Central Bank of Kansas City High Yield Savings account review
An online savings account that earns 0.3% APY on your total balance.
finder.com’s rating: 4.0 / 5.0
The Central Bank of Kansas City High Yield Savings account has no monthly fees, a low $1 opening deposit and a competitive 0.3% APY. It’s offered through SaveBetter — an online platform that lets you invest your savings across multiple FDIC-insured partner banks in one centralized location. But the platform doesn’t support joint accounts, so you can’t open this account with a partner or family member.
Minimum deposit to open
|Annual percentage yield (APY)||0.30%|
|Minimum deposit to open||$1|
|Intro or bonus offer||Get $25 on your first $5,000 deposit. Receive an additional $5 for every $5,000 deposit thereafter, up to $125. Offer ends 02/28/21.|
|Minimum balance to earn interest||$0|
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
The Central Bank of Kansas City Savings account is best for anyone looking for a solid savings account with no fees, a low $1 opening deposit and a competitive 0.3% APY. You won’t find any fluffy features, but it’s a good place to tuck your money away and watch it grow without having to worry about meeting strict APY or balance requirements.
The account is offered through SaveBetter, an online marketplace where you can shop for savings products across several FDIC-insured banks. You open the account through SaveBetter and manage your funds through the SaveBetter app, even though it’s offered by Central Bank of Kansas City.
The major downside to the Central Bank of Kansas City Savings account is that there’s only one way to access funds — through a linked bank account — and you can’t open it jointly with someone else.
How do I open a Central Bank of Kansas City Savings account?
Open a Central Bank of Kansas City Savings account online in seven steps:
- Go to the provider’s site and follow the steps to apply.
- From the SaveBetter website, scroll down until you see the Central Bank of Kansas City section and select Start saving.
- Enter your email address, password and full name, agree to the terms and conditions and select Continue.
- Confirm your email address.
- Finish filling out your application with your date of birth, Social Security number and contact details. Select Continue.
- Follow the prompts to review and submit your application.
- Connect your bank or financial institution to fund your account.
EligibilityCentral Bank of Kansas City Savings has these eligibility requirements:
- At least 18 years old
- Valid Social Security number
- US residential address
- Government-issued photo ID
- An existing bank account
- $1 opening deposit
You need the following information when you apply online:
- Full name
- Home address
- Date of birth
- Social Security number
- Login credentials for your existing bank account
Compare Central Bank of Kansas City Savings to similar accounts
We gathered a quick comparison of Central Bank of Kansas City Savings and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more savings accounts.
Aspiration Spend & Save Account
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$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Minimum deposit to open
Minimum balance to earn interest
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What are the benefits of a Central Bank of Kansas City Savings account?
The Central Bank of Kansas City Savings account is FDIC insured and comes with these benefits:
- Earns interest. You earn a competitive 0.3% APY on your total account balance, no strings attached.
- Low opening deposit. All you need is $1 to open a Central Bank of Kansas City Savings account and start saving today.
- No fees. You won’t have to worry about avoiding fees with this account because there aren’t any.
- No six-monthly withdrawal limit. Most savings accounts limit your withdrawals to six. But with this account, you won’t need to worry about a limit, since it’s been indefinitely suspended due to the coronavirus pandemic.
How much interest can I earn with a Central Bank of Kansas City Savings account?
This table shows how much interest you could earn in five years with a Central Bank of Kansas City Savings account if you made an initial $1,000 deposit followed by $100 monthly deposits.
|APY||1 year||2 years||3 years||4 years||5 years|
What should I look out for?
Look out for these potential drawbacks with your Central Bank of Kansas City Savings account:
- Must apply through SaveBetter. Although this account is through Central Bank of Kansas City, you need to apply through SaveBetter and use their app to manage your account.
- No joint accounts. SaveBetter’s platform doesn’t support joint accounts, so you can’t add someone to your Central Bank of Kansas City Savings account.
- Only one way to access funds. The only way to access money is through a linked account. You can’t do direct deposit, remote check deposits, wire transfers or cash deposits.
- Limited customer service. Customer service is only available weekdays from 9 a.m. to 4 p.m. ET, unlike other online banks that offer 24/7 customer service.
If you’re looking for an account where you can deposit cash, remote deposit checks or send and receive wire transfers, keep exploring your options.
How do I deposit or withdraw my money?
There’s only one way to access money in your Central Bank of Kansas City High Yield Savings account:
- Transfer to an external bank account
- Transfer to a linked bank account
What other savings options does Central Bank of Kansas City offer?
Central Bank of Kansas City offers four other savings accounts, including one option for kids and one for business owners:
- CB Savings. This is Central Bank of Kansas City’s basic savings account. It has a $100 minimum opening deposit and comes with two free withdrawals a month. Interest paid quarterly.
- Young Savers. Open this account for kids age 17 and younger. They get two free withdrawals a month and a modest interest rate.
- Christmas Savings. Open this account between November and January to get a jump start on next year’s holiday spending. Deposit $5, $10, $20 or $50 into the account each month, then the bank cuts you a check just in time for the holidays.
- CB Business Savings. This account has a $100 minimum deposit and no monthly fee as long as your balance stays above $100. Plus, it comes with unlimited transactions.
Frequently asked questions
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