Old Missouri Bank 11-Month CD Special Has Rate-Leading APY
For a limited time, Old Missouri Bank (OMB) is offering an 11-month CD Special with a very special 5.01% APY. The minimum opening deposit is $1k, with no stated balance cap. CSR made a point of stressing the limited-time availability, although no set end-date has been announced; another case of it’s available until it’s not.
FYI – In addition to the 11-month CD Special, OMB has an 11-month No Penalty CD Special earning 2.35% APY. At first glance, I thought the 5.01% APY 11-month was the no-penalty CD because OMB is using the same promotional page for both, with just one or two different details. The 11-month No Penalty CD offers a penalty-free early closure, but the 2.35% APY isn’t that competitive.
Funding and Other Particulars
The following information is from a conversation with CSR.
- Funding – ACH, wire ($15 fee), check, or internal transfer.
- Interest – Compounded/credited quarterly and can be deposited into an OMB savings/checking account.
- Maturing Funds – Wire ($20 fee), cashier’s check or internal transfer to an OMB savings/checking account.
- Early Withdrawal Penalty – 180 days, with partial withdrawals allowed.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
Availability and Account Opening
Headquartered in Springfield, Missouri, OMB’s market area is southwest Missouri. In the past, OMB offered Kasasa brand products in 15 states via an online application, but OMB has changed direction, no longer accepting customers beyond southwest Missouri or having any kind of online application.
Opening an 11-month CD Special can be done at any of eight full-service Missouri branches located in Ash Grove, Buffalo, Carthage, Mount Vernon, Springfield (3), and Walnut Grove.
CSR stated it is possible to have all documents required to open a CD Special sent by and returned by email, so no trip to a branch would be necessary.
Unlimited beneficiaries can be designated, with percentages available. Social Security numbers for beneficiaries are “preferred by not required.”
OMB’s credit check is a soft pull through Chex Systems.
Old Missouri Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.74% (excellent) based on June 30, 2022 data. In the past year, OMB has increased its total non-brokered deposits by 213.24 million, an excellent annual growth rate of 41.34%. Please refer to our financial overview of Old Missouri Bank (FDIC Certificate # 8252) for more details.
Technically, Old Missouri Bank isn’t that old, having been established in 1999. In 2014, OMB merged with the Bank of Ash Grove, which was established in 1883 – definitely an old Missouri bank. A locally-owned, independent financial institution, OMB is currently the 28th largest bank headquartered in Missouri, with assets in excess of $988 million and more than 18,000 customer accounts.
How the 11-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which 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 OMB 11-month CD. The following table compares the 11-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 12/13/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
Submitted a mobile check (well above their stated $250 single deposit maximum) last Thursday and OMB accepted it to open this 11-month Special the next day. All completed via secure message/e-signed documents. Very good online customer service.