North American Savings Bank is headquartered in GRANDVIEW and is the 11th largest bank in the state of Missouri. It is also the 410th largest bank in the nation. It was established in 1923 and as of March of 2025, it had grown to 247 employees at 10 locations. North American Savings Bank's savings rates are 8X the national average, and it boasts an A+ health rating.
New Bank Products = Temporary Glitches
In a NORMAL year, I open new accounts with 5 to 7 banks because I move $millions to/from whomever offers highest interest rates, which sometimes changes daily. Thus, despite most having been in business for 80+ years, they are new to online banking so the website, application, Q&A "experience" can be a rocky road.
By phone, a very friendly CSR named Kim and I went around in circles for a while because the website wasn't showing the same things to both of us, even though we were both using Chrome browsers. We both ended up laughing and she had to consult with Alex to answer some of my questions. BOTTOM LINE: Got account opened and INSTANTLY (fastest in my life) ACH funded, which could have been for up to $5,000,000. However, to get the 2.53%APY interest rate, DO NOT exceed $1,000,000 for initial deposit and DO NOT let balance go over $1,499,999 or the interest rate drops to 0%APY. I went through the disclosures line by line. Nothing crazy/unusual except $30 fee if you close account in first 90 days. I call this the "Guinea Pig Experience" which I've been through even with the largest banks in our country. When they offer a new product you are one of the first new customers, just deal with it and laugh because we live in a less than perfect world with internet tech changing every second.
The Advertised CD Rates Are Only For Local Customers
I tried to open a new CD on their website and couldn't find the advertised rate. I called the customer service and was told that certain CD products are only available for local customers in Missouri. I feel that this information should be highlighted when the rates are advertised.
Rates Quoted Are For Locals Only
If you don't live in their area you cannot get the 14 month 4.6% APY CD. They will offer you something else not as good that you could get in many other banks. That was enough to turn me off.
Account Opening
Just opened the premium rate savings account with NASB. The application was simple, but it was disappointing to learn that the 'truth in disclosure' form was only available the moment before submitting the application. More disconcerting was the fact that information about the premium rate savings account did not appear in the 'truth in disclosure' so that this account's requirements and structure were non-transparent, something of a pig in the poke transaction. The initial funding went well. Two days after I submitted the application I received an email notifying the transfer was complete and that I could sign up for online banking. Once registered, I saw that the initial funding was credited for the day after I'd submitted my application. And what's strange, those initial funds still appear in the original savings account.at the other bank - collecting interest twofold. As an aside, NASB has a gamut of savings accounts which I find unfortunate. A bank should straightforwardly put its best foot forward with its best savings account offering rather than have customers playing a shell game.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29708 |
| Year Established | 1923 |
| Employees | 247 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.78% |
| Return on Equity - YTD | 5.76% |
| Annual Interest Income | $42.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $3.03B$2.86B |
| Loans | Q1 2025vs Q1 2024 | $2.1B$2.11B |
| Deposits | Q1 2025vs Q1 2024 | $1.94B$1.82B |
| Equity Capital | Q1 2025vs Q1 2024 | $408.8MM$396MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $30.1MM$30.1MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $15.6MM$11.1MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $704K$7.2MM |