Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
The Morrill and Janes Bank and Trust Company0.80%$1,500-MJ Elite Checking
The Morrill and Janes Bank and Trust Company0.35%-$225kRegular Savings
Accounts mentioned in this post. Rates as of July 31, 2014

Bank Deals Continue at Morrill & Janes Bank - MO & KS Only

POSTED ON BY

When I first reported on Morrill and Janes Bank in 2010, many readers jumped on its great nationwide checking account deal. The bank was offering very competitive rates on its Elite Checking and the Treasury Index Account. The deal lasted for over six months, but in 2011 the bank started to limit new accounts to Kansas and Missouri residents. The rates also fell. However, the rates continue to be competitive, and these accounts continue to be a good deal for KS and MO residents.

The bank's Elite Checking has a 1.06% APY on daily balance of $1,500.00 and above. For balances under $1,500, there's a $6 monthly fee and the rate falls to 0.75% APY. The rates are listed in the bank's Elite Checking page as of 2/21/2012. A reader who opened an account when it was available nationwide had this to say: "all my banking is done online or by mail and I have to say I have no trouble with them whatsoever."

The bank also offers a money market account called Treasury Index which has a current yield of 1.11% APY for balances of at least $25,000 (0.50% for under). This is listed in the bank's savings account rate sheet as of 2/12/2012. There are no monthly maintenance fees.

Another good deal is the bank's Option Plus IRA. It's an 18-month IRA CD with a very competitive 2.02% APY. This IRA special and rate are listed in the bank's IRA page as of 2/21/2012. According to this page, APY applies to new accounts opened between 12/27/2011 and 04/16/2012. The "option" feature is an option to increase the rate at least once during the term of the certificate.

The bank's main office is in Merriam, Kansas with 7 branches in Kansas and Missouri. Its overall health score is 5 stars (out of 5) with a Texas Ratio of 5.24% (excellent) based on September 2011 data. Please refer to our financial overview of Morrill & Janes Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1143).

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  Tags: The Morrill and Janes Bank and Trust Company, Kansas, Missouri, checking account, IRA rates

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
I opened my accounts before they shut off accepting applications outside of MO and KS.  They have among the best rates for non-reward checking accounts.  My direct deposit paycheck now goes to this bank instead of the local banks in my area where they offer a just above 0% interest rate.  The bank does not offer ACH service through their online banking site, but you can initiate that from an external bank.  They also offer free bill pay through the Check Free service that is also offered by other banks.  You can also access free ATMs through the Allpoint network (available at most Target stores).  Their customer service is responsive and they usually reply back in 1 day after you send them an email.

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Comment #2 by Anonymous posted on
Anonymous
I did business with this bank a while back, prior to their geographic cutoff.  Fortunately they did not kick out existing customers when the "KS/MO only" rule went into effect.  I was permitted to maintain my relationship with the bank, albeit with minimum "keep-alive" balances.

That was then.  This is now.  Now my deposits are once again growing well beyond the minimums.  It's a good bank, they take care of their customers, and I'm pleased still to be one of them.

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Comment #3 by Anonymous posted on
Anonymous
As of May 1, the rate of the Elite Checking is now 1.01% and Treasury Index Savings account is now 1.06%.

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Comment #4 by Anonymous posted on
Anonymous
As of July 3, the Treasury Index account rate dropped to 1.01% and the Elite Checking account rate is now 0.95%

1
Comment #5 by Anonymous posted on
Anonymous
Effective on October 1, 2012, rates for the Elite Checking and Market Index Savings have changed.

Elite checking -  Now 0.90% rate with a 0.93% yield

Market Index Savings -  Now 0.95% rate  and 0.99% yield

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Comment #6 by Anonymous posted on
Anonymous
Effective December 1, 2012, if you reside outside of KS/MO area, your checking and savings accounts will be closed as a result of a merger with another local bank. The bank apparently no longer wants to continues servicing interent based accounts.

1
Comment #7 by John Smith (anonymous) posted on
John Smith
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1