Peoples Savings Bank (MO) Offers Competitive 8-Month CD Statewide

Early Withdrawal Penalty

As stated on the PSB Certificate of Deposit page, the Early Withdrawal Penalty (EWP) is 2%. According to CSR, the 8-month CD can only be closed early and the 2% EWP applies to the entire CD balance. Depending on when an early closure occurs, it is possible the principal could be reduced.

Availability and Account Opening

Headquartered in Rhineland, Missouri, Peoples Savings Bank has a brick-and-mortar presence in the east central Missouri counties of Franklin, Gasconade, Lincoln, Montgomery, Pike, and St. Charles. According to CSR, any Missouri resident (18 years or older) with a valid Social Security number or Tax ID number is eligible to open a CD.

Opening a CD can be done online or at any of eleven full-service Missouri branches located in Bowling Green, Clarksville, Dardenne Prairie, Hermann, Montgomery City, New Florence, New Haven, New Melle, Rhineland, St. Peters, and Troy.

Funding and Other Details

The PSB website does not include a Truth-in-Savings disclosure; the following information was provided by CSR.

Funding – ACH, wire transfer, check, or internal transfer.
Ownership – Individual, joint, or trust.
Interest – Compounded/credited monthly, can be automatically transferred to PSB savings or checking account.
Maturing Funds – Cashier’s check to the address on file or transferred to a PSB savings or checking account.
Beneficiaries – Unlimited, with equal shares, Social Security numbers are required for all beneficiaries.
Grace Period –10 calendar days before automatic renewal.
Credit Check – ID Watchdog® from Equifax.

Bank Overview

Peoples Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.73% (excellent) based on September 30, 2023 data. In the past year, PSB has increased its total non-brokered deposits by $63 million, an excellent annual growth rate of 13.19%. Please refer to our financial overview of Peoples Savings Bank (FDIC Certificate # 15264) for more details.

Opening its doors in 1935, Peoples Savings Bank of Rhineland is a locally-owned independent community bank. Currently the 55^th largest bank headquartered in Missouri, People Savings Bank of Rhineland has assets in excess of $626 million and more than 25,000 customer accounts.

If you’re wondering how the “Rhineland” name was chosen, the original bank building was in the town of Rhineland, located in the Missouri Rhineland. In the 1800s, German settlers noted similarities in soil and topography to the wine-growing area around the Rhine River in Germany and thought Rhineland would be an appropriate name. I was surprised to learn that Missouri was the second-largest wine-producing state in 1920, with both German and Italian vineyards dotting the banks of the Missouri River. Unfortunately, Prohibition destroyed Missouri’s wine industry.

How the 8-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Peoples Savings Bank 8-Month CD. The following table compares the 8-Month CD to the four highest-rate similar length-of-term CDs from other banks and credit unions within the market area.

The above information and rates are accurate as of 2/28/2023.

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