Neighbors Bank is based in Missouri and offers a competitive high-yield online savings account. Founded in 1945, the bank has developed a niche lending to first-time home buyers in 49 states using industry-leading technology.
Neighbors Bank’s high-yield online savings account offers an attractive APY, no monthly service fee, and deposits and withdrawals through ACH. Neighbors Bank offers mobile apps for iOS and Android and a convenient online banking platform.
Related Posts
8/1 - Neighbors Bank Savings Account Increased To 5.21% APY
5/27 - Neighbors Bank Savings Account Increased To 5.01% APY For $25,000+
4/7 - Neighbors Bank Rate Update
10/14 - Neighbors Bank Increased To 2.91% $25K Minimum Req. (No New Accounts Right Now)
9/27 - Neighbors Bank Increased to 2.61% APY $25K Minimum (not accepting any new accounts at this time)
7/28 - Neighbors Bank At 1.60% APY ($25K Minimum)
6/23 - Neighbors Rate Increased To 1.19% For $25K+
6/2 - Neighbors Bank Savings Account Increased To 0.91%
11/17/20 - Big Rate Drop at Neighbors Bank To 0.95%
8/4/20 - Neighbors Bank Drops To 1.45% APY 8/5/2020
6/2/20 - No Limit On Savings Account Withdrawals
5/27/20 - Neighbors Bank No Longer Opening New Savings Accounts
5/13/20 - Neighbors Bank Offers Nationally Available Savings Account
Definitely Do Not Recommend!
I had a truly terrible experience with Neighbors Bank, from start to finish. The application process was reasonably smooth, but once I put in an offer on a house, everything became a bait-and-switch. I disclosed right up front that this was a seasonable property, and even provided a copy of an inspection report from the sellers that stated the same. They dragged out the process for SIX WEEKS, and had me provide stacks and stacks of personal data and financial access, before they told me that it was against their policy to finance seasonal properties. This wasn’t disclosed until literally two days before closing, and after I had put up thousands of dollars for the property.
Through the process, they charged me hundreds of dollars for an appraisal, and then suddenly needed hundred more to complete the appraisal. I was approved for a loan with 20% down, even after express disclosures that this would be a second/vacation property, and a week before closing, they suddenly couldn’t move forward without 25% down. They threw up roadblock after roadblock, and when it became apparent I could meet all their bait-and-switch financial demands, that’s when they said the property type was not one that could be financed.
I am now out thousands more dollars in earnest money to keep the sellers from backing out, and although working with a new lender has been amazing in comparison, they do need a new appraisal, so I am out more money for that. I reached out to customer relations to request that, at the very least, they refund my excessive appraisal costs for a property they clearly knew they weren’t going to finance from the beginning, and they want to reach out to my new lender to discuss it with them, they will not refund me directly. Being that I don’t want them touching anything to do with this process with the new lender after their shoddy work, they have refused to refund my money.
The process is awful, and the customer service is worse - steer clear! Working with a new lender, and I have gotten so much further in a matter of days than it took NB to get in six weeks!
Regulation D Finally Suspended
As of this writing, Neighbors Bank finally has eliminated the 6 withdrawals per month restriction regarding their savings account. This bank would charge a fee if 6 withdrawals were exceeded even though the Fed suspended Regulation D.
I'm glad Neighbors Bank finally did this. (Note: As of this writing, Neighbors Bank is still not accepting new Savings Account sign-ups, and no Checking Account sign-ups via their website.)
Extremely Easy On All Fronts
I have been working with Neighbors for over a year now and all the products and people have been extremely easy to work with. I have a savings account with them and also decided to close on my new home with Neighbors too. With all their transactions the process seems very straightforward and whenever I have a question their staff responds immediately and addresses any concerns.
Also it does not hurt that they seem to have very competitive rates across the board!
Very Happy Customer
I have had a savings account here for a couple of years and am very happy with the bank. Their mortgage rates are competitive and they make it feel like they are one of your Neighbors!
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16247 |
| Year Established | 1945 |
| Employees | 185 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.72% |
| Return on Equity - YTD | 11.67% |
| Annual Interest Income | $1.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $77.3MM$67.3MM |
| Loans | Q2 2024vs Q2 2023 | $60.4MM$35.4MM |
| Deposits | Q2 2024vs Q2 2023 | $53.8MM$55MM |
| Equity Capital | Q2 2024vs Q2 2023 | $11.2MM$9.8MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $230K$182K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $438K$453K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |