Missouri Deposit Account Rates and Deals

Browse through the stories below to view current deals for Missouri banks or select an item from the menu bar above to view current rates in Missouri.

 
 
Competitive 1-Year CD Special at Triad Bank - St. Louis Area Only
Sunday, February 7, 2010 - 4:13 PM CT

Triad Bank is offering a special 2.05% APY 12-month CD. Minimum deposit is $10,000. This special doesn't appear to be listed at the bank's website. It was advertised in today's (2/07/2010) St. Louis Post-Dispatch newspaper. The ad is available online here.

This is a very similar promotion that the bank was offering in March 2009 when this 12-month CD yield was 3.05%. You can see how much rates have fallen since then.

It appears that a branch visit is required to open an account. The bank is located in Frontenac, Missouri which is in the suburbs of St. Louis.

The bank's ratings for safety and soundness have improved since last year. The ratings are now at or above average: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 2005 (FDIC Certificate # 58121).

 
 
Competitive 18-Month CD Special at Greater Western Bank in Several States - Local Only
Monday, February 1, 2010 - 8:48 AM CT

Greater Western Bank is offering three CD specials. The most competitive one is a 2.18% APY 18-month CD. The other two are a 2.68% APY 38-month CD and a 3.08% APY 58-month CD. These rates include a 0.15% bonus for new or existing checking or savings account customers. Minimum deposit is $5,000, and new money is required. These special CD rates are listed in the bank's CD page as of 2/01/2010.

It appears that a branch visit is required. Branches are located in the states of Arizona, Colorado, Kansas, Nebraska, South Dakota, Iowa and Missouri.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1935 (FDIC Certificate # 15289).

 
 
Rewarding Debit Card Use - M&I Bank's New Checking Account and Bonus
Friday, January 22, 2010 - 9:08 AM CT

As I've been reporting, banks are trying new ways to encourage customers to use their debit cards with the credit (signature-based) option. High-yield reward checking is one way, and this mostly benefits those with larger balances ($25K or more). The larger banks have tried reward checking that rewards with cash back rather than high interest rates. M&I Bank is the latest example with their Cash Back Checking.

In addition to the cash-back features, M&I Bank is offering a $100 cash bonus for opening their Cash Back Checking Account. Offer is scheduled to last until 2/12/2010. Here's the small print of the offer:

Simply open an M&I Cash Back Checking account by February 12, 2010. To receive your $100 you must make five qualifying** purchases with your M&I Bank Check Card within the first 45 days after account opening. Your account will be reviewed 45 days after opening. The $100 cash bonus will be paid within 2 weeks of that review if the requirement above has been met. Offer applies to new accounts opened with new money not currently on deposit with M&I Bank, no exceptions. One bonus per household ever 12 months. Cannot be combined with other offers.

Note, qualifying purchases requires signature-based purchases with the debit card.

Here's the summary of the cash back features of this checking account:

  • 0.25% cash back bonus based on the total amount of your net signature-based M&I Bank Check Card purchases made during the statement cycle.
  • $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
  • $0.25 for each monthly online statement
  • $0.05 for automatic payments deducted from your account (Online Bill Payment, internal M&I loan payment and ACH debit) up to a maximum of $2 per statement cycle (40 payments)

Note, high-yield reward checking accounts often require the above activity to qualify for the high yield. For those with small balances, the above cash-back features could earn you more than high interest rate.

One downside to the Cash Back Checking is the potential of a $10 monthly maintenance fee which would eliminate the benefits of the above rewards. The bank lists these three options to avoid this fee:

  • making 3 transactions per statement cycle
  • maintaining $1,000 minimum average daily balance in the account
  • if you are under the age of 25

The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.

M&I is a large regional bank with $51.6 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).

Credit for this find goes to FW member buyerbware who posted it on this FW thread.

 
 
Update on PenFed CDs and CD Rollovers
Tuesday, January 5, 2010 - 8:34 AM CT

I received info from PenFed contact yesterday concerning January CD rollovers. The good news is that those who participated in the November Certificate Reservation program will have the advertised rates honored (3.50% 3 years, 4.00% 4 years and 4.25% 7 years). Several readers in my previous PenFed post have also confirmed the same thing. However, those who missed the November Certificate Reservation program won't be getting those top rates. It appears that the interest rate environment was turning out to be worse than what they had expected. Below are the details that I received:
At the December meeting, our Board of Director approved lower Money Market & IRA Certificate rates for January 2010 than previously announced. We became aware of the change in rates on December 29. It is very rare for the Board of Directors to make a change in the rates after we project them, but in this case; other factors in the market forced us to lower our projected rates slightly.

As indicated in all of our disclosure statements, our rates are always subject to change. Below, I have provided a few key points regarding the rates along with a January 2010 rate chart.

* All members who participated in the CD Rollover Subscription program will have their reservations honored, and they will receive the advertised rate from that promotion: 3 yr/3.50%, 5 yr/4:00% and 7 yr/4.25

* With the exception of CD Rollover Subscription enrollees that will receive the promised CD Rollover Subscription rates, the 0.25% APY certificate rollover bonus will be applied to all qualifying certificates rolling over between December 29, 2009 and February 1, 2010, inclusive. These certificates will receive the "Rollover " rates reflected in the chart below. Update 1/06/09: I received a clarification about the below rates. For those members with CDs maturing December 29-31, 2009 and February 1, 2010 (and did not participate in the CD Reservation program), and wish to rollover, they will receive the rate in effect for that month - plus the 0.25% bonus.

APY for
CD CD Subscription APY for APY for
Term Participants Rollovers New Money
---- --------------- --------- ---------
6 mo - 1.00% 1.00%
1 yr - 1.25% 1.25%
2 yr - 1.75% 1.75%
3 yr 3.50% 3.25% 3.00%
4 yr - 3.50% 3.25%
5 yr 4.00% 3.75% 3.50%
7 yr 4.25% 4.00% 3.75%

For more details about PenFed CDs and membership, please refer to my previous PenFed post.

Other Competitive Certificate of Deposit Rates
 
 
Happy New Year! PenFed Raises CD Rates for January
Friday, January 1, 2010 - 6:09 AM CT

Update 1/05/2010: I received info from my PenFed contact about the rollover CD rates. Please refer to this new post for the details.

Happy New Year! Thanks to everyone for reading, and let's hope that 2010 has some improvements for us savers.

Pentagon Federal Credit Union did increase some of its CD rates for January, but I'm afraid they're 25 basis points lower than what I was told by my PenFed contact. Perhaps they had more members agree to renew their CDs than what they had planned. Nevertheless, the new rates are competitive. They went up 50 basis points for terms of 3, 4 and 5 years. Unfortunately, the 7-year rate went down by 25 basis points. Below is the summary of PenFed long-term CD rates as listed at the PenFed Money Market Certificate page as of 1/01/2010:
  • 3.00% APY 3 year
  • 3.25% APY 4 year
  • 3.50% APY 5 year
  • 3.75% APY 7 year
I'm currently unable to confirm the renewal rates. I would think those who were early to participate in PenFed's Certificate Reservation Offer should be getting rates 50 basis points higher than the above rates. I'm hoping this will also apply to those who were late to participate since I was told of these higher rates by my PenFed contact and by two PenFed CSRs. It may just be 25 basis points higher than the above rates. I had one CD that matured today, and I had set it to renew. I logged in this morning, and it still hasn't rolled over to the new CD. When I receive renewal rate info, I'll be sure to update this post. Please leave a comment if you receive info on this.

Update 6:00pm 1/1/10:

I called PenFed today, and I have some new info based on my conversation with the PenFed CSR. However, I should note that the CSR didn't know much. I sent an email to my PenFed contact to find out what happened and who will be eligible for what rates. I don't expect a reply until Monday at the earliest.

