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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

Started in 1998, North American Banking Company has $506 million in assets and $451 million in deposits, ranking it as 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 traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, North American Banking Company is a good bank that deserves your consideration, with a score of 4.1 stars out of 5 from the SmartAsset team. North American Banking Company offers an array product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. North American Banking Company has a fair savings rate compared to the average savings account. The bank's standard checking product carries a $10.00 monthly fee, making it a rather costly bank for checking. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for getting the most income on your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.10%, North American Banking Company ranks poorly in comparison to other U.S. banks. North American Banking Company's CD rates are 1.45% and 2.55% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open 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 charges customers high fees compared to the national average. At $10.00/month, North American Banking Company is less than the best option for those who want a simple banking experience. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. North American Banking Company does not refund out-of-network ATM charges, which means you will need 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. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its 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 receives positive feedback from customers for its mobile app. Out of 6 customer reviews across Apple and Android platforms, the North American Banking Company mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). North American Banking Company's mobile app allows you to manage your funds by looking at current statements, sending and receiving money and accessing customer service. North American Banking Company gets an excellent consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 a medium-size bank and handles $506 million in assets as well as $451 million in deposits. Its Texas Ratio is 3.28%, suggesting that North American Banking Company is in superb financial condition and far from 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: 1.45% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.20% APY
  • 60 Month: 2.55% APY
$10000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

North American Banking Company has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. North American Banking Company does not have the best savings rate, which means you should think about looking 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 compared to the national average.

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Find a North American Banking Company Near Me

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

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