Last week, Old Missouri Bank (OMB) began offering a limited-time 19-month CD (1.76% APY). The minimum opening deposit is $5k and, according to the promotion page, there is a “maximum balance of $500,000 per household.”
According to CSR, the Early Withdrawal Penalty is a fairly substantial one year’s worth of interest.
Kasasa Cash Checking
In early January, OMB introduced its new Kasasa Cash Checking account that earns 3.01% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.01% APY. The rates, balance cap, and qualification requirements have remained constant since it was added to the product line, but the market area has expanded to included five more states.
Kasasa Cash Checking Qualification Requirements
- At least 12 debit card purchases.
- At least one ACH credit of ACH payment transaction.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $15 monthly. There is a limit of one account per Social Security number.
OMB also added a Kasasa Saver account, which earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualify balances earning 0.05% APY. Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a $25 minimum opening deposit.
|1.00*%||-||$100k||Old Missouri Bank||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Headquartered in Springfield, Old Missouri Bank’s market area for the 19-month CD is limited to Missouri, but the Kasasa Cash and Kasasa Saver accounts are available to residents of Arkansas, Illinois, Iowa, Kansas, Kentucky, Missouri, Nebraska, Oklahoma, and Tennessee. (Since I last wrote about OMB’s Kasasa product line in April, the availability has expanded to an additional five states.)
Opening a 19-month CD must be done at any of the five southwest Missouri branches located in Ash Grove, Buffalo, Springfield (2), and Walnut Grove. There is an “Apply Now” button on the promotion page, but it leads to a “Contact Me” page, which also asks for basic personal information
Please fill out the fields in the form below. One of our representatives
will contact you within one business day to complete the process.
All of the Kasasa products can be opened online, or at any of the above mentioned Missouri branch locations.
Old Missouri Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.69% (excellent) based on March 31, 2017 data. In the past year, OMB has increased its total non-brokered deposits by 31.98 million, an excellent annual growth rate of 14.1%. Please refer to our financial overview of Old Missouri Bank (FDIC Certificate # 8252) for more details.
Old Missouri Bank is a bit of a misnomer, as OMB was established in 1999. A locally-owned, independent financial institution, OMB is currently the 66th largest bank in Missouri, with assets in excess of $353 million. In late 2015, OMB entered into an agreement with Great Southern Bank (GSB) to purchase GSB’s branch in Buffalo, Missouri. According to OMB CEO and President, Mark Harrington,
We believe this transaction will allow us to better serve our growing
customer base as we increase our footprint throughout southwest Missouri.
How the CD Compares
When compared to the 178 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Old Missouri Bank’s 19-Month CD APY currently shares the top spot with Veridian Credit Union’s 15-Month Special CD.
How the Kasasa Cash Checking Compares
When compared to the 37 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available in Missouri and have maximum qualifying balances of at least $25k, Old Missouri Bank’s Kasasa Cash APY currently shares the top spot with OakStar Bank’s Kasasa Cash account.
The above rates are accurate as of 8/18/2017.