M1 Bank (MO) Adds Rate-Leading 10-Month And 15-Month CDs

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Deal Summary: 10-month CD (5.75% APY) and 15-month CD (5.50% APY), $1k minimum opening deposit.

Availability: Greater St. Louis metropolitan area.

For a limited time, M1 Bank is offering two CDs with market-leading rates: 10-month (5.75% APY) and 15-month (5.50% APY). The minimum opening deposit is $1k, with no stated balance cap. CSR stated there is no specified end-date and the “CDs will be available until the goal is met."

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.75%$1k-M1 Bank10 Month CD
5.50%$1k-M1 Bank15 Month CD
Rates as of April 14, 2024.

Early Withdrawal Penalty

The M1 Bank website is light on documentation, with no Truth-in-Savings disclosure available. According to CSR, the Early Withdrawal Penalty for the 10-month CD is 6 months of interest and 12 months of interest for the 15-month CD. CSR stated that the CDs can only be closed early; no partial withdrawals are allowed and the principal may be reduced, depending on when a CD is closed.

Availability and Account Opening

Headquartered in Clayton, Missouri (an inner-ring suburb of St. Louis), M1 Bank’s market area is primarily the greater St. Louis metropolitan area. M1 Bank offers its product line and services to U.S. citizens and resident aliens (18 years or older) who have a valid Social Security number or Tax ID number.

Opening a 10-month CD and/or a 15-month CD must be done in-branch at either of two full-service Missouri branches, which are located in Clayton and Des Peres.

Funding and Other Particulars

The following information is from a conversation with a very helpful CSR.

  • Funding – ACH, wire, check, or internal transfer.
  • Ownership – Individual, joint, or trust.
  • Interest – Compounded/credited quarterly and at maturity; earned interest can be withdrawn without penalty.
  • Maturing Funds – Cashier’s check to address on file.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Up to 8, with equal shares; Social Security numbers not required.
  • Credit Check – eFunds.

Bank Overview

M1 Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent and not a typo) based on December 31, 2023 data. In the past year, M1 Bank’s total non-brokered deposits decreased by -$26.11 million, a below average annual growth rate of -4.48%. Please refer to our financial overview of M1 Bank (FDIC Certificate # 9797) for more details.

M1 Bank was founded in 2018 by Kenneth E. Poteet (current M1 Bank Chairman and CEO), after he acquired 100% of the Bank of Macks Creek voting shares. Established in 1911, Bank of Macks Creek’s legal name was changed, relocated 190 miles to Clayton, and began doing business as M1 Bank. As stated on M1 Bank’s About Us page,

M1 Bank (M1) is a Boutique Financial Institution specializing in Low-to-Moderate Income Housing (LIHTC), Renewable Energy (ITC – Investment Tax Credit) and Historic Tax Credit Development Lending on a National Scale.

[…]

With decades of experience, the Executive Management of M1 has successfully partnered with its clients within the ‘Tax Credit’ space, representing in excess of $4 billion in LIHTC, ITC and Historic Developments across 30 States.

Currently the 33rd largest bank headquartered in Missouri, M1 Bank has assets in excess of $963 million and more than 6,200 customer accounts.

How the 10-Month CD Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the M1 Bank 10-month CD. The following table compares the 10-month CD to the four highest-rate similar length-of-term CDs from banks/credit unions within the market area.

How the 15-Month CD Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the M1 Bank 15-month CD. The following table compares the 15-month CD to the four highest-rate similar length-of-term CDs from banks/credit unions within the market area.

The above information and rates are accurate as of 3/15/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: St. Louis CD rates, 1-year CD rates

Comments

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