch visit from any state. You'll need to call for instructions to open the CD by mail.
Big Early Withdrawal Penalty
I was told they will lock the rate based on the postage date when you mail the check. They will mail you forms to be signed that must be sent or faxed back. I could not find the CD disclosure online. I was told the early withdrawal penalty for the 60-month CD is equal to 540 days of interest.
You'll have an easier time applying for these CDs if you can visit a branch. As you might have guessed, National Bank of Kansas City branches are located in Kansas City, Missouri, and in the KC metro area.
the bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 30.56% (below average) based on March 2012 data. Please refer to our financial overview of National Bank of Kansas City for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35014).
How These CD Rates Compare
National Bank of KC has the highest 3-, 4- and 5-year CD rates for banks that offer their CDs nationwide. You can get higher CD rates at some all-access credit unions. One is Melrose Credit Union which offers a 1.76% APY 3-year CD, a 1.96% APY 4-year CD and a 2.17% APY 5-year CD. The highest 5-year CD rate that's nationally available is 2.25% APY (59-month term) at Fort Knox Federal Credit Union. These rates are accurate as of 7/24/2012.
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.