Update 4/8/19: Rate has been decreased to 2.38% APY from 2.53%, so might be worth considering a new high rate savings account.
[1/16/19: Added direct link below.]
Offer at a glance
- Interest Rate: 2.38% APY
- Minimum Balance: $50,000
- Maximum Balance: $5,000,000
- Availability: Nationwide
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- NASB is offering a high rate savings account, this is an online only account that earns 2.38% if you have a balance $50,000 – $5,000,000 (the full balance earns at 2.53% as long as it’s above that $50,000 minimum).
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about. You do have to pay $10 per incoming wire.
Our Verdict
Definitely not recommend compared to other high yield accounts now that it’s 2.38%
It doesn’t seem like the website is fully functional yet, to get this account you actually need to sign up for E-Savings account and that will get you this 2.38% rate. The rate is guaranteed for six months. This offer is slightly better than the current top high yield savings account. That being said, we don’t have any rate history with this bank so it’s unclear how likely they are to raise rates and what will happen after the guaranteed period. Because this is only slightly higher than the current top rate and the fact it has a $50,000 minimum and some fees for wires I wouldn’t recommend it.
Hat tip to Jchmonti.
These banks are too unreliable. They were bnaking on the fed raising rates more but now that’s likely not happening till Q4.
That is a good point Sam. As part of my strategy to address uncertainty over interest rates, I’ve found Navy FCU CDs to be of great value. Their “special” certificates allow additional deposits at anytime and you’re guaranteed to receive some of the best rates nationwide. I opened up a 3.25% 17-month CD several months ago with a small deposit and made several additional deposits. If rates don’t continue to rise I’ll add additional funds to the CD.
Can you create a “blacklist”? i.e. Banks that cut rates shortly after increases, ones that don’t increase rates (i.e. you need to make a different account with them to get the increase, etc.
Something similar to the banks that can be funded with a CC list (but wildly shorter…hopefully). Then all the negative stories can be curated in one place
I usually just mention it in the individual posts
Looks like the deal has been reduced to 2.38%.
After 6 months the rate drop to regular APY rate and the 6 month 2.53% is just a promo. Not really interested if it drops to 1.3% which is what it shows right now
NASB charges a $30 fee if you close your account within 90 days of opening. Theoretically, couldn’t you get the higher rate for 6 months, then move your money to another savings account and close NASB?
Sure you can do that but is that what you want to do after 6 months. Seems like a burden. I got my local credit union to match the rates but after 6 months I’m going to be having the same conversation with them again about matching the rates again.
They are no longer offering this deal.
Yes they are offering it, it was never on their website with the link shown above. Try this link https://www.nasb.com/banking/landing-pages/high-rate-savings/
Thanks for the link, I’ll update.
“We wish not to service an account for you at this this time”
This was after they sent me a “congratulations your account is open” email.
I called and asked why, they would only say “because we can”
This bank is a waste of time.
The website is no longer offering this deal.
I confirmed via online chat that it is a SOFT credit pull for the High Rate Savings.
Soft pull on which credit bureau?
I found a 25 month CD for 2.53%, but I can’t seem to locate any info on their site for the E-Savings account 2.53%.
Anyone have success getting Bank of America to match savings account rates? My friend’s family who has a wealth management account with them apparently have this option. Any idea if Platinum Honors folks can do that? I’ve tried contacting bank of america
I have been Preferred Rewards Platinum Honors for years and have more than $1MM between BOA & Merrill. They have never matched any savings rates. I think your friend’s family doesn’t know what they are talking about.
Same here. I am preferred reward platinum honors. In fact Merrill edge contacted me recently about getting me to put my money back there but they can’t increase the 2.07 preferred deposit rate. They did offer me a signup bonus but they offer that to everyone right now.
Looking to switch from crappy HSBC when they payout my sign on bonus. The worst POS bank ever.
Agree. HSBC is absolutely terrible. I finally was able to get them to pay the bonus but it literally took daily calls to them for about 6 weeks straight. Never again.
Ditto
You are not the only one.