NBKC Bank has high-yield business savings in the form of a money market account. If you’re looking for a good annual percentage yield (APY) rate without the stress of maintaining a minimum balance or coming up with a hefty required opening deposit, then NBKC Bank’s Business Money Market account is a great option. You only need a negligible 1-cent balance in your account to earn 2.50% APY. There’s also no minimum opening deposit, which is one of NBKC Bank’s trademark account features.
NBKC Bank is a Federal Deposit Insurance Corp. (FDIC)-insured online bank with branches in Kansas City, Leawood, and Overland Park. You can open an account on the bank’s website.
Pros
– 2.50% APY
– $0.01 minimum balance requirement to earn interest
– Free monthly ATM refunds of up to $12
Cons
– No branches outside Kansas and Missouri
– Only incoming domestic wires are free
Features
– Free NBKC Business Debit Mastercard
– Limited to six transfers or withdrawals per month
– Online and mobile banking
– No fees to deposit checks at the branch or via the mobile app
– Certificates of deposit (CDs) and Small Business Administration (SBA) loans also available
How NBKC Bank Stacks Up With Its Competitors
APY
Monthly Fee
ATM Fee
Minimum Opening Deposit
Business Money Market
2.50%
$0
None at NBKC Bank ATMs and MoneyPass ATMs; refunds up to $12 monthly for nonnetwork
$0
Prime Alliance Business Savings
3.85% to 4.25%, depending on balance
$0
N/A; no debit card issued for savings
$0
Live Oak Business Savings
4.00%
$0
N/A; no debit card issued for savings
$0
When NBKC Bank Is a Good Fit
– You want to earn competitive interest: With a 2.50% APY on balances of 1 cent and above and no maintenance fees, you can open a money market account and earn higher interest compared to other banks’ regular business savings accounts.
– You want access to a wide array of bank products: The bank offers business checking, CDs, and SBA loans.
– You want to save on ATM fees: NBKC Bank refunds up to $12 per month for transactions made at nonnetwork ATMs. This is why it’s part of our list of the
best business savings accounts.
When NBKC Bank Is Not a Good Fit
– You prefer in-person banking but are based outside of Kansas and Missouri: NBKC Bank only has five branches in Kansas and Missouri—so you can consider Chase, which has branches nationwide. For a brief overview of Chase’s available savings products, see the other products section of our
Chase Business Complete Banking review.
– You need to withdraw funds from your account frequently: Like the majority of savings accounts, NBKC Bank’s Business Money Market account allows you to make only six transfers and/or withdrawals per statement cycle. You can opt to open a basic business checking account with Bluevine, which offers unlimited transactions and earns 2.0% APY on qualifying balances of $250,000 and less. Read our
review of Bluevine business checkingfor more information on how to qualify for Bluevine’s APY.
– You send or receive international wire transfers often: NBKC Bank charges $45 for sending and receiving wire transfers. Businesses wanting to save on these fees can go for Mercury, a financial technology (fintech) alternative, which offers fee-free wire transfers. Our
Mercury business checking reviewtouches upon the bank’s savings products.
Check out more providers in our list of the
best small business checking accounts.
NBKC Bank Business Savings Overview
Required Opening Deposit
None
Required Balance Minimum
1 cent to earn interest
Monthly Fees
None
APY
2.50%
Transaction Limit Before Fees
Automated Clearing House (ACH) Fees
None
Domestic Wire Transfer Fees
$0 incoming; $5 outgoing
International Wire Transfer Fees
$45 incoming and outgoing
ATM Fees
None at NBKC Bank and MoneyPass ATMs;
refunds ATM fees up to $12 per month for nonnetwork
Cash Deposits
Free at 34,000-plus MoneyPass ATMs
Customer Service
Hotline: (888) 905-2165
Monday to Friday, 8 a.m. to 5 p.m. Central time
Email: [email protected]
Invoicing Products
Autobooks (free for 60 days, then $10 per month)
Other Products
Business checking, CDs, lines of credit, commercial loans, and SBA loans
NBKC Bank Business Savings Requirements
You can visit NBKC Bank’s website to open a business bank account. You need to be a United States citizen or permanent resident who is at least 18 years of age. Foreign businesses aren’t allowed to open an account.
You’ll be asked to provide the following:
– Name
– Address
– Date of birth
– Social Security number or tax identification number (TIN)
– Business information
– Government-issued ID
– Legal business documents
You may be asked to provide additional NBKC Bank business savings requirements depending on your business structure. Before opening an account, check our guide on
how to open a business bank account, which includes a free downloadable checklist of documents banks typically require.
NBKC Bank Business Savings Features
NBKC Bank features a lot of fee-free features, a competitive APY, and mobile banking.
Zero Fees
– $0 monthly fees
– $0 minimum balance requirement
– $0 minimum opening deposit
– $0 fees for online banking, $0 for Bill Pay on your phone, tablet, and desktop
– $0 to deposit checks at a branch or using the NBKC app
– $0 e-statements, $0 for stop payments, whether in-branch or online
– $0 for incoming domestic wires
Competitive APY
The Business Money Market account provides an APY of 2.50% on all balances. You only need to have 1 cent in your account to obtain it. Note that the rates are subject to change without prior notice.
Mobile Banking
NBKC Bank clients can check balances, transfer funds, and view transactions of their savings accounts through the website. They can also download the mobile app, available on the App Store and Google Play.
The app received good user feedback. It has a rating of 4.4 on the App Store
[[2]](#footnotes) (based on more than 800 reviews) and 4.1 on Google Play [[2]](#footnotes) (based on 500-plus reviews). Customers found the app user-friendly and easy to navigate. Users who gave low ratings said that they experienced issues with the mobile check deposit function.
Other NBKC Bank Business Products
NBKC Bank has a full range of banking products, from business CDs and business checking accounts to commercial loans.
For a $1,000 minimum opening deposit, you can earn APY from 0.10% to 4.50%. Maturity lengths range from three months to five years.
NBKC Bank offers a Business Checking account that has no required opening deposit, minimum balance, and monthly fee. It doesn’t earn interest, but you can perform unlimited transactions with no fees. For in-depth product features, read our
NBKC Bank business checking review.
NBKC Bank offers a wide variety of lending products:
– Line of credit: Businesses can apply for a traditional secured line of credit by providing collateral. They can also choose a real estate line of credit based on the equity they have in a piece of property.
– Equipment loans: The bank provides financing for equipment and machinery purchases, including inventory and supplies.
– Real estate and construction: For business owners planning to purchase a new property, an SBA 504 loan, a bridge loan, and real estate investment are available.
– Commercial loans: NBKC Bank offers commercial financing for office spaces, retail spaces, multifamily residential real estate, warehouses and industrial spaces, and special-use properties.
– SBA loans: NBKC Bank offers sole proprietors, corporations, and professional partnerships an SBA loan to help provide working capital or finance asset purchases or upgrades.
NBKC Bank lets you add extra business services to streamline your business operations. For a monthly or annual fee, you can sign up for:
– Desktop deposits: You can deposit checks from the convenience of your home or office using a check scanner.
– ACH debits and credits: You can transfer payroll, pay vendors, collect funds, and reimburse expenses via an electronic transfer.
– Fraud prevention tools: You can automatically match checks with authorized items through a fraud prevention system.
– Autobooks subscription: This is free for the first 60 days, then it costs $10 each month. Autobooks allows you to create and send professional invoices to your clients’ emails. They can send their payments online through a debit card, credit card, or electronic bank transfer, and payments are deposited directly into your business checking account. You can also review financial reports to track the payments.
NBKC Bank Business Savings Reviews From Users
At present, not many user-published NBKC Bank business savings reviews are available. While the bank has a rating of 4.9 out of 5 on WalletHub
[[3]](#footnotes) (based on more than 10,000 reviews) and 3.4 out of 5 on ConsumerAffairs [[4]](#footnotes) (based on around 60 reviews), none of these reviews are specific to NBKC Bank business savings.
Still, customers said that their interactions with the bank were positive. They shared that the customer service reps were responsive, the business loans were easy to obtain, and the bank was reliable. Others who left low ratings mentioned that they experienced payment errors and had delayed service requests.
Bottom Line
The Business Money Market of NBKC Bank is an excellent savings account, rewarding business owners in Kansas and Missouri with 2.50% APY for all balances and plenty of savings on fees. With in-person banking and a full suite of business banking products, NBKC Bank brings great convenience to its customers.
User review references:
[1]
App Store
[2]
Google Play
[3]
WalletHub
[4]
ConsumerAffairs
