This NASB High Rate Savings Account review will walk you through how the account works, ways to use it, and who its best for.

North American Savings Bank (NASB) is a full-service bank operating out of Kansas City, Missouri. NASB has 11 branches, 3 mortgage offices, and 50 ATMs, but you don’t need to reside in Kansas City to bank there. Product offerings include checking accounts, savings accounts, certificates of deposit, money markets, and IRA accounts. It also offers mortgage lending.

You can open accounts online, and the bank’s robust online and mobile platforms mean you can access your accounts from anywhere.

Why should you consider North American Savings Bank? Because some of its savings accounts pay higher rates than other traditional brick-and-mortar banks. In fact, it offers a high-yield savings account that pays a lot more than most banks – as long as you maintain a balance of at least $50,000.

Let’s take a look at how NASB’s High Rate Savings Account works.

NASB High Rate Savings Account at a GlanceNASB Logo

  • Earn 0.50% APY on balances of $50,000 to $5,000,000 (fixed for 6 months)
  • No monthly service charges
  • Free online withdrawals
  • Free withdrawals at NASB or U.S. Bank ATMs
  • FDIC insurance on savings up to $250,000
  • Online and mobile banking services, including digital check deposits
  • Open an account here

What is the NASB High Rate Savings Account?

The North American Savings Bank High Rate Savings Account is an FDIC-insured high-yield savings account for large balances. The current APY on account balances between $50,000 and $5,000,000 is 0.50% APY, though the rate is variable and is subject to change. Account balances under $50,000 earn 0.10% APY.

The NASB High Rate Savings Account is just a regular savings account that pays a higher-than-normal interest rate. Your funds aren’t locked in as they would be with a certificate of deposit (CD) and it is FDIC insured. Unlike some other online high-yield savings accounts, the NASB account includes optional ATM access.

What I Love About the NASB High Rate Savings Account

High Interest Rate Without Locking You In

The NASB High Rate Savings Account offers a high interest rate on large balances. The (up to) 0.50% APY is one of the best rates available on a savings account.

You might be wondering why anyone would want to earn 0.50% APY on $50,000. Couldn’t you get better returns by investing in the market? Well, sometimes. But there are plenty of situations in which a low-risk short-term investment makes more sense.

One example might be someone who is planning to make a large down payment on a home in a few months. It likely wouldn’t be appropriate to invest the funds in the market since that would introduce risk you wouldn’t have time to recover from. It also wouldn’t make sense to lock the money into a CD, since the funds would be required in a few months.

At the same time, it would be a shame to forfeit interest earnings on such a large sum. This is where the NASB High Rate Savings Account shines. It pays a competitive interest rate while keeping the funds liquid with (mostly) unrestricted access. You get the conveniences of a bank account without having to accept the measly rates typical of many traditional banks.

FDIC Insured

Another benefit of the account is that it’s FDIC insured. FDIC insurance covers $250,000 per depositor and per insured institution for each account ownership type. That means if the High Rate Savings Account is your only sole-owner product with NASB, up to $250,000 is insured.

That means $250,000 is protected in the unlikely event the bank goes under. If that were to happen, you would be reimbursed. That makes the NASB High Rate Savings Account a nearly risk-free account – up to $250,000, anyway.

Convenient Access With No Monthly Fees

The NASB High Rate Savings Account comes with minimal fees. There is no monthly fee and no deposit fee. Plus, online transfers to NASB or to external accounts are free using online banking. You can even withdraw funds from an ATM for free, provided you use an NASB or U.S. Bank ATM. If you have checks to deposit, you can deposit them digitally using the NASB mobile banking app.

Earn up to 0.50% APY on your savings – Grab one of the best rates around at NASB with their High Rate Savings Account. Learn more here.

Where the NASB High Rate Savings Account Falls Short

Let’s be honest: This account targets a small percentage of the population. You need $50,000 to open the account, which is more than most people have lying around.

Yes, you can hold this account with a smaller balance if you withdraw a portion of your funds after opening the account. But once your balance drops below $50,000, the interest rate shifts from a competitive 0.50% APY to a paltry 0.10% APY. Needless to say, that’s nothing to get excited about, and there are plenty of other banks that offer comparable rates.

It’s also worth noting that NASB only has brick-and-mortar branches in Missouri. The convenience of online and mobile banking means this won’t be a significant drawback for many, but there are instances when it could be frustrating.

Another drawback is that, although the funds held in the NASB High Rate Savings Account are accessible online any time, there is a withdrawal cap of $250,000 per 30-day period. Most people probably will not hold that much in their account. However, if you do plan to hold a balance larger than that, be aware that you won’t be able to withdraw it all at once. This could pose a problem if you need quick access.

Fees on this account are minimal, but a $30 closure fee applies if you close the account within 90 days of opening. So, if your balance is around $50,000 and you close your account, that fee could negate most of your interest earnings. The way around this is to keep the account open for at least 90 days, even if you need the funds sooner. Just leave a tiny balance to keep it open and avoid the $30 fee.

With these limitations in mind, the NASB High Rate Savings Account is best for someone who wants to park a large balance in a high-yield account for short-term goals.

How to Open an NASB High Rate Savings Account

You can easily open an NASB High Rate Savings Account online. You’ll need to provide your name, address, contact info, driver’s license, and Social Security number. Standard stuff. The application also asks for your employment status, income, and living situation, including rent or mortgage costs.

You’ll need to provide your current bank’s info to facilitate funding your new account. That means the bank’s routing number and account number where your money currently lives. That info is printed on your checks, if you have them, and should also be available through your online banking portal if you’ve already gone digital. If you’re not sure, it’s best to contact your bank to make sure you get it right.

You will need to deposit a minimum of $50,000 to open the account. You don’t need to maintain a $50,000 balance to keep the account open, but remember that if your balance drops below that point, your interest rate will drop to 0.10% APY. Holding $49,000 at 0.10% APY wouldn’t be a smart move.

Once your account is open, you can download the mobile banking app for iOS or Android to enjoy convenient, on-the-go access to your new account.

How to Use the NASB High Rate Savings Account

The NASB High Rate Savings Account is just that – a savings account. It’s not designed to be your day-to-day transaction account. That means you won’t be using it for point-of-sale transactions or routine bill payments.

Deposits to the account are always free, as are online withdrawals — even when transferring funds to another bank.

If you need ATM access, you can request a card from NASB. Withdrawals are free at NASB ATMs, but these are only located in Missouri. Luckily, NASB partners with U.S. Bank to offer free withdrawals at U.S. Bank ATMs as well. A $3 fee applies at any other ATM. If there are no NASB or U.S. Bank ATMs near you, you can transfer the funds for free using online banking and then go to your regular ATM.

You can access your account anywhere using online banking or the NASB mobile banking app. With the app, you can deposit checks into your account remotely, eliminating a trip to a brick-and-mortar branch or ATM.

NASB High Rate Savings Account: The Verdict

I view this as a niche account. It’s for a specific type of customer and it serves that customer well. People outside this niche won’t reap the benefits. Beginning savers with starting balances under $50,000 will only earn 0.10% APY and are better off with an account that would reward you for saving.

However, if you are in the enviable position of having more than $50,000 in non-tax-deferred savings and will need those funds in the short term, the NASB High Rate Savings Account may be the perfect place to park them.

The highly competitive 0.50% APY variable rate paired with flexible and convenient access and FDIC insurance make this account an ideal short-term solution for large balances. NASB High Rate Savings Review Pin - picture of couple on floor with boxes

Earn more with NASB – If you need a short-term place to stash $50,000 or more, the High Rate Savings Account at NASB earns more than a traditional savings account. Learn more here.