24-Month Bump Rate CD, 1.75% APY, $1k minimum deposit
Kasasa Cash, 2.27% APY on qualifying balances up to $35k
New Buffalo Savings Bank (NBSB) has added a 24-month Bump Rate CD (1.75% APY) that allows for one rate increase during the life of the CD. The minimum opening deposit is $1k, with no stated balance cap.
As stated on NBSB’s Personal Savings page, the Early Withdrawal Penalty reads as follows:
Early withdrawals result in 6 months of interest in penalties.
NBSB’s Kasasa Cash checking account has been part of the product line for nearly a year, and its initial 2.27% APY (on qualifying balances up to $35k) has been in effect throughout that time. Qualifying balances of $35k+ earn 0.2497% APY, with non-qualifying balances earning 0.02% APY.
|2.27*%||-||$35k||New Buffalo Savings Bank||Kasasa Cash|
|OTHER TIERS: 0.25% → $35k+|
The monthly qualification requirements for NBSB’s Kasasa Cash are fairly standard:
- At least 12 debit card transactions.
- Enroll in and receive eStatements.
- Be enrolled in and log into online banking.
The Kasasa Cash account has no minimum balance requirement or monthly service fee. There is no minimum deposit to open the account in-branch, but opening online requires a minimum $25 deposit. Nationwide ATM fees will be reimbursed up to $15 monthly if qualifications are met, and will be credited to the Kasasa Cash account.
NBSB’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k, when Kasasa Cash requirements are met. Qualifying balances of $100k+ earn 0.2497% APY, with non-qualifying balances earning 0.02% APY.
|1.00*%||-||$100k||New Buffalo Savings Bank||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit. Kasasa Cash interest is automatically deposited into the Kasasa Saver account.
Headquartered in New Buffalo, in the southwest corner of Michigan, New Buffalo Savings Bank offers its product line nationwide. That being said, please keep in mind that small banks often change their policy of nationwide availability when demand exceeds the bank’s ability to handle heavy traffic.
Opening a CD can also be done at any of the above mentioned branches. The “online application” is actually a Personal Information form that begins the process.
One of our representatives will contact you within one business day to complete the process.
New Buffalo Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 8.59% (excellent) as of December 31, 2016 data. In the past year, NBSB has increased its total non-brokered deposits by $2.99 million, an excellent annual growth rate of 4.01%. Please refer to our financial overview of New Buffalo Savings Bank (FDIC Certificate # 31257) for more details.
New Buffalo Savings Bank began as the New Buffalo Savings and Loan Association, which was founded in 1921. The Bank changed its organization type to “mutual savings bank” in 1989 and “stock savings and loan” in 2015. In January, NBSB announced its expansion into the Northwest Indiana market, with plans to open a commercial and residential loan office in Hobart.
How the Bump Rate CD Compares
When compared to the 192 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, New Buffalo Savings Bank’s 24-Month Bump Rate CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.75% APY||24-Month Bump Rate CD||New Buffalo Savings Bank|
|1.60% APY||24-Month 360 CD||Capital One|
|1.58% APY||24-Month Online Promo CD||M.Y. Safra Bank|
How the Kasasa Cash Compares
NBSB’s Kasasa Cash account is the only nationally available Rewards Checking Account that has a maximum qualifying balance of $35k, which makes an apples-to-apples comparison difficult. Therefore, when compared to the 13 High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, New Buffalo Savings Bank’s Kasasa Cash APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|2.27% APY||Kasasa Cash ($35k max)||New Buffalo Savings Bank|
|2.25% APY||Kasasa Cash ($25k max)||Main Street Bank (MI)|
|2.01% APY||Kasasa Cash ($25k max)||XCEL Credit Union|
The above rates are accurate as of 3/15/2017.