NASB Ups 12-Month Online CD Special to 2.74% APY

In August, Missouri-based North American Savings Bank (NASB) began offering Online CD Specials that, unlike the majority of their CDs, do not require a checking relationship. NASB raised the Online CD Special rates over the weekend, with the 12-month now earning 2.74% APY and 24-month earning 2.94% APY.

SInce I last wrote about the CD Specials, the minimum opening deposit for the Online CD Specials has been raised from $1k to $5k. While there is no stated balance cap, the Rates page states,

CD accounts with balances greater than $1,000,000 earn 0.10% APY.

Partial withdrawals are allowed, with an Early Withdrawal Penalty of six months interest on the amount being withdrawn for either Online CD Special.

Funding can be done through ACH, and maturing funds can be accessed through NASB’s Online Banking platform. The online application states,

IMPORTANT: Once your application is approved, you will need to register and set
up a security profile in NASB’s Online Banking to access your account information.

According to CSR, as soon as your Online Banking account is in place, you are in control of transferring CD funds at maturity.

Availability

Headquartered in Grandview, Missouri, North American Savings Bank offers its services and products to all U.S. citizens and permanent residents residing in any of the 50 states or the District of Columbia. A permanent U.S. address is required to open and maintain any account at NASB.

As the name suggest, the Online CD Specials can be only opened online.

Beneficiaries are permitted (no Social Security numbers required) and trusts can be named as beneficiaries.

For transactions that can be done in-branch, NASB has eleven full-service Missouri branches located in Excelsior Springs, Gladstone, Grandview, Harrisonville, Independence, Kansas City, Lee’s Summit, Lexington, Odessa, Platte City, and St. Joseph.

Bank Overview

North American Savings Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 7.90% (excellent), based on June 30, 2018 data. NASB has an excellent capitalization level (12.60%), the result of holding $1.98 billion in assets with $249.77 million in equity. Please refer to our financial overview of North American Savings Bank (FDIC Certificate # 29708) for more details.

North American Savings Bank had its beginnings as the City Building and Loan Association (CBLA) in St. Louis in the early 1920s. A few years later, CBLA moved across the state to Kansas City and changed its name to North American Savings Association; it was known as NASA long before the space age. In the 1990s, the name was changed to North American Savings Bank, when the Bank became a federally chartered stock savings bank. North American Savings Bank has assets in excess of $1.9 billion today, and serves not only the Kansas City metropolitan area, but offers nationwide accounts.

How the Online CD Specials Compare

When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, North American Savings Bank’s 12-Month Online CD Special APY currently ranks second.

When compared to the 200 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, North American Savings Bank’s 24-Month Online CD Special APY currently ranks fourth.

The above rates are accurate as of 10/22/2018.

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