North American Savings Bank Reviews: Checking, Savings, CD, and IRA Accounts

Location and access aren’t the only considerations: NASB offers a plethora of different accounts to choose from, and we’ll walk you through each one to tell you what you need to know before opening an account.

North American Savings Bank’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

0.55%

Savings

North American Savings Bank eSavings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.20%

CD Rates

North American Savings Bank 12 - 23 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

0.80%

CD Rates

North American Savings Bank 36 - 47 Month CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

North American Savings Bank’s checking account options

North American Savings Bank’s savings account options

North American Savings Bank’s CD rates

North American Savings Bank’s IRA account options

Overall review of North American Savings Bank’s banking products

You can earn a good rate with this account, but you’ll have to jump through a lot of hoops to qualify.APY

Minimum Balance Amount

0.90%

$0.01 - $24,999 (Qualified)

0.30% - 0.10%

$25,000 or greater (Qualified)

If you’re interested in earning a good interest rate on the money in your checking account, this might be one account to consider. In order to earn that rate, however, you’ll need to make sure you check each of these boxes every month (it’s a lot):

In addition, this is an account that’s designed to be used and used often. If you go more than six months without making a transaction and have less than $1,000 in the account, you’ll also pay a $7.50 “inactivity fee for that month.” If you close the account within 90 days of opening, you’ll pay more: a $30 “account closing” fee.

You’ll need three things to open this account: your government-issued ID, such as a driver’s license; the routing and account numbers for your current bank to fund the new account; and, your Social Security number, which NASB notes will be used to review your credit history in order to process your application.

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If the Rewards Checking account sounds too restrictive, this account comes with far fewer requirements. In fact, the only thing you need to do is make sure you keep the account open for 90 days (otherwise you’ll pay a $30 “account closing” fee) and avoid going for more than six months without making any transactions if your balance falls below $1,000 (otherwise you’ll pay a $7.50 “inactivity fee” each month).

Other than that, this functions as a normal checking account. You won’t earn any interest, but you can make an unlimited number of check or debit card purchases per month, and use online banking and NASB’s mobile app.

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NASB’s Money Market “Checking” account offers much better rates if you open it up online.APY

Minimum Balance Amount

1.77%

$0.01 - $24,999 (online-only)

2.02%

$25,000 - $49,999 (online-only)

2.02%

$50,000 - $1,499,999.99 (online-only)

0.10%

Over $1,500,000 (online-only)

0.20%

$0.01 - $24,999 (in-branch only)

0.30%

$25,000 - $49,999 (in-branch only)

0.45%

Over $50,000

Although NASB calls this account a “Money Market Checking” account, there’s actually little difference between this and a regular money market account; for example, both allow you to write checks.

Just like with most banks subject to Federal Reserve Reg D, you’re limited to just six withdrawals per month from the account. You can get around these limits by withdrawing money in person at a branch, but, as noted, these are only in the Kansas City, Missouri area. If you go over these limits, NASB will charge you a $9 per-item charge.

Curiously, if you exceed six online transfers per month, NASB will shut down your ability to transfer funds to outside accounts until the next statement cycle.

You can easily open an account online. You’ll need:

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Seniors can earn a small amount of interest with this account and avoid a monthly fee with a smaller balance requirement.APY

Minimum Balance Amount

0.10%

$0.01 - $2,499

0.15%

Over $2,500

Seniors (those over age 50, in this case) who are looking to earn a bit of interest off their checking account may be interested in this account. This account features a lower minimum balance requirement to waive the monthly fee: keep at least $100 in the account and you won’t have to shell out for the monthly maintenance fee.

You’re not out of the woods yet for fees, however, even if you maintain that balance. If you close the account within 90 days of opening, you’ll pay another $30 “account closing” fee. If you go for longer than six months without making a transaction and your balance is below $1,000, you’ll also pay a $7.50 “inactivity fee” each month.

If you are a frequent check writer, you’ll appreciate one of the account perks: two free boxes of standard checks per year.

You can open this account by visiting a local branch. You can also open an account online, as long as you have your Social Security number, routing and account information from your existing bank, and a government-issued ID handy. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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Pay no out-of-network ATM fees with NASB’s Preferred Checking account — but as always, watch out for fees.APY

Minimum Balance Amount

0.10%

$0.01 - $2,499

0.15%

Over $2,500

If you’re looking to earn a small amount of interest without the hassle of the Rewards Checking account, look at this account instead. There’s only one thing you have to do each month to avoid the monthly fee: keep at least $1,000 in your account. As with other accounts, if you change your mind and close the account less than 90 days after opening it, you’ll pay a $30 fee.

In addition, this is NASB’s only checking account to offer no out-of-network ATM charges. If you’re a frequent ATM user and you want to bank with NASB, this is definitely the checking account to go for.

You’ll need a Social Security number, a government-issued ID, and a way to fund your new account (you can use the routing information from your existing bank to send over money). Once you have these things, you can easily apply online.

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Honestly, we’re not really sure why you’d want to open this account. It’s a carbon-copy of NASB’s Free Checking account. It offers no interest and no rewards, and comes with no monthly fees.

The only difference is that this account comes with a couple of additional restrictions. It’s only open to people under age 24. Like all of NASB’s checking account, this one comes with a VISA® debit card as well, but you won’t get one if you’re under age 18.

Students often go through transitional periods between being in school full-time and working full-time, and it might be easy to let this account go dormant. You’ll need to make at least one transaction every six months, however, and keep your balance up above $1,000. If you go longer than six months with a balance below $1,000, you’ll pay a $7.50 monthly “inactivity fee.” Similarly, if you close your account within 90 days of opening, you’ll pay a $30 fee.

It’s easy to open this account online. You’ll need these three things as well:

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Most of the rates offered on NASB’s checking accounts are very low or nil. However, its Rewards Checking account does offer a decent rate for those who qualify. Unfortunately, there’s enough red tape with this account to tie up a mummy. In addition, we’re not a fan of all the fees — monthly account maintenance, inactivity, overdraft, and account closing — that come with these accounts.

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This account earns a small amount of interest, but to get it you’ll need to set up a direct deposit into the account.APY

Minimum Balance Amount

0.34%

$0.01

Sure, NASB has savings accounts that offer a high(er) interest rate for those with larger deposits. But if your pockets aren’t as deep, this account is your best shot at earning a higher interest rate at this bank.

In order to earn this high rate, however, you’ll need to set up a direct deposit of at least $25 into the account. If a direct deposit stops for some reason and doesn’t resume within 60 days, this account will automatically convert into a Statement Savings account, which offers a lower interest rate.

Since this is a savings account, you can’t make more than six withdrawals per month out of the account (not including in-person withdrawals at a branch) as per Federal Reserve Regulation D. Each time you go over this monthly limit you’ll pay a $9 fee. Also, if you close your account within 90 days, you’ll pay a $30 fee.

If you don’t want to visit a local branch, you can open an account online. You’ll need to round up your driver’s license or other government-issued ID, Social Security number, and the routing information from your previous bank to make an initial transfer. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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This account helps automate your savings in a unique way, but it still comes with lots of hidden fees.APY

Minimum Balance Amount

0.05%

$0.01

Wouldn’t it be great to have an easy, automatic savings plan? That’s the idea behind this account. If you have another NASB checking account, the bank will round up the differences from your checking account purchases and “deposit the difference” into this account.

It’s a cool idea in principle, but there are a lot of hidden stipulations with this account. You also need to maintain at least one $25-minimum direct deposit into your account each month, or you’ll pay a monthly fee. If you have a Rewards Checking or Money Market Checking account, you aren’t eligible for this account.

Then there’s all the regular savings account limitations. If you make more than six withdrawals out of this account per month (not including in-person withdrawals), you’ll pay a $9 per-item fee. If you close the account within 90 days after opening it, you’ll pay yet another $30 fee.

If you’re interested in opening this account, you can easily do so by going online.

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If you have at least $5,000 you can earn a bit more interest, but not much.APY

Minimum Balance Amount

0.25%

$5,000 - $24,999

0.35%

$25,000 - $49,999

0.45%

$50,000 - $74,999

0.50%

Over $75,000

This account is yet another bit of complexity. For the first tier level (between $5,000 and $24,999), you’ll earn an even lower rate than the Smart Savers account (which only requires a $50 minimum deposit to open the account, not $5,000 as with this one). Typically, the larger your deposit, the higher the interest rate you should be earning, but that’s not the case here. Once you reach $25,000, though, that’s when this account starts to outperform the Smart Savers account with a higher interest rate.

Another thing to note is that with this account: you’ll only be paid interest and receive statements quarterly, rather than monthly. As with all savings accounts, you can only make six withdrawals per month (not including withdrawals made at a local branch). If you go over that amount, you’ll pay a $9 fee for each transaction. Finally, if you close the account within 90 days after you open it, you’ll also pay a $30 closing fee.

You can sign up for this account in one of two ways: either visit a local branch, or sign up online. To sign up online, you’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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Another basic savings account with an easily achieved minimum deposit amount.APY

Minimum Balance Amount

0.14%

$0.01

NASB offers a lot of savings accounts. This account, however, is convenient for folks who might keep a smaller deposit amount in the account because you only need to keep the balance above a $100 to avoid the monthly fee. Some accounts, like the Smart Savers account, earn a higher interest rate with an even-smaller minimum opening deposit but you’ll need to build up your savings to a higher level within six months if you want to avoid a monthly fee.

Along with the fees listed above, you’ll pay a $30 fee if you close the account within 90 days, along with a $9 fee for each withdrawal over six in one month (withdrawals made in person or at an ATM don’t count).

To sign up online, you’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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You can only open this account online and if you have a large opening deposit.APY

Minimum Balance Amount

0.55%

$20,000

This is the savings account with the highest minimum opening deposit at NASB. Strangely, it’s not the highest-earning: the Super Saver account (discussed below) requires a smaller deposit size yet earns a lot more.

If you sign up for this account, you’ll also need to sign up for eStatements. You are required to make at least one transaction every six months and keep at least $20,000 in your account, otherwise you’ll pay a $7.50 monthly “inactivity fee.”

Unfortunately, you cannot open this account by visiting a local branch. The only way to open it is online. You’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit.

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NASB’s highest-earning savings account also requires you to keep a high account balance.APY

Minimum Balance Amount

1.31%

$15,000

If you have a lot of money available and you’re looking for the best bet to earn the highest interest rates possible while still keeping your money fluid (i.e., not locked away in a CD), this account is for you. In order to earn that high rate, though, you’ll need to keep at least $15,000 in the account even after you open it.

As with the rest of NASB’s savings accounts, your account statement will come quarterly rather than once a month.

To get this account, you’ll need to open it within a local branch. There is no option to open it up online.

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NASB’s Select III Savings account offers higher interest rates as your account balance gets larger — but they’re still not much.APY

Minimum Balance Amount

0.10%

$0.01 - $4,999

0.20%

$5,000 - $24,999

0.35%

$25,000 - $74,999

0.45%

Over $75,000

Here’s another account that doesn’t make much sense to open if you have a smaller deposit. The $500 minimum deposit needed to open this account could be better used with a Smart Savers Savings account ($50 minimum opening deposit; $200 needed to avoid the monthly fee after six months) and earn a higher interest rate with that account until you have $25,000 saved.

You can only make six withdrawals per month with this account (not including in-person withdrawals) due to federal Regulation D guidelines (all savings accounts abide by this rule). If you make any withdrawals over that limit, you’ll pay $9 per transaction. And if you close the account within 90 days after opening it, you’ll pay another $30 fee.

You can open this account online in just a few minutes. You’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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Make sure your kids don’t forget about this account or they could end up paying a monthly inactivity fee.APY

Minimum Balance Amount

0.14%

$0.01

Anyone age 18 or under is eligible to open this account which has a reasonable lower minimum opening balance requirement of $25. Still, that’s a lot of grass to mow or lemonade to sell for children, and you may have to help start them off, especially if they’re too young for a summer job.

It could be tempting to let this account go dormant especially if your child isn’t savings-inclined, so you may need to remind them every so often to make a deposit into the account. If they go longer than 12 months without making a transaction and they have less than $25 in the account, they’ll pay a $7.50 monthly inactivity fee. That could wipe out the entire account balance within a matter of months. If you change your mind about this account and close it within 90 days of opening, you’ll pay a $30 fee.

Finally, make sure your child understands if they make more than six withdrawals (not including withdrawals made in a local branch), they’ll pay $9 for each transaction, per Federal Reserve rules on savings accounts.

You can open this account online or in-person at a branch. To sign up online, you’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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To be honest, we don’t like these accounts. There are a lot of hidden fees for things like inactivity, dropping your balance below a set amount, or closing your account too soon.

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These CDs have enough hoops to jump through that you’ll soon be frustrated.Online Only Specials

Term

APY

Minimum Balance Amount

6 months

0.10%

$0.01 - $4,999.99

6 months

2.02%

$5,000 - $9,999.99

6 months

2.07%

$10,000 - $1,000,000

6 months

0.10%

$1,000,000+

24 months

2.84%

$0.01 and $999.99

24 months

2.84%

$1,000 - $2,499.99

24 months

2.84%

$2,500 - $9,999.99

24 months

2.84%

$10,000 - $1,000,000

In-Branch Base Interest Rate

Term

APY

3-5 months

0.10%

6-11 months

0.15%

7 months

1.87%

12-23 months

0.20%

15 months

2.28%

24-35 months

0.70%

25 months

2.53%

36-47 months

0.80%

48-59 months

0.95%

60-120 months

1.01%

For those with $1,000 - $2,499 in their NASB checking account

Term

APY

3-5 months

0.15%

6-11 months

0.20%

7 months

1.92%

12-23 months

0.25%

15 months

2.33%

24-35 months

0.75%

25 months

2.58%

36-47 months

0.85%

48-59 months

1.01%

60-120 months

1.06%

For those with $2,500 - $9,999 in their NASB checking account

Term

APY

3-5 months

0.20%

6-11 months

0.25%

7 months

1.97%

12-23 months

0.30%

15 months

2.38%

24-35 months

0.80%

25 months

2.63%

36-47 months

0.90%

48-59 months

1.06%

60-120 months

1.11%

For those with over $10,000 in their NASB checking account

Term

7 months

2.02%

12-23 months

0.35%

15 months

2.43%

24-35 months

0.85%

25 months

2.69%

36-47 months

0.95%

48-59 months

1.11%

60-120 months

1.16%

NASB’s certificates of deposit have their own pros and cons to consider.First, the pros: NASB offers just about any term length you could ever want in a CD, as you can see from the chart above. And if you open your account online, you earn far higher rates than if you walk into a branch to open your account for the six-month and 24-month online-only special CDs.

