Last week, Providence Bank added a 30-month Jumbo CD (3.30% APY) to its product line. The minimum deposit is $100k, with no stated balance cap. Although Providence Bank offers up to an additional 10 bps for an active checking account and/or senior citizen status on its other CDs, the 30-month Jumbo CD is excluded.
The Jumbo CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is $50 + six months interest on the amount being withdrawn.
Headquartered in Columbia, Missouri, Providence Bank’s market area includes the Missouri counties of Boone, Callaway, Camden, Cole, Lincoln, Miller, and St. Charles, and St. Clair County in southern Illinois (St. Louis metropolitan area).
Opening the 30-month CD must be done at any of the 12 Missouri branches located in Columbia (2), Elsberry, Jefferson City (3), Lake Saint Louis, Osage Beach, Saint Charles, St. Louis, St. Peters, and Winfield, or the Fairview Heights, Illinois branch. While Providence Bank does have an online application, CDs cannot be opened online at this time.
Providence Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.21% (excellent) based on September 30, 2018 data. In the past year, Providence Bank has increased its total non-brokered deposits by 3.04 million, an above average annual growth rate of 0.42%. Please refer to our financial overview of Providence Bank (FDIC Certificate # 1643) for more details.
Providence Bank has been a part of Missouri’s financial landscape since 1888, when its predecessor, the Bank of Lincoln County, was founded as a private bank in Elsberry. Two years later, the Bank merged with another local bank that had the same name. For nearly 120 years, the Bank continued to operate as a privately-held institution until LINCO Bancshares, Inc., purchased the Bank in 2007. Since that time, Providence Bank has experienced unprecedented growth and expansion to become Missouri’s 24th largest bank, with assets in excess of $960 million.
How the CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within its market area, Providence Bank’s 30-month Jumbo CD APY currently ranks third, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.45% APY||41-Month Bump Up Jumbo CD Special ($100k min)||Veridian Credit Union|
|3.35% APY||30-Month Certificate Promo ($10k min)||Four Points Federal Credit Union|
|3.30% APY||30-Month Jumbo CD ($100k min)||Providence Bank|
The above rates are accurate as of 12/21/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.