North American Savings Bank ended its two hot CD specials that I first reported on April 18th. However, the bank came out with a new CD special which isn't as good as the old ones, but it's still competitive compared to what other banks are offering. The rate is 1.95% APY for a 14-month term. Minimum deposit is $1,000. This rate is listed at the bank's CD rates page as of 5/04/2010.
There's an online application (via andera.com), and the only restriction mentioned in the application is that you have to be at least 18 and a US citizen. However, the online application only lists the standard CD terms. When I emailed the bank about this in April, I received the following instructions:
You are able to open the promotional CD's online. However, because we do not have an easy way to add these promotional rates to our website, we would ask that you select the 12 month CD and then call us at 816.316.4000, option 3, or email us and let us know which CD term you would like to open. We can change the term from the 12 months to whichever term you would like in our system prior to completing the CD opening process.
Several readers were able to open these old CD specials. Here are some excerpts from the comments:
Between me, brother and mother opened 5, 17 month CDs, Started process on Wednesday 4/28. All accounts open/funded with correct rate and online access on Fri 4/30. They were swamped opening CDs so am very impressed with the speed and that everything done correctly.
The commenter also mentioned that there's a $100K maximum deposit.
Online application was easy to fill out, you can fund it through an ACH or credit/debit card, but can not send a check (I called and girl said they're working on that capability but can't do it now).
The bank's regular CD rates continue to be fairly competitive. The best one as of 5/04/2010 is a 2.05% APY 24-month CD. You can also open the E-Checking online which could be handy for when the CD matures.
Branches are located in the Kansas City metro area.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1940 (FDIC Certificate # 29708).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!