When I first reported on Morrill and Janes Bank in 2010, many readers jumped on its great nationwide checking account deal. The bank was offering very competitive rates on its Elite Checking and the Treasury Index Account. The deal lasted for over six months, but in 2011 the bank started to limit new accounts to Kansas and Missouri residents. The rates also fell. However, the rates continue to be competitive, and these accounts continue to be a good deal for KS and MO residents.
The bank's Elite Checking has a 1.06% APY on daily balance of $1,500.00 and above. For balances under $1,500, there's a $6 monthly fee and the rate falls to 0.75% APY. The rates are listed in the bank's Elite Checking page as of 2/21/2012. A reader who opened an account when it was available nationwide had this to say: "all my banking is done online or by mail and I have to say I have no trouble with them whatsoever."
The bank also offers a money market account called Treasury Index which has a current yield of 1.11% APY for balances of at least $25,000 (0.50% for under). This is listed in the bank's savings account rate sheet as of 2/12/2012. There are no monthly maintenance fees.
Another good deal is the bank's Option Plus IRA. It's an 18-month IRA CD with a very competitive 2.02% APY. This IRA special and rate are listed in the bank's IRA page as of 2/21/2012. According to this page, APY applies to new accounts opened between 12/27/2011 and 04/16/2012. The "option" feature is an option to increase the rate at least once during the term of the certificate.
The bank's main office is in Merriam, Kansas with 7 branches in Kansas and Missouri. Its overall health score is 5 stars (out of 5) with a Texas Ratio of 5.24% (excellent) based on September 2011 data. Please refer to our financial overview of Morrill & Janes Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1143).
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