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North American Banking Company Review

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North American Banking Company Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1998, North American Banking Company has assets totaling $506 million and deposits totaling $451 million, making it a medium-size bank. North American Banking Company, whose headquarters are in Roseville, Minnesota, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, North American Banking Company is a good bank that gets the job done. North American Banking Company provides customers with a choice of banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. The bank's standard checking account carries a $10.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer no-fee checking and a high savings APY are your best option for accruing the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.4
SmartAsset Average: 3.5

North American Banking Company has a savings rate of 0.10%, which is fair in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.02% and the five-year CD earns at a rate of 2.55%, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How North American Banking Company's Savings Rates Compare

North American Banking Company Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

North American Banking Company has generally high fees in comparison to other U.S. banks. At $10.00/month, North American Banking Company is not great for people who want a basic checking account. For those who regularly visit the ATM, it is perfect because it has no out-of-network ATM fees. North American Banking Company does not reimburse out-of-network ATM charges, which means you will have to locate a North American Banking Company ATM or eat the withdrawal fee.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

North American Banking Company is a brick-and-mortar bank, with five total branches in Minnesota. With mobile and web apps, North American Banking Company makes mobile banking straightforward, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT; Saturday, and 9:00 a.m. to 12:00 p.m. CT. North American Banking Company's online and mobile banking platforms receive high praise from users. The North American Banking Company mobile app scored a 5.0 out of 5 (with 6 customer reviews on Apple and Android) compared to the national average of 3.8. North American Banking Company's mobile app lets you manage your funds by checking account balances, sending and receiving money as well as accessing support representatives. North American Banking Company receives an outstanding consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

North American Banking Company is currently a medium-size bank and handles assets totaling $506 million and $451 million in deposits. Its Texas Ratio is 3.28%, denoting a negligible chance of failure. Additionally, North American Banking Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.28%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare North American Banking Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.02% APY
  • 24 Month: 1.27% APY
  • 36 Month: 1.55% APY
  • 48 Month: 2.05% APY
  • 60 Month: 2.55% APY
$10000 for all terms
Money Market Account 0.05% APY $1

North American Banking Company offers several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. North American Banking Company does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. North American Banking Company's CD rates are fair in comparison to other U.S. banks.

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Find a North American Banking Company Near Me

North American Banking Company has five physical branches in the U.S.

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