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Savings, CDs, & IRAs

Savings Accounts

Not everyone’s savings potential is the same. The Bank of Missouri offers savings plans suited to fit your lifestyle. Visit one of our locations and let our financial services consultants assist you in choosing the account that is right for you! Please contact one of our locations for current terms, rates, and minimum balance requirements or apply online for any of these accounts.

  Minimum to Open Monthly Service Charge Earns Interest  

Statement Savings

More » $100 Charges may apply*


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Money Market Plus More » $100 Charges may apply* Yes Apply Now
High Performance Savings « Hide $10,000 None Yes Get Started

High Performance Savings

Great option for short term investments.

  • Minimum opening deposit of $10,000
  • Six transfers per month, excluding ATM (FDIC regulation)* -additional transfers are $7 each
  • Interest paid semi-annually**
  • Quarterly statement (excludes images or E-statement)
  • Available Mobile Check Deposit
*Federal regulations limit the number of the following types of withdrawals and transfers from a savings account to a total of six (6) each month: automatic or preauthorized transfers, telephone transfers, Online and Mobile Banking transfers or payments. If you exceed these limits three or more times, the bank may be required to close your account.**Rates are subject to change without notice
Show Me Savers More » $25 None Yes Get Started


Certificates of Deposit (CDs)

We offer a wide selection of certificate terms at competitive market rates. The Certificate of Deposit minimum opening deposit requirement is now $500.  Click here for current CD rates.

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Individual Retirement Accounts (IRAs)

What’s the right type of IRA for you?

At The Bank of Missouri, we want what’s best for our customer, not for ourselves.  That’s why we are dedicated to finding the best type of savings solution for you.  Please explore any of the 3 options presented below or give us a call and let one of our experts help you make the right choice.

  1. FDIC  Insured IRA CD
  2. Non-FDIC Insured IRA – visit Investment Services for more info
  3. Insurance Products through Reliable Insurance Services

The Bank of Missouri has IRA specialists ready to help setup and manage any of the following IRA plans:

Traditional IRA - SEP contributions

A traditional individual retirement account or individual retirement annuity (IRA) is a personal savings plan that offers tax benefits to encourage retirement savings. Generally, for 2016, if you haven't reached age 70 1/2 by the end of the tax year, you can contribute up to $5,500 a year to a traditional IRA 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 2016. Funds in a traditional IRA grow tax deferred until they are withdrawn. Contributions may be fully or partially tax deductible, depending on certain factors.

Roth IRA

The Roth IRA is another type of personal savings plan that offers tax benefits 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 completely income tax free.

Coverdell Savings Accounts

A Coverdell education savings account is a particular type of savings vehicle that allows you to invest for the education costs of a child or other beneficiary. Coverdell ESAs offer tax-deferred savings opportunities.

You can contribute up to $2,000 per beneficiary, assuming you meet the income requirements. You can even make a contribution as late as April 15 of the following year, and it will be credited to the current taxable year. Your contributions aren't tax deductible, but any distributions used to pay qualifying education expenses (which include elementary and secondary school expenses) will be completely tax free. (Generally, distributions are tax free if they are not more than the beneficiary's education expenses for the year.) But, if a distribution from a Coverdell ESA isn't used to pay qualifying education expenses, 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 percent penalty.

To make a full contribution to a Coverdell ESA, single filers must have a modified adjusted gross income (MAGI) of less than $95,000, and joint filers must have a MAGI of less than $190,000. A partial contribution is allowed for single filers with a MAGI between $95,000 and $110,000, and for joint filers with a MAGI between $190,000 and $220,000.

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. The exception is if the beneficiary is a special needs child, in which case you can still contribute to the account after the beneficiary reaches age 18.

You can set up separate Coverdell ESAs for different beneficiaries, a key advantage if you have more than one child or grandchild. You can even roll a Coverdell ESA over into another Coverdell ESA for either the same beneficiary or a family member of that beneficiary. However, no more than $2,000 a year can be contributed to all Coverdell ESAs for the benefit of any one beneficiary. For example, if you and Grandpa each open a Coverdell ESA for your child, your combined contributions for the year can't exceed $2,000. Also, any funds remaining in the account when the beneficiary turns 30 must be distributed at that time (unless the beneficiary is a special needs individual), resulting in income tax and possibly a penalty on the earnings portion of the distribution.

Please consult with a tax or legal professional for guidance on tax implications related to savings products.