Old Missouri Bank Unveils Competitive 13-Month CD Special
Old Missouri Bank (OMB) has unveiled a 13-month CD Special earning 5.13% APY. This limited-time offering can be opened with a $1k minimum deposit with no stated balance cap. CSR stressed the limited-time availability, although no set end-date has been announced; once again, it’s case of it will be available until it is not.
FYI – In addition to the 13-month CD Special, OMB has a limited-time 16-month No Penalty CD Special, which offers a penalty-free early closure and an “incredible” rate. Imagine my disappointment when I saw the “incredible” rate was only 3.53% APY. There are about 15 nationally available No-Penalty CDs that currently offer rates between 3.85% APY and 5.00% APY.
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 13-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.
Funding and Other Details
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.
- Early Withdrawal Penalty – 180 days, with partial withdrawals allowed.
- Maturing Funds – Wire ($20 fee), cashier’s check or internal transfer to an OMB savings/checking account.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
- Beneficiaries – Unlimited with percentages available. Social Security numbers for beneficiaries are “preferred by not required.”
- Credit check – ChexSystems.
Bank Overview
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 13-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, two banks have higher rates than currently offered on the OMB 13-month CD Special. The following table compares the 13-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 3/28/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
