Reliance Bank (MO/IL) Offers 13-Month Add-On CD Special


Deal Summary: 13-month CD Special, 2.65% APY, $1k minimum deposit, unlimited additional deposits of at least $5k.

Availability: Online application for Missouri and Illinois residents.

Missouri-based Reliance Bank is currently promoting its 13-month CD Special (2.65% APY) and 19-month CD Special (2.75% APY). The minimum deposit for either is $1k, with no stated balance cap. Of the two, the 13-month offers the more competitive rate.

As stated in the fine print on the promotional flyer,

This certificate allows you the option to increase your CD with additional deposits at any time during the term without extending the maturity date. Additional deposits are limited to a minimum of $5,000 or more.

According to CSR, there is no limit on the number of additional deposits, as long as a minimum of $5k is deposited each time. CSR also stated that the Early Withdrawal Penalty for CDs with terms of 13-24 months is six months interest on the amount being withdrawn.

Both CD Specials are offered as IRAs (Traditional), earning the same APYs with the same funding requirements, including additional deposits.


Headquartered in Des Peres, Missouri, Reliance Bank’s primary market area is the greater St. Louis metro area (including portions of southwest Illinois), but the 13-month CD Special is available to all Missouri and Illinois residents through the Bank’s online application.

The 13-month CD Special can also be opened at any of the 18 Missouri branches, located in Chesterfield, Creve Coeur, Des Peres, Fenton, Frontenac, Hazelwood, Manchester, O’Fallon, St. Louis (6), St. Peters, Webster Groves, Wentzville, and Wildwood. Reliance Bank also has four full-service Illinois branches in Columbia, Edwardsville, Godfrey, and O’Fallon.

One beneficiary can be listed on the online application and a Social Security number is required. According to CSR, additional beneficiaries can be added after the CD is opened.

Bank Overview

Reliance Bank has an overall health grade of “A" at, with a Texas Ratio of 6.47% (excellent), based on June 30, 2018 data. In the past year, Reliance Bank has increased its total non-brokered deposits by $123.56 million, an excellent annual growth rate of 11.81%. Please refer to our financial overview of Reliance Bank (FDIC Certificate # 35123) for more details.

Reliance Bank was founded in 1999 by a small group of St. Louis area private investors and was the wholly owned subsidiary of Reliance Bancshares, Inc. Bancshares suffered large losses between 2009 and 2011, resulting in bank regulators pressuring for additional capital to be raised and non-performing loans reduced. The first attempts to raise new capital were not successful, leading to the Board of Directors hiring well-known “turnaround” experts, Brouster & Associates in 2012.

Mr. Brouster and his long-time partner Gaines Dittrich led an intense effort by management throughout 2012 and 2013. As a result of these efforts, Bancshares’ asset quality began to improve and operating losses were minimized. In March 2013, Mr. Brouster and a group of investors raised $31 million of new capital for Bancshares. About $24 million of this new capital was injected into Reliance Bank and thereby immediately making it one of the best capitalized banks in the St Louis area. Reliance Bancshares is now a privately held company that is majority controlled by Mr. Brouster.

Reliance Bank is currently the 17th largest bank in Missouri, with assets in excess of $1.4 billion.

How the CD Special Compares

When compared to the similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the Bank’s market area, Reliance Bank’s 13-month CD Special APY currently ranks second. The unlimited additional deposits feature only adds to the CD Special’s intrinsic value.

The above rates are accurate as of 9/17/2018.

Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.

Related Pages: St. Louis CD rates, 1-year CD rates


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