OMB Bank Adds Nationally Available 12-Month High Yield CD

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Deal Summary: 12-month Online High-Yield CD, 5.79% APY, $5k minimum deposit.

Availability: Nationwide through online application.

Missouri-based OMB Bank (the former Old Missouri Bank) has added a nationally available 12-month Online High-Yield CD with a competitive 5.79% APY. This limited-time offering can be opened with a $5k minimum deposit with no stated balance cap. CSR emphasized the limited-time availability, although no specific end-date has been set; it will be available until it's not.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.08%$5k-OMB Bank12 Month Online High Yield CD
Rates as of April 20, 2024.

Early Withdrawal Penalty

According to CSR, partial withdrawals are not permitted: a 12-month Online High-Yield CD can only be closed early. The fine print on the landing page reads as follows:

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. […]

If we consent to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty. The penalty will be an amount equal to 365 days interest on the amount withdrawn.

Any early closure will reduce the principal and an early closure with 90 days of account opening will also incur an early closure fee of $25.

Availability and Account Opening

Headquartered in Springfield, Missouri, OMB Bank is a locally-owned, independent financial institution with a brick-and-mortar presence in southwest Missouri. Along with its new name, OMB has taken the first step in expanding its market area by offering the 12-Month Online High-Yield CD on nationwide basis.

Opening a 12-Month Online High-Yield CD must be done online.

Note: If you look for the 12-Month Online High-Yield CD on the OMB “Certificates of Deposit” page, you won’t find it. The link for the online application for the 12-Month Online High-Yield CD can only be found on the landing page.

Funding and Other Details

The following information is from the landing page and a conversation with CSR.

  • Funding – ACH is the only online funding option at this time.
  • Ownership – Individual or joint.
  • Interest – Compounded daily and credited semi-annually. Credited interest may not be withdrawn.
  • Maturing Funds – ACH, wire ($20 fee), or internal transfer to an OMB savings/checking account. However you chose to receive the maturing funds, written instructions must be provided to OMB prior to maturity date.
  • Grace Period – 10 calendar days before automatic renewal as a 12-month CD. Based on current OMB CD rates, it’s important not to miss the grace period: the rate offered today on the OMB 12-month CD is 0.45% APY.
  • Beneficiaries – Unlimited with equal shares. Social Security number is not required, but DOB is required. While OMB’s new online application isn’t set up (yet) to add beneficiaries, you can contact OMB after the CD is opened to designate beneficiaries.
  • Credit check – Chex Systems and OFAC.

Bank Overview

OMB Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.92% (excellent) based on June 30, 2023 data. In the past year, OMB Bank has increased its total non-brokered deposits by $306.55 million, an excellent annual growth rate of 42.05%. Please refer to our financial overview of OMB Bank (FDIC Certificate # 8252) for more details.

OMB is currently the 23rd largest bank headquartered in Missouri, with assets in excess of $1.3 billion and nearly 23,000 customer accounts. According to an April 2023 press release,

After several months of internal planning and discussion, Old Missouri Bank is now formally OMB Bank. The State of Missouri Division of Finance recognized the corporate title change effective March 20, 2023, and official documents have been received and approved by the Missouri Secretary of State’s office.

“We couldn’t be more excited to usher in this new era for OMB,” said Mark Harrington, president and CEO. “The Old Missouri Bank name has served us well for a long time, but it was clear we needed to make an adjustment to align the bank’s brand with our strategic growth initiatives. This name change helps position OMB for future growth locally, regionally and beyond.”

I always thought "Old Missouri Bank" was somewhat of an odd name for a bank that was established in 1999. In 2014, OMB merged with the Bank of Ash Grove, which was established in 1883 – definitely an old Missouri bank.

How the 12-Month Online High-Yield CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, two credit union have higher rates than currently offered on the OMB Bank 12-Month Online High-Yield CD. The following table compares the 12-Month Online High-Yield CD 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 10/31/2023.

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

Related Pages: Joplin CD rates, Springfield CD rates, 1-year CD rates, nationwide deals

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