Savings, CDs & IRAs
At The Bank of Missouri, we believe saving means more than just setting money aside; it means planning for the future. We offer a wide range of planning tools, including interest-bearing savings accounts, health savings accounts, retirement accounts, CDs and more. We even offer a savings account for children with exclusive family events for account holders.
Put your money to work with a savings account at The Bank of Missouri. Not sure where to begin? Give us a call or visit your local Bank of Missouri location and we will help you choose the right savings option for your needs.
Statement Savings offers the basics you need in a savings account, plus convenient features like Mobile Check Deposit.
Money Market Plus
Money Market Plus offers savings with check writing capabilities.
High Performance Savings
High Performance Savings can be a great option for short term investments.
Show Me Savers Kids Club
This account, for savers age 18 and under, features fun events exclusively for Show Me Savers members. For upcoming events or to learn more, visit our Show Me Savers Club.
|Features & Benefits||Statement Savings||Money Market Plus||High Performance Savings||Show Me Savers|
|Minimum Opening Deposit||$100||$100||$10,000||$25|
|Monthly Balance Requirement||None||None||None||None|
|Service Charge||Quarterly service charge of $5 if daily balance falls below $1001||Monthly service charge of $9 if balance falls below $2,5001||N/A||N/A|
|Transfers per Month||Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each||Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each||Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each||Six transfers/month2, excluding ATM and in-person transfers- additional transfers $7 each|
|Interest Earnings||Interest paid semi-annually3||Interest paid monthly3||Interest paid semi-annually3||Interest paid semi-annually3|
|Statement Options||Quarterly electronic statement or paper statement (excludes images).||Monthly electronic statement or paper statement (excludes images)||Quarterly electronic statement or paper statement (excludes images)||Quarterly electronic statement or paper statement (excludes images)|
|Mobile Check Deposit Available||Yes||Yes||Yes||Yes|
|Get Started||Get Started||Get Started||Get Started|
Certificates of Deposit (CDs)
CDs offer flexible terms, FDIC protection, competitive rates, and the security of fixed returns.
- Minimum opening deposit requirement of $500
- Wide selection of certificate terms at competitive market rates
Individual Retirement Accounts (IRAs)
Saving for retirement is one of the most important ways to plan for your future. We offer multiple IRA options to meet your savings needs.
A traditional individual retirement account or individual retirement annuity (IRA) is a personal savings plan that offers tax benefits4 to encourage retirement savings. Generally, for 2021, you can contribute up to $6,000 a year combined for all of your traditional and Roth IRAs, if you have at least that much in taxable compensation for the year. In addition, individuals age 50 and older can make an extra "catch-up" contribution of $1,000 in 2021. Funds in a traditional IRA grow tax deferred until they are withdrawn. Contributions may be fully or partially tax deductible, depending on certain factors.
The recent SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 brings some exciting changes for traditional IRAs. In the past, individuals had to stop making contributions to their plan in the year they turned 70½. For 2020 and later years, it is now possible for individuals who have earned income5 to fund their IRA beyond age 70½.
Traditional IRAs have a set age at which you must begin taking required minimum distributions (RMDs). There are no changes for individuals born before July 1, 1949. Individuals born after June 30, 1949 now have more time to contribute. Their deadline for taking the first required distribution is April 1 of the year following the year in which they turn age 72, an increase from the previous 70½ years.
The Roth IRA is another type of personal savings plan that offers tax benefits4 to encourage retirement savings. The same contribution limits that apply to traditional IRAs also apply to Roth IRAs. With a Roth IRA, however, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits. Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be income tax free.
Coverdell Education Savings Account (ESA)
Coverdell ESAs offer tax-deferred4 savings opportunities to invest for the education costs of a child or other beneficiary. Coverdell ESA’s can be a great fit for paying for qualifying educational expenses at qualifying elementary, secondary, and postsecondary schools.
ESA Contribution Limits
Generally for 2021, you can contribute up to $2,000 per beneficiary per year. Annual modified adjusted gross income (MAGI) limits apply. Consult with your tax advisor regarding eligibility.
Any individual who meets the income requirements (including the designated beneficiary of that Coverdell ESA) can contribute. Contributions can be made by multiple individuals into one or more Coverdell ESAs for the same designated beneficiary, as long as the total contributions do not exceed the contribution limit for a year.
Generally, the beneficiary of a Coverdell ESA can be anyone under age 18. Once that person reaches 18, you can no longer make contributions on his or her behalf. Any funds remaining when the beneficiary turns 30 must be distributed at that time. However, if the beneficiary is a child with special needs, you can contribute after the age of 18 and do not have to distribute at age 30.
Coverdell ESA’s offer flexibility. You can make a contribution as late as April 15 of the following year, and it will be credited to the current taxable year. You can even roll a Coverdell ESA over into another Coverdell ESA for either the same beneficiary or a family member of that beneficiary.
Taxes and Coverdell ESAs
While contributions aren't tax deductible, qualified distributions are tax-free when they aren’t more than the beneficiary’s adjusted qualified education expenses for the year. Qualifying education expenses must be incurred at an eligible postsecondary, elementary or secondary school. Qualifying expenses typically include tuition, fees, books, supplies, and more. See a full list of qualifying expenses at the IRS website.
If a distribution from a Coverdell ESA is used to pay for anything that is not a qualified education expense, the portion of the distribution that represents earnings will be included in the beneficiary's taxable income and is also subject to an additional 10% penalty.
Health Savings Accounts
Health Savings Accounts (HSAs) allow you to save for medical expenses, with the potential for tax advantages. If you have a high deductible health plan, an HSA may be right for you.