I again logged into my PenFed account. The CD that matured today still shows the old CD rate and term. According to the CSR, the new rate and term should show up tomorrow after the holiday.

I'm assuming that those who were able to participate in the November Rollover Subscription Promotion (before it was canceled) should get the rates that PenFed listed which are 50 basis points higher than above. I'll know more when I receive the reply.

For those who missed the November Rollover Subscription Promotion but had set their CDs to rollover (like me), there is a question about what rates we'll get. According to the CSR, we'll just get 25 basis points over the listed rates which comes out to 4% 7yr, 3.75% 5yr, 3.50% 4yr and 3.25% 3yr. I told my PenFed contact that I and many of my readers were informed by PenFed reps that the rates would be 25 basis points higher. I'm hoping we'll be able to get those rates.

It appears the Board of Directors decided in December for the lower rates. The CSR didn't know much more.

PenFed Certificate Details

For more details about PenFed's CDs and joining PenFed, please refer to this PenFed review post. Details of the CDs are available in the second page of PenFed's account application. A few important details to note:
  • Early withdrawal penalty for the terms of 3 to 5 years is 180 days of dividends (all dividends if redeemed before 180 days from issue date)
  • IRA CDs available with the same rates
  • IRA CD holders over 59½ can avoid most of the early withdrawal penalty (see see post)
Note, there's no grace period. However, the early withdrawal penalty for the first 180 days is not 180 days of interest but just the interest earned from the issue date. So if you change your mind about renewal a couple of days after the CD matures, you should be able to do an early closure and lose only those couple of days of interest. Many banks don't pay interest during the grace period if you don't renew. So this PenFed feature is no worse.

Membership

PenFed makes it easy for anyone to join and open accounts online. If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Please refer to How to Join Overview Page for details. Joining NMFA and Penfed can be done at the same time all online. The yearly membership for NMFA is $20, but your membership in the association does not need to be maintained to continue as a Penfed member. You can also be eligible to become a member of PenFed if you are an employee or volunteer of the American Red Cross (refer to this PenFed page).

Branch Locations

Accounts can be opened online, but for those who prefer branches, PenFed has branches in several parts of the country including Washington DC, Maryland, Virginia, New Jersey, New York, Colorado, North Carolina, Hawaii, Puerto Rico, Missouri and Texas.

Financial/NCUA Info

PenFed's ratings for safety and soundness are no longer the best, but they remain respectable: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data).

PenFed is one of the largest credit unions in the US with $13.4 billion in assets and 889,874 members. It's federally insured by the NCUA (Charter # 227).
 
 
4.00% Reward Checking Account at Peoples Bank & Trust in MO - Local Only
Wednesday, December 30, 2009 - 9:11 AM CT

Peoples Bank & Trust is offering a high-yield reward checking account called Peoples Reward Checking. It has the following rates and features if certain monthly requirements are met:
  • 4.00% APY on balances up to $25,000
  • 1.00% on portion of balance over $25,000
  • 0.50% base rate if requirements are not met
  • ATM fee refunds nationwide
The monthly requirements include:
  • 12 debit card purchases
  • 1 direct deposit
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No Minimum Balance Requirement
  • No Monthly Maintenance Fee
It appears that a branch visit is required to open an account. Branches are located in the Missouri cities of Troy, O'Fallon, Winfield, Hawk Point, Elsberry and Bowling Green.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 1 star (lowest) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 8903).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
 
 
2.26% 12-Month CD at 1st Financial FCU in Missouri - Local Only
Wednesday, December 30, 2009 - 7:00 AM CT

Update 1/09/2010: The 12-month CD rate has fallen to 2.11% APY.

1st Financial FCU is offering a 2.26% APY 12-month and 18-month certificate. Minimum deposit is $1,000. These are also available as IRA certificates. This rate is listed in the credit union's rates page as of 12/30/09.

The credit union also offers a high-yield rewards checking account that currently pays 4.01% APY on balances up to $25K (see account review).

