North American Savings Bank (or NASB) was founded in 1927 and is based out of Kansas City, Missouri.
NASB’s 10 branch locations are all in Missouri but their CDs (certificates of deposit) can be opened online.
If you live in the greater Kansas City Metro area and would prefer to stop by a local branch, they have branches in the following cities:
- Grandview
- Lee’s Summit
- Independence
- Harrisonville
- Kansas City
- Platte City
- Excelsior Springs
- St. Joseph
- Lexington
Although NASB offers a full suite of banking products, for the purpose of this review we will focus on their competitive CD rates.
NASB offers three CDs that can be opened online, however, depending on your location they may have more offers as well as IRA CDs.
The APYs (annual percentage yields) for the three online CDs beat the national average by considerable margins. To see if these are right for you, continue reading our review below.
North American Savings Bank CD Rates + Account Details
NASB CDs come with a steeper than average minimum deposit requirement of $5,000 and are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. NASB’s FDIC number is 29708.
CD Rates
| Term | APY |
| 7 months | 4.92% |
| 13 months | 5.18% |
| 24 months | 5.28% |
To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 1.54% and 1.43% APY, respectively, according to FDIC data.
đź“Ś Please Note – If you have a credit freeze or any fraud monitoring program running, you will need to contact these institutions to have this lifted in order for you to complete the online CD application with NASB. That said, no credit check is performed when opening a CD. If you have further questions contact NASB at 816-316-4000 and select option 3.
Compounding and Crediting Interest
North American Savings Bank online CDs feature daily compounding interest. Interest is then credited back to the account monthly.
If you wish to have the interest payments transferred to an external bank account you may do that as well.
This is ideal for those living off interest payments, but remember this will lower your overall APY (annual percentage yield) as it negates the impact of compounding interest (i.e. your accumulated interest won’t earn interest).
Grace Period and Early Withdrawal Fees
North American Savings Bank CDs come with a 7 calendar-day grace period in which you may change your CDs term, add/withdraw funds or close out the CD entirely without incurring any early withdrawal fees.
All of NASB’s online CDs automatically renew for the same term and the going APY if nothing is done during the grace period.
If you need funds prior to the maturity of your CD, you will incur an early withdrawal fee. Unlike many bank CDs, NASB imposes a flat early withdrawal fee across all terms. Typically early withdrawal fees increase with the term of the CD.
NASB CD Early Withdrawal Fee
| CD Term | Fee |
| all terms | 6 months’ interest |
As noted, interest payments may be withdrawn without incurring a fee.
How to Open a CD with North American Savings Bank
As mentioned, these three CDs can be opened online by any individuals or partners looking to open a joint CD whose 18 years old or older. The CDs are available in all 50 states.
If opening a CD online, start here, and be prepared with the following:
- Your Social Security number
- A government-issued ID
- A valid email address
If transferring funds from an external bank, please have:
- bank or credit union’s routing number
- bank account number