In addition, NASB offers even higher rates on select CD term lengths: 7 months, 15 months, and 25 months, although you can only open these in-branch. Additionally, all CD terms between 24-35 months are eligible to earn the special 25-month CD rate, but only if you open them online. You can even earn higher rates depending on how much money you have in your NASB checking account (the Money Market Checking account doesn’t count).

Now, the cons: The early withdrawal penalty is very difficult to calculate. Unless you’re a spreadsheet wizard fueled by an entire pot of coffee, chances are you won’t really know how much you’ll have to pay until the penalty hits. And while you technically can earn more money if you have an NASB checking account, your CD account will still only earn the base CD rate for each day your checking account balance is below $1,000, or if you close your checking account.

Additionally — and this is a biggie — NASB may change the rate your CD earns at any time, even after the account is opened. That’s highly unusual — typically, once you open a CD, the rate is locked in unless it’s a special CD.

When your CD term is up, it’ll automatically renew into another CD. You’ll get a 7-day grace period to withdraw the money or make any changes to the CD, however. You can also withdraw any interest you’ve earned at any time penalty-free (it’s credited to your account quarterly), but doing so may mean that you earn less than the stated APY.

Some of these CDs can be opened exclusively online, and some of these CDs have to be opened in-branch. For the CDs that can be opened online, you’ll need your Social Security number, your government-issued ID, and the routing information from your previous bank so that you can transfer over an opening deposit. If you don’t already have an account at another bank, you will need to make your opening deposit at a branch.

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This CD is handy because you can make additional deposits to it even after the account is opened.Term

APY

Type of CD

12 months

0.20%

Base interest rate

12 months

0.25%

For those with $1,000 - $2,499 in their NASB checking account

12 months

0.30%

For those with $2,500 - $9,999 in their NASB checking account

12 months

0.35%

For those with over $10,000 in their NASB checking account

Note: you can open any of NASB’s regular CDs listed in the previous section as an IRA CD, with the exception of its six-month and 24-month online-only specials. However, an IRA CD is a little different because it’s a fixed-rate CD, meaning that once you open it, your rate won’t change like with NASB’s non-IRA CDs. This CD also has a rare feature among banks: you can make additional deposits to the account, even after it’s opened, but only in amounts of $10 or more.

For all NASB IRA CDs, whether it’s a 12-month fixed-rate IRA CD or one of its other IRA CDs, interest will be credited to your account each quarter and you can withdraw this money at any time without paying an early withdrawal penalty (but be aware that this might lower your rate from the stated APY). You can also make withdrawals penalty-free after you’ve reached retirement.

When your IRA CD matures (whether fixed-rate or not), it’ll automatically be rolled over into another IRA CD of the same type. You’ll get a seven-day grace period to make any changes, however.

Unfortunately, there is no option to open this account online. If you’re interested in opening a CD, you’ll have to head in to a local branch.

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We really like that NASB offers the ability to make additional deposits during its 12-month fixed-rate IRA CD’s term. This really is unique, and handy for folks looking to build up their retirement accounts over time.

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This retirement savings account requires less red tape than NASB’s IRA CD accounts, but it doesn’t earn much.APY

Minimum Balance Amount

0.14%

$0.01

If you want to keep your retirement savings more liquid so you can move them elsewhere (hopefully to a higher-earning IRA account) without a penalty, this may be one account to consider.

This account works like most of NASB’s savings accounts (with the exception of never carrying a monthly fee, which is nice). You’re limited to six withdrawals per month due to Federal Reserve D rules, not including withdrawals made in person. For each transaction past that, you’ll pay $9. This account does not come with an ATM card.

To open an IRA Savings account, you’ll need to visit a bank branch.

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Based on its name, North American Savings Bank starts out with a great promise: to be the savings bank for an entire continent. Unfortunately, this is a case of a bank shooting for the stars and landing instead around greater Kansas City.

The interest rates offered on its accounts are far less than the top competitors in the field. Furthermore, most of its accounts — especially its CDs — are tied up in way too much fine print and red tape.

If you do live near a North American Savings Bank branch and want to do business with a local bank, then this may be a good bank for you — if you exercise caution to make sure you’re not being tripped up by this bank’s many policies and fees. Otherwise, we suggest looking at other options.

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