Membership is open to anyone who lives, works, worships or attends school in the City of St. Louis, St. Louis County or St. Charles County. Please refer to the credit union's membership page for the full details. Membership requires a minimum deposit of $5 into your share savings account.

Branches are located in St. Louis, Hazelwood and St. Charles.

The credit union's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data). The credit union is federally insured by the NCUA (Charter # 24774).

Other Competitive Certificate of Deposit Rates
 
 
Update on National City's $300 Bonus and PNC's $100 Bonus - Limited to Certain States
Monday, December 14, 2009 - 9:34 AM CT

National City continues to offer its $300 checking account promotion. I first reported on this promo in November. They're advertising it again, and it's now scheduled to end on 12/19/09. Refer to my November post for the details. The latest ad for this promo was in the Sunday edition of the St. Louis Post-Dispatch. The ad is available online here.

A branch visit is required, and this promo appears to only be available in areas where National City has branches that have not yet been converted to PNC branches. So this would exclude Florida. Other states with National City branches include IL, IN, KY, MI, MO, OH, PA and WI. All markets are scheduled to be converted by the end of June. More details about the conversions are provided at the PNC transition website.

For those with nearby PNC branches, PNC is offering another $100 checking account bonus. This was advertised in the Sunday edition of the Treasure Coast Newspaper. The ad is available online here. This is in Southeast Florida, so the promo may not be available in all markets. According to the ad:
Open a select new PNC Personal Checking Account with qualifying direct deposit and get more than you expected, like $100 deposited in your account

The offer is scheduled to end on 12/19/09.

PNC continues to offer a $100 bonus for opening its Virtual Wallet account. Refer to my September post for more details. One thing that has changed is that the small print now states that the offer is limited to residents of: DC, DE, IN, KY, MD, NJ, OH, PA, VA.

Other Bank Bonus Deals:
 
 
5.55% Reward Checking Account & 2.25% Savings Account at Mid America Bank & Trust Co. in MO - Local Only
Friday, December 11, 2009 - 9:24 AM CT

Mid America Bank & Trust Co. is offering a high-yield reward checking account called Maximum Free Checking. It has the following rates and features if certain monthly requirements are met:
  • 5.55% APY on balances up to $25,000
  • 1.00% on portion of balance over $25,000
  • 0.10% base rate if requirements are not met
  • ATM fee refunds nationwide up to $15 per month
The monthly requirements include:
  • 10 debit card purchases
  • 1 direct deposit or ACH auto debit
  • Access internet banking
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $20 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free checks
  • Free internet bill pay
The bank also has a very competitive savings account called Eagles Nest Savings. It has a 2.25% APY for balances of at least $10,000. No interest is earned on balances below $10,000, and there's a $10 monthly fee for balances under $1,000.

It appears a branch visit is required to open an account. Branches are located in the Missouri cities of Dixon, St. Robert and Rolla.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 1 star (lowest) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 1624).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
 
 
2.52% 24-Month CD at Olin Community Credit Union in MO & IL - Local Only
Sunday, November 22, 2009 - 11:39 AM CT

Olin Community Credit Union is offering several competitive rates on its certificates. The most competitive include a 2.32% APY 21-month CD, a 2.52% APY 24-month CD and a 3.19% APY 48-month CD. Minimum deposit is $1,000. At the top of the certificate rate table it states that these rates are effective November 20, 2009 to November 26, 2009.

The credit union also has competitive rates on its money market deposit account. This is a tiered account with rates up to 1.87% APY for balances over $100K. At the top of the money market rate table it states that these rates are effective for the month of November 2009. Last month the top rate was 2.02% APY.

Membership is open to anyone who lives or works in Jackson County, Missouri or in one of the following Illinois counties: Madison, Macoupin, Montgomery, Bond, Fayette, Calhoun, Greene or Jersey. Refer to the credit union's Membership Page for the full details.

Illinois branches are located in Bethalto, Godfrey, East Alton, Alton and Jerseyville. Missouri branches are located in Independence.

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 63932).

Other Competitive Savings Account and CD Rates