NBKC Bank Business Savings Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
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 2.0% 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.
What We Like
- 2.0% APY
- No opening deposit
- No required maintaining balance
- Up to $12 ATM fee refund per month
Drawbacks
- Branches only in Kansas and Missouri
- Only incoming domestic wires are free
Features
- Free NBKC Business Debit Mastercard
- Limited to 6 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)
How NBKC Bank Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Money Market | 2.0% | $0 | None at NBKC Bank ATMs and MoneyPass ATMs; refunds up to $12 monthly for nonnetwork | $0 |
 Prime Alliance Business Savings | 3.60% to 4.0%, 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 2.0% APY benefit starting at 1 cent 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 full array of bank products: The bank offers business checking, CDs, Small Business Administration (SBA) loans, and business credit cards.
- You want to save on ATM fees: NBKC Bank refunds up to $12 per month for transactions made at non-network 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. Check out our review of Chase’s business checking accounts to see if any of its options fit your business needs.
- You need to withdraw funds from your account frequently: 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 business checking account with Grasshopper Bank, which provides 2.25% APY and unlimited transactions. Our Grasshopper Bank Business Checking review provides detailed information.
- You send or receive international wire transfers often: NBKC Bank charges $45 for sending and receiving wire transfers. Businesses that want to save on these fees can choose to go with Mercury, a financial technology (fintech) alternative, which offers fee-free wire transfers. Our review of Mercury Business Checking can help you decide if it fits the bill.
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 | 2.0% |
Transaction Limit Before Fees | Six debit transactions per statement cycle* |
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: customersupport@nbkc.com |
Invoicing Products | Autobooks (free for 60 days, then $10 per month) |
Other Products | Business checking, CDs, credit cards, 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
Before opening an account, check our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
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 2.0% 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 App Store and Google Play.
Reviews for NBKC Bank’s mobile app are good on the App Store (4.5 out of 5) and Google Play (4.1 out of 5). Users were impressed and mentioned that the app is user-friendly and that the online technology is excellent. However, some gave low ratings since they experienced check deposit issues and slow connections.
Other NBKC Bank Business Products
NBKC Bank has a full range of banking products, from business CDs and business checking accounts to commercial loans and business credit cards.
For a $1,000 minimum opening deposit, you can earn an APY from 0.10% to 3.25%, depending on fixed terms ranging 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 offers four business credit cards to businesses:
- Business Cash Preferred Card: Earn up to 3% cash back for eligible business purchases.
- Business Card: Save on interest with its extended low introductory rate.
- Smart Business Rewards Card: Earn 2x rewards points for every dollar you spend in your top two spending categories per month.
- Business Real Rewards Card: Earn 1.5 reward points each month for every $1 spent on eligible purchases.
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 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 User Reviews
NBKC Bank has a rating of 4.9 out of 5 on WalletHub1 and 4.8 out of 5 on ConsumerAffairs2. There are no reviews of the business savings account, but customers stated positive interactions with the bank. They said 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 2.0% 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 Resources:
