Paramount Bank (MO)


Overview / Commentary
800-735-5957
622 Emerson Rd., Ste. 325
St. Louis, MO 63141

Paramount Bank (MO) is headquartered in Hazelwood and is the 117th largest bank in the state of Missouri. It is also the 2,767th largest bank in the nation. It was established in 2004 and as of December of 2020, it had grown to 172 employees at 1 location. Paramount Bank (MO) has an A health rating.

Related Posts

High-Interest Checking, 0.85%* APY, NO Debit Card Requirements - 1/2/2021

This account can be used like a savings account without the 6 withdraw limitation. High-Interest Checking, 0.85%* APY Opening deposit $100 Min Bal to avoid monthly fee: No Fees Nationally available standard checking account... per Ken's review. *The Annual Percentage Yield (APY) of the High-Interest Checking Account is 0.85% as of January 2, 2021 for balances of $500,000 or more, 0.85% for balances of $100,000–$499,999, 0.85% for balances of $50,000–$99,999, 0.85% for balances of $5,000–$49,999, and 0.85% for balances of less than $5,000. Rates are subject to change daily and fees may reduce earnings. Minimum $100 deposit is due at account open. =>.<= Call 833.731.0229 for the most up to date rates. Member FDIC https://paramountbank.com/banking-rates/ Reviewed by Ken on 11/20/2020: https://ww

Paramount Bank High-Interest Checking (non-RCA) Is A Rate Leader - 11/20/2020

Paramount Bank's nationally available High-Interest Checking (non-reward checking account) currently earns a top rate on all balances. $100 minimum opening deposit.

Paramount Bank Nationally Available. 0.85% High Interest Checking (NOT A Rewards Acct) - 11/19/2020

 0.85% beats most savings accts! There are NO direct deposit or debit card usage requirements to receive the rate. No out-of-network ATM fees, and they'll reimburse you up to 20 out of network fees PER MONTH. The minimum balance to avoid a maintenance fee is, I kid you not, $1.  Ken reviewed this MO bank twice this year, on 1/30, when the APY was 1.75% and on 6/4, when it was 1.00%. https://www.depositaccounts.com/banks/paramount-bank-mo.html https://paramountbank.com/interest-checking/ As always, anyone that posts this deal on their own website should credit DA for the find. This means you, Anthony Nguyen.

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Reviews (7)

Praise For Russ Miller

Posted by: |

I've been a customer for a little over 7 months, & had the good fortune to connect with VP & Manager Russ Miller on multiple ocassions regarding my accounts as I get settled in banking with Paramount. His service is always top notch -- professional, accuarate, speedy. Whatever info Paramount's web site lacks, Russ is more than able to provide. It's a good feeling to know my funds are in capable hands & that I'm earning some of the best rates available.

Great Interest Rate And Fantastic Customer Service!

Posted by: |

I had trouble with the online application so I called customer service and the person stayed on the line and walked me through the whole process. Looking forward to getting this great rate on my savings!

Great Customer Service!!!

Posted by: |

Russ was amazing. He walked me through the verification process, waitinguntil it was complete. I appreciate such high standards of customer service compared to being thrown some instructions and to go on your merry way!!

3 Limitations To Be Aware Of

Posted by: |

So far my experience with Paramount has been favorable, but new depositors may not be happy with 3 service limitations:
*ACH withdrawals are limited to $5000.
*They have no "secure messaging". You have to call them or send a regular email.
*A checkbook order is a minimum of $35! But they have no objection if you buy discount checks elsewhere.
Their staff has been friendly and knowledgeable, and they do answer the phone promptly without a lot of menus to go through.

Easy To Open/Manage. New Depositor WARNING

The Paramount high-interest checking account was fairly easy to establish, verify and remotely manage. ACH transactions are prompt, but remote check deposits have a dangerous snag:

Per Paramount policy (OK with me), new account check deposits are subject to a 7 DAY HOLD in the form of an offsetting debit to your accout. The problem arose for me when the debit was applied almost a full banking day BEFORE the deposit was acknowleged/journaled to my account, inapproprately reducing my available balance (as opposed tto my ledger balance) by the check amount. Had I needed more than the remaining available balance shown, I would have caused an NSF without actually having one.

If you rely on timing your checking account ledger balance anywhere close to your available balance, beware this anti-chronological procedure when adding remote check deposits. 1 Star Removed.

Update: The hold was removed after 12 DAYS, NOT 7. Another Star Removed.

Not An Easy Process...

Posted by: |

First, I may come back and upgrade this review after more experience but as of this moment, two stars is all I can give. (Note, I'm back but to downgrade my review!)

They pulled a credit report for opening a checking account!!!!!!!!!! Affects my credit score!!!!

1. Customer support not available 24/7, only routine business hours. No weekends.
2. The account opening process is a mystery. I have yet to learn if I am "approved" for a checking account. Come on, I'm giving you money NOT asking for money! (Update...need pic ID. First bank account I opened on-line that required pic ID!)
3. In limbo waiting to see if I'm approved. (Update need pic ID THEN they send account info USPS NOT digitally over the internet!)
4. Seems common, those with high rates are cumbersome to deal with. Time will tell....stay tuned. High checking rate not worth the extra hassle. I'm sure there are more yet to be discovered pains like ACH dollar limits.

I was hoping for more...I cancelled my application after I discovered unauthorized credit report!

Unknown Reason To Reject My Application

Posted by: |

I did see one review on the bad experience to open an account. However, I still want to try. I should not.

Exact the same experience. It is not easy to apply online. They asked your facial image for verification and rejected my images several times without giving any reason. Finally I successfully uploaded my image.

But the time for application is totally a waste. They rejected my application without giving any reason. This is the first time I was rejected to open a bank account.



Health

Health Grade Components

Overall
FDIC Certificate #57884
Year Established2004
Employees172
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD4.94%
Return on Equity - YTD62.3%
Annual Interest Income$4.6MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$237.9MM$104.3MM
LoansQ4 2020vs Q4 2019$191.2MM$86.7MM
DepositsQ4 2020vs Q4 2019$152.7MM$59.7MM
Equity CapitalQ4 2020vs Q4 2019$19.1MM$10.0MM
Loan Loss AllowanceQ4 2020vs Q4 2019$938.00K$312.00K
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$209.00K$0
Real Estate OwnedQ4 2020vs Q4 2019$1.6MM$2.0MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not Paramount Bank (MO); we are a rate comparison website and cannot provide official rates or promotions.

Paramount Bank (MO) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%--Personal Statement Savings
0.15%--Minor Savings

Paramount Bank (MO) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--Money Market Deposit
0.25%--Business Money Market

Paramount Bank (MO) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%--High-Interest Checking

Paramount Bank (MO) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-18 Month CD
0.50%$1k-36 Month CD
0.50%$1k-48 Month CD
0.50%$1k-60 Month CD
0.50%$1k-12 Month CD
0.50%$1k-24 Month CD
0.25%$1k-6 Month CD

Paramount Bank (MO) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-18 Month IRA
0.50%$1k-36 Month IRA
0.50%$1k-48 Month IRA
0.50%$1k-60 Month IRA
0.50%$1k-12 Month IRA
0.50%$1k-24 Month IRA
0.25%$1k-6 Month IRA
Locations


Paramount Bank (MO) Locations
Superior Bank90 Village Square Shopping CenterHazelwood, MO 63042

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