NBKC Bank Review 2020

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NBKC Bank

Overall Rating

9.5

Bottom Line

NBKC Bank is definitely a solid choice. The bank has great ratings and is favorably reviewed by customers and finance websites alike. Their mobile offering is strong and can be a very welcome change to those who do not want to stand in queues to carry out their banking needs.

Pros

  • No Fees
  • Low Initial Deposit
  • Multiple Loan Options

Cons

  • Limited Customer Support
  • No Personal Credit Card

Fees

10.0

Initial Deposit

10.0

Customer Service

9.0

International Transfers

9.0

NBKC Bank is an online bank offering customers from across the U.S. access to a number of banking services. The bank offers low fees and competitive interest rates.

They employ some 315 people and have been in operation since 1999. They acquired their BBB accreditation in 2004.

Among their many products and services, all of which can be accessed online, they also offer an NBKC bank checking account. It is offered with minimal fees and, more importantly, comes with no monthly maintenance fees attached.

NBKC Accounts at a Glance

Account Type Interest Rate
Personal Account 0.65% APY
Money Market Account 0.90% APY
3 Month CD 0.35% APY
6 Month CD 0.65% APY
1 Year CD 1.01% APY
2, 3, or 4 Year CD 1.10% APY
5 Year CD 1.20% APY

NBKC Bank Features

Setting up an account with NBKC bank comes with a number of perks and features. The biggest one is their mobile banking app, which offers access to a number of features for true banking on the go.

But this is not all. Let’s have a look at what you can expect when opening an account with NBKC Bank.

Mobile Banking

The bank offers the NBKC app, which can be downloaded from the iOS App Store or Android Play Store, depending on what kind of phone you have. It is completely free to download and use; however, you do need to have an account with them to use it. With the app, you can:

  • Transfer funds
  • Pay bills
  • Use your digital wallet including Apple Pay, Samsung Pay, and Google Pay
  • Receive and send messages securely
  • View branch locations and opening hours
  • Deposit mobile checks
  • Find fee-free ATMs

Other Features

If you don’t have a compatible smartphone, you can access all of these features through their online banking portal, which can be accessed using a web browser.

The website has several useful features, including the ability to link your bank account to many accounting applications. This can help you manage your finances easier.

One other feature of the bank worth noting, even though we did mention this before, is that you can open an account with just $5.00. If you’re looking to open a CD (Certificate of Deposit) this goes up to $25.00 for the Starter CD and $1,000 for the normal CD.

NBKC Bank Fees and Interest Rates

NBKC Bank offers many features without cost to the consumer, which is, of course, great news! When talking about bank pricing, it’s equally important to talk about the interest paid since this can end up costing you money in the long run.

When talking about interest earned, banks will generally quote this as APY, which is short for Annual Percentage Yield, followed by a percentage figure.

This basically represents the total interest you can expect to see over a period of one year. The interest rate and the compounding period (which is 365 days long) are taken into account when working out the APY.

  • Personal Checking Account: 0.65% APY
  • Personal Money Market Savings: 0.90% APY
  • CD (Certificate of Deposit): 1.01% APY (1-Year CD)

Getting Started

Signing up with the NBKC account is easy and can be done by clicking the ‘Open my account’ green button located on their website. Once clicked, you will be re-directed to the online account opening page, where you will be advised with what you need to proceed. Requirements include:

  • Being a citizen of the U.S. or a Resident Alien
  • Be 18-years or older
  • Have an SSN (Social Security Number)
  • Have a government-issued I.D. (identification)

Be sure to have both your SSN as well as your I.D. at hand as these will be required during the sign-up process.

The sign-up process is very easy and includes an option to scan your driver’s license to make it that much easier. Once done and your application is approved, you can open a personal account with as little as $5.00.

Security

NBKC bank has been rated as A+ by the BBB (Better Business Bureau), which is the highest rating available. You can also view the rating on the BBB’s website, which lists any pending complaints and customer reviews to help you understand what issues, if any, other customers have encountered.

They are also FDIC insured, which means that each depositor is protected for up to $250,000 should something happen, which is worth keeping in mind when deciding how much money you should deposit in your NBKC bank account.

When it comes to online banking, the bank employs multi-factor authentication. What this fancy phrase means is that you will be asked to confirm who you are through different channels such as logging in on the website then confirming your logging in by entering a code you receive by SMS. This is a more secure way of logging in as even if your password gets exposed (these things happen), your account will remain secure.

Customer Support

When it comes to support, NBKC bank offers support via email, live chat, and the good old telephone. Do keep in mind that customer support is only available during office hours. There is an emergency line that you can call if you lose your debit card. While this does not offer assistance in the traditional sense, it’s still nice to see that help is at hand should the worst happen.

Pros and Cons

Before deciding to open an account with NBKC bank, it can be very helpful to weight the pros and cons of this bank. Of course, not all pros and cons might apply to you.

To better understand if this bank is right for you, it might be best to first understand why you want to open an account, then see if it fits your criteria.

Pros

  • No fees: The bank does not charge fees except for international wire transfers
  • Low initial deposit: With the minimum deposit set at $5.00, opening an account with NBKC bank is easy and accessible
  • Multiple loan options: If you qualify, there are different loan options available to help you reach your goals
  • ATM withdrawals: There are some 32,000 ATMs available nation-wide with no-fee withdrawals. The banks will also refund up to $12.00 per month for out of network withdrawals

Cons

  • No brick-and-mortar branches: Unless you live in Kansas City, you will not be able to visit a branch
  • Customer Service is limited: There is no 24/7 support which is only available during office hours
  • No personal credit card: The bank does not offer individuals a credit card. This is only available for business accounts
  • High fees for international transfers: At $45 per transaction when affecting an international bank transfer, this can be quite high

NBKC Bank FAQs

What Does NBKC Bank Stand For?

NBKC stands for National Bank of Kansas City, which is the previous name under which this bank operated. The name change was done back in December of 2015 as the bank made efforts to appeal to a wider audience.

Where Is NBKC Bank Located?

As the name suggests, the bank is located in Kansas, Missouri, where they have three branches. It is important to note that the bank offers all of its services online where they are able to reach customers nation-wide. This means that one can probably refer to the bak’s location being online before anywhere else.

Is NBKC a good bank?

NBKC bank is definitely a solid choice. The bank has great ratings and is favorably reviewed by customers and finance websites alike. Their mobile offering is strong and can be a very welcome change to those who do not want to stand in queues to carry out their banking needs.

Like everything else, there are both pros and cons to NBKC Bank, but this will largely depend on your requirements. Either way, you should always understand what your requirements are before having a look around to see which bank can best meet them.

Alternatives to NBKC Bank

There are many alternatives to NBKC bank, but it all depends on what you are primarily after. To get a baseline, we will compare the CD offerings of two other banks with what NBKC offers, which can give you a better idea of the rates you can get on your Certificate of Deposit.

Alaska USA FCU 5 Star Bank NBKC Bank
APY 1.05% 0.40% 1.10%
Term 3 years 3 years 3 years
FDIC Insured Yes Yes Yes
Min. Dep. $500 $500 $1,000

Is nbkc Bank For You?

With virtually no fees and a great app that lets you avoid long bank queues, there is a lot to like about NBKC Bank.

Of course, unless you live in Kansas City, depositing cash is going to be a bit of a problem so if this is something you find yourself doing on a regular basis, you might want to reconsider whether this bank is the right choice for you.

Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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