As I was checking the rate on North American Savings Bank’s (NASB) Online Money Market Special, I noticed a new product: a High Rate Savings account, which earns 2.53% APY on balances between $50k and $5 million. Balances less than $50k and greater than $5 million earn 0.10% APY. In addition to offering a top rate, the High Rate Savings APY is guaranteed for six months following account opening, as long as the daily balance remains between $50k and $5 million.
That’s the good news. The not-so-good news is that the High Rate Savings (HRS) account is not quite “ready for prime-time,” based on the lack of information on NASB’s website. The HRS is listed on the Rates page, but there’s no description or disclosure on the About Savings page. When I did a “High Rate Savings” search, I found the promotion page, which has a link to the online application. Unfortunately, the “Choose your product” drop-down menu on the first page of the online application doesn’t include the HRS.
The next step was to call NASB and also do a Live Chat, because I wanted to see if I would get the same information. In both conversations I learned that the HRS account is the replacement for the eSavings account, which had been part of the product line for more than six years. In September 2015, the eSavings account earned 1.12% APY on balances of $100+. At that time, 1.12% APY was the top rate for nationally available savings accounts. Rather than raise the rate on the eSavings, NASB has created a new savings account with a much higher minimum balance requirement.
The following is an excerpt from the Live Chat.
Me: When you click on the link to open it online, it’s not listed in the drop-down menu.
NASB: You will want to select eSavings. We are still in the process of getting that name changed. It will be set up as the High Rate Savings.
Me: But the High Rate Savings is a new account, correct? And not just a name change for the eSavings account?
NASB: The High Rates Savings is going to replace the eSavings.
Me: What is the minimum opening deposit?
NASB: Minimum is $50,000.00.
Me: Is there an ATM or debit card available?
NASB: Yes, if requested on the application.
Me: Are there any limitations on ACH transfers?
NASB: Once the account is open, you can transfer to another bank or another person, with a $25,000.00 limit per transfer up to a maximum of $250,000.00 per month.
Me: How long do ACH transfers take to complete?
NASB: If they are account to account, it may take two business days.
Me: Is there a monthly service fee?
NASB: No monthly service charge unless the account goes dormant (six months of inactivity). If the account is closed within 90 days of opening, there is a $30 Account Closure Fee.
Me: Are beneficiaries are allowed, and if so, how many and are SS# required?
NASB: Yes, two beneficiaries are allowed. After funding, you can select more through a signed request or secure email. SS# and date of birth are needed. Trusts can be named as beneficiaries.
Me: Is there a limit of the number of external accounts that can be linked?
NASB: No limit on the number of linked external accounts that I am aware of.
NOTE: Promoting a new product before the website is updated has happened before at NASB. This is from my September 2015 eSavings blog post.
According to CSR, NASB is in the process of updating their website and
you will not find the eSavings account listed on the "About Savings" page.
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.
The High Rate Savings account can only be opened online. Hopefully, it will be listed on the online application soon.
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.
North American Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 6.37% (excellent), based on September 30, 2018 data. In the past year, NASB has increased its total non-brokered deposits by $74.79 million, an excellent annual growth rate of 5.8%. Please refer to our financial overview of North American Savings Bank (FDIC Certificate # 29708) for more details.
North American Savings Bank began 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 $2 billion today and serves not only the Kansas City metropolitan area, but also offers nationwide accounts.
How the High Rate Savings Compares
When compared to 209 personal savings accounts tracked by DepositAccounts.com that are available nationwide, North American Savings Bank’s High Rate Savings APY currently ranks first, regardless of minimum balance requirement.
|Interest Rate||Account Name||Credit Union/Bank|
|2.53% APY||High Rate Savings ($50k min)||North American Savings Bank|
|2.50% APY||High Yield Statement Savings ($5k min)||EBSB Direct|
|2.45% APY||Savings Builder ($25k min)||CIT Bank|
The above rates are accurate as of 1/9/2019.
To look for the best savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.