UMB Has Money Market Account Special

Now through September 22, 2018, UMB (formally known as UMB Bank, National Association) is offering a Money Market Account Special (MMAS), earning 2.32% APY. The APY will be in effect for 12 months following account opening. The MMAS requires a $10k minimum opening deposit of new money, defined simply as “funds not currently on deposit at UMB.”

The promotion page for the MMAS includes some information concerning minimum deposit levels that is unclear.

The minimum deposit amount required to establish this Special Offer UMB Daily Investment Money Market account is One Thousand Dollars ($1,000.00) in new money (funds not currently on deposit at UMB).

The minimum balance amount required to obtain the 2.32% Annual Percentage Yield (APY) is Ten Thousand Dollars ($10,000.00) in new money (funds not currently on deposit at UMB).

CSR and two supervisors agreed that the above statements are poorly worded and do not accurately describe the opening deposit requirements. Here’s the bottom line:

• The minimum deposit to open AND qualify for the 2.32% APY is $10k of new money.
• An MMAS can be opened with a minimum $1k of new money, but will only earn 0.10% APY.
• The opening deposit determines what the APY will be for the entire first year: you can’t work your way up to the 2.32% through a series of deposits. In other words, while a deposit of $9k yesterday and $1k today may equal $10k tomorrow, the $10k will only earn 0.10% APY.

If the balance should fall below $10k, the APY will change to 0.10% and remain at that rate no matter how much additional money is deposited. Should the balance fall below $1k, there is a $10 monthly service fee. There is also a $3 monthly inactive fee for accounts that have “absolutely no activity for at least 12 months.”

The MMAS has limited check writing, but no ATM or debit card is available. Beneficiaries may be added, but Social Security numbers must be provided.

FYI - I last wrote about UMB in 2007 and 2008 when similar MMA/savings promotions were being offered. In 2007, the MMA promotion offered a 5.50% APY that was guaranteed six months, but it also required a direct deposit into the MMA and adding another UMB product, such as a credit card, HELOC, or brokerage account.

Thanks to the DA reader who let me know about this offering.

Availability

Headquartered in Kansas City, Missouri, UMB’s market area includes Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma, and Texas.

Opening a Money Market Account Special can be done at any of the 98 full-service branches located in Arizona (7), Colorado (11), Illinois (2), Kansas (20), Missouri (50), Nebraska (1), Oklahoma (3), and Texas (4). The vast majority of the branches are located in or near major metropolitan areas.

The promotion page provides a link to the Bank's branch directory, so

If you are crunched for time, you can also setup an appointment at your local UMB branch.

Bank Overview

UMB has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 3.25% (excellent), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $368.43 million, an above average annual growth rate of 2.35%. Please refer to our financial overview of UMB (FDIC Certificate # 8273) for more details.

UMB was established in 1902 as The Cass County Bank, based in Peculiar, Missouri. The Kemper family was a driving force behind the early expansion of the Bank, with multiple generations serving in key management positions.

R. Crosby Kemper Sr. became president in 1919, and during this year, the bank began its steady pattern of growth under the leadership and direction of this new president. He was aggressive in developing contacts for the bank. He would go into the community to solicit business at the close of regular business hours each day. This was an unheard-of practice prior to that time, as many banks simply opened their doors, sat back and waited for the customers to come to them.

There were two name changes (United Missouri Bank of Cass County, 1978, and UMB Bank, Cass County, 1994) before the final re-brand in 1999. Between 1999 and 2015, UMB began “to grow in all directions,” acquiring 19 banks in Arizona, Colorado, Illinois, Missouri, Nebraska, Oklahoma, and Texas. UMB is currently the second largest bank headquartered in Missouri, with deposits in excess of $16.6 billion and more than 1,540,000 customer accounts.

How the Money Market Account Special Compares

Since UMB’s market area includes eight states, I’ve chosen to compare its MMA Special to nationally available money markets. When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, UMB’s Money Market Account Special APY currently ranks first, regardless of minimum balance requirement.

The above rates are accurate as of 9/8/2018.

To look for the best Money Market account rates, either nationwide or state specific, please refer to DA’s Money Market Account Rates Table page.