Paramount Bank (MO)


Overview / Commentary
800-735-5957
90 Village Sq. Shpctr.
Hazelwood, MO 63042

Paramount Bank (MO) is headquartered in Hazelwood and is the 123rd largest bank in the state of Missouri. It is also the 2,936th largest bank in the nation. It was established in 2004 and as of June of 2021, it had grown to 188 employees at 1 location. Paramount Bank (MO) has a C+ health rating.

Related Posts

High Interest Checking Gone - 7/15/2021

According to Paramount Bank's website, the High Interest Checking is "no longer offered."

Paramount Bank Lowers Checking Interest Rate - 4/17/2021

Paramount Bank lowered its checking account rate on April 17, 2021. They had one of the highest interest rates in the country of .85% for all balances. Now the rate is .75% for balances below $100,000 and .10% for accounts with balances above $100,000. The drop from .85% to .10% may come as a shock to many depositors because their monthly statement, which is issued on the 17th of each month, will show the interest rate at the previous higher rate. Depositors may not see the drastic cut to .10% until they look at next month's statement. This is the wording from Paramount's website: The Annual Percentage Yield (APY) and the Rate of the Interest Checking Account is 0.75% as of April 17, 2021 for accounts with balances up to $99,999.99 and 0.10% for accounts with balances over $100,000.00. Rates are subject to change daily and fees may reduce earnings. $100 minimum initial deposit is required to open an account. The account must be funded within 30 days to remain open. APY may change at a

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

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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.

$100K Limit!

Posted by: |

I went to open an account today and was surprised to see the $100K limit for .85% interest. Above $100K its .10 (not clear if thats for the excess or the whole amount).

I didn't see that anywhere on the description here. Did it just change?

Don't Waste Your Time

Seriously, if you need, have to have, an online bank, this is not the one. The rates seem too good to be true, and they are, because you can't get an account with them. The online application process is easy enough, except that they will come back after you've submitted and want a photo of you, photos of recent bills, maybe other things as I have read in reviews. (Oop, we forgot to mention that before you clicked "submit"!). Then they pull the money from you, in my case $10k, and you may or may not hear from them again. They transferred mine from my bank on April 5, 2021. It is now May 13. They claim they have tried multiple times to do the next step they require, send a paper signature card, where your signature in real ink makes everything legal. I have not received anything from them, but then that is the reason I need an online bank; I travel. Today, 39 days later, they are transferring the money back and refusing me. They're not nice about it, the customer service agent, Nicole, has a holier-than-thou attitude and speaks like a parent to a naughty child. All I can say is it's their loss, not mine.

P.S.- June 12, I finally received their "welcome packet" with aforementioned signature card. The envelope was scribbled all over with the address hand copied incorrectly. Looks like someone's child came to work that day and tried to "help". Or maybe these folks are just that incompetent.

Great Establishment To Bank With

Posted by: |

This Bank is a great Bank to take care of you Financial Needs* Management Russ Miller in MO is great, good follow up very attentive. Julio Duenas Irvine Ca is another great person that works for Paramount Bank, wonderful communication and exceptional follow up. I will Bank with them again no question.

Thank you Paramount Bank KEEP UP the Great Customer Service!

Joel Barry

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Health
C+
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Paramount Bank (MO) has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #57884
Year Established2004
Employees188
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-2.54%
Return on Equity - YTD-31.1%
Annual Interest Income$2.6MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$225.2MM$171.3MM
LoansQ2 2021vs Q2 2020$130.4MM$143.6MM
DepositsQ2 2021vs Q2 2020$192.7MM$100.2MM
Equity CapitalQ2 2021vs Q2 2020$19.2MM$12.2MM
Loan Loss AllowanceQ2 2021vs Q2 2020$938.00K$588.00K
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$61.00K$0
Real Estate OwnedQ2 2021vs Q2 2020$1.1MM$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.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

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
0.05%--Money Market Deposit
0.05%--Business Money Market

Paramount Bank (MO) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*-$100kInterest Checking
OTHER TIERS: 0.10% $100k+

Paramount Bank (MO) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%$1k-37 Month CD Special
0.50%$1k-25 Month CD Special
0.05%$1k-18 Month CD
0.05%$1k-36 Month CD
0.05%$1k-48 Month CD
0.05%$1k-60 Month CD
0.05%$1k-24 Month CD
0.01%$1k-6 Month CD
0.01%$1k-12 Month CD

Paramount Bank (MO) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%$1k-18 Month IRA
0.05%$1k-36 Month IRA
0.05%$1k-48 Month IRA
0.05%$1k-60 Month IRA
0.05%$1k-24 Month IRA
0.01%$1k-6 Month IRA
0.01%$1k-12 Month IRA
Locations


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

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