Sullivan Bank (MO) Offers Competitive CD Special And Reward Checking
Sullivan Bank upped the rate on its 7-month CD Special more than a month ago. Earning a competitive 5.51% APY, the 7-month CD Special can be opened with a $1k minimum deposit; there is no stated balance cap. While CSR stated the 7-month CD Special is a limited-time offer, it’s been available for more than a year with APYs ranging from 4.68% to 5.51%.
Early Withdrawal Penalty
According to CSR, the 7-month CD Special is subject to an Early Withdrawal Penalty of 90 days of simple interest on the amount being withdrawn. Partial withdrawals are allowed, but any withdrawal made within 90 days of account opening will reduce the principal. If a CD Special is closed within 90 days of opening, a $15 Premature Closing Account Fee will also be assessed.
Priority Plus Checking
Sullivan Bank currently has two high-yield rewards checking accounts in its product line: Cash Rewards (3.00% APY up to $10k) and Priority Plus (6.00% APY up to $25k). The Priority Plus checking account has been offering the 6.00% APY on qualifying balances up to $25k for more than five months. Qualifying balances over $25k and non-qualify balances both earn 0.05% APY.
The monthly qualification requirements of the Priority Plus checking account include,
- At least 12 POS debit card purchases totaling at least $300
- At least one direct deposit or direct debit clear the account
- Complete, post, and settle at least one bill payment
- Log into online banking at least once
- Receive eStatements
The Priority Plus checking account has no minimum balance requirement or monthly service fee, and can be opened with a minimum $100 opening deposit. Unlimited nationwide ATM fees will be reimbursed up to a total of $10 per month, if qualification requirements are met. Unlimited check writing is available and a free MasterCard® debit card will be issued following account opening. There is a limit of two accounts per "individual listed as primary account owner."
Availability and Account Opening
Headquartered in Sullivan, Missouri (75 miles southwest of St. Louis), Sullivan Bank has a brick-and-mortar presence in six central Missouri counties: Camden, Crawford, Franklin, Greene, Polk, and St. Louis.
According to CSR, any Missouri resident who can come into any of the ten full-service Missouri branches (located in Cuba, Eureka, Labadie, Pleasant Hope, Springfield, St. Clair, Sullivan (2), Sunrise Beach, and Union) is eligible to open a 7-month CD Special. There is a Contact Us form to start the application process for a CD Special.
Funding and Other Particulars
The following information is from a conversation with CSR.
- Funding – ACH, wire ($10 fee), or check.
- Ownership – Individual, joint, or trust.
- Interest – Compounded/credited quarterly. Automatic quarterly disbursement by either check or transfer to Sullivan Bank liquid account can be set up when opening a CD Special.
- Maturing Funds – Cashier’s check to address on file or transferred to a Sullivan Bank liquid account.
- Grace Period – 10 calendar days before renewing as a 6-month CD.
- Beneficiaries – Unlimited, with equal shares, Social Security, DOB, and address required.
- Credit Check – Soft pull through Transunion.
Bank Overview
Sullivan Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.35% (excellent) based on September 30, 2023 data. In the past year, Sullivan Bank has increased its total non-brokered deposits by $154.74 million, an excellent growth rate of 20.09%. Please refer to our financial overview of Sullivan Bank (FDIC Certificate # 8892) for more details.
The original Bank of Sullivan opened its doors for business in 1895 with assets of about $7,000 – a rather impressive sum considering the town of Sullivan had a population of 750 in 1895. Three Missouri banks were acquired in 1994 (Meramec State Bank), 1997 (American Federal Savings and Loan Association of Sullivan), and 2012 (Community Bank of the Ozarks), with the Sullivan Bank rebrand happening about four years ago. Currently the 29th largest bank headquartered in Missouri, Sullivan Bank has assets in excess of $1 billion and more than 30,000 customer accounts.
How the 7-month CD Special 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, one bank and two credit unions currently have higher rates than offered on the Sullivan Bank 7-Month CD Special. The following table compares the 7-Month CD Special to the four highest-rate similar length-of-term CDs from other banks/credit unions within the market area.
The above information and rates are accurate as of 2/10/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
