American Bank of Missouri is advertising a competitive CD and money market account special. The best deal is the CD special which has a 1.50% APY and a 8-month term. Minimum deposit is $5,000. The money market account special has a 1.00% APY for a minimum $25K balance. That rate is guaranteed for six months from account opening. These specials don't seem to be listed at the bank's website. They were advertised in the February 10th St. Louis Post-Dispatch. The ad is available online here as of 2/13/2012.
It appears a branch visit is required to open an account. American Bank of Missouri branches are located just west of St. Louis.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 22.38% (average) based on September 2011 data. Please refer to our financial overview of American Bank of Missouri for more details. The bank has been a FDIC member since 1936 (FDIC Certificate # 15423).
How These CD & Money Market Rates Compare
In today's environment, it's rare to find CD rates over 1.00% for terms under one year. The best 9-month CD rate that's nationally available is 0.95% APY at AloStar Bank of Commerce. Even 2-year CD rates can't match this 8-month CD special. The best 2-year CD rate is 1.36% APY at Melrose Credit Union.
The money market special isn't quite as competitive. There are still a few savings and money market accounts nationally available with rates over 1.00% (see my weekly summary). However, none has a 6-month rate guarantee.