New Buffalo Savings Bank Has 24-Month Bump Rate CD (1.75% APY) Nationwide

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Deal Summary:

24-Month Bump Rate CD, 1.75% APY, $1k minimum deposit

Kasasa Cash, 2.27% APY on qualifying balances up to $35k

Availability: Nationwide

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.

Kasasa Cash

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.27*%-$35kNew Buffalo Savings BankKasasa Cash
OTHER TIERS: 0.25% $35k+
Accounts mentioned in this post. Rates as of June 25, 2017.

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.

Kasasa Saver

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$100kNew Buffalo Savings BankKasasa Saver
OTHER TIERS: 0.25% $100k+
Accounts mentioned in this post. Rates as of June 25, 2017.

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.

Availability

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 Kasasa Cash checking account can be done online or at any of three Michigan branches, located in New Buffalo, Sawyer, and Three Oaks.

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.

Bank Overview

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.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

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.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

The above rates are accurate as of 3/15/2017.


Comments
Jack P.
Jack P.   |     |   Comment #1
I was told by bank rep that CD can only be opened at a branch.
moneysaver
moneysaver   |     |   Comment #2
How about their RCA, branch only, or online app is allowed?
spentcattle
spentcattle   |     |   Comment #3
This is hilarious to me. I comb this site for CD's and usually its 800 miles away.
I look and this is 3 miles from my house. I looked at their financial health and it seems okay but open to other folks take on this?
Does this seem like a bit of a no brainer? With the bump if rates go up you are still okay.
Am I missing something? Incidentally if I can help with directions or questions about local stuff glad to help
jennifer
jennifer   |     |   Comment #4
I wouldn't call it a no brainer. What is this institutions history in terms of interest rates in comparison to others?
A bump-up isn't any good unless the new rate is a high one in comparison to what other high paying institutions are offering. Your money will be locked into this bank and you will have to bump up only to what they are offering at the time (which might be a lot less than some other banks or credit unions).

I simply don't adore the unknown.
larkin
larkin   |     |   Comment #5
To complete the application, they requested a copy of my drivers license, SS card, current phone bill, mortgage paperwork, a check stub or other income verification, and a current utility bill. *Whew* I wrote back to request that my application be withdrawn. Pretty sure that was their intent. I have a feeling they do not really want people from out of their service area.
Bogey
Bogey   |     |   Comment #6
I agree. That is waaaaaaaaaaaay overboard and unnecessary.
gregk
gregk   |     |   Comment #7
But no proof of birth.
LuvCD
LuvCD   |     |   Comment #8
And they may pull a credit report even if a freeze!
pete
pete   |     |   Comment #9
This 2.27% account offer is still going strong and the account can now be opened nationwide!

In addition, you can now get a $50 amazon gift card for opening a new account if you use a referral link.
Here is my link (we both get extra $50 GC credit!)

https://share.newbuffalosavings.com/t8f83o39ofg8304197