Savings

Strengthen your foundation. Reach for your goals.

Put your savings plan in motion

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 solid savings accounts, health savings accounts, CDs and more. No matter what your age or your life stage, we have savings accounts to help you reach your goals.

Savings Accounts

Put your money to work with a savings account at The Bank of Missouri.

Statement Savings

Statement Savings offers the basics you need in a savings account, plus convenient features like mobile check deposit. 

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, helps children learn how to manage money.

Comparison Chart

Statement Savings

High Performance Savings

Show Me Savers

Minimum Opening Deposit

$100

$10,000

$25

Monthly Balance Requirement

None

None

None

Service Charge

Quarterly service charge of $5 if daily balance falls below $1001

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

Interest Earnings

Interest paid semi-annually3

Interest paid semi-annually3

Interest paid semi-annually3

Statement Options

Quarterly 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

Statement Savings

Minimum Opening Deposit

$100

Monthly Balance Requirement

None

Service Charge

Quarterly service charge of $5 if daily balance falls below $1001

Transfers per Month

Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each

Interest Earnings

Interest paid semi-annually3

Statement Options

Quarterly electronic statement or paper statement (excludes images).

Mobile Check Deposit Available

Yes

High Performance Savings

Minimum Opening Deposit

$10,000

Monthly Balance Requirement

None

Service Charge

N/A

Transfers per Month

Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each

Interest Earnings

Interest paid semi-annually3

Statement Options

Quarterly electronic statement or paper statement (excludes images)

Mobile Check Deposit Available

Yes

Show Me Savers

Minimum Opening Deposit

$25

Monthly Balance Requirement

None

Service Charge

N/A

Transfers per Month

Six transfers/month2, excluding ATM and in-person transfers - additional transfers $7 each

Interest Earnings

Interest paid semi-annually3

Statement Options

Quarterly electronic statement or paper statement (excludes images)

Mobile Check Deposit Available

Yes

Certificates of Deposit

Choose how long you want your money to grow at a fixed rate, and maximize your savings. 

  • Minimum opening deposit requirement of $500
  • Wide selection of certificate terms at competitive market rates

Additional savings solutions

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.

Saving for retirement requires good planning, and we're here to help. We offer multiple IRA options to meet your savings needs.

Traditional IRA

A Traditional IRA offers tax benefits4 to encourage retirement savings. Generally, for 2022, 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 2022. 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.

Roth IRA

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 ESAs offer tax-deferred4 savings opportunities to save for the education costs of a child or other beneficiary. Coverdell ESAs can be used to pay for qualifying educational expenses at qualifying elementary, secondary, and postsecondary schools.

ESA Contribution Limits

Generally for 2022, 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.

ESA Flexibility

Coverdell ESAs 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.

Wherever you need us

It's easy to Live Well, Bank Well with options.

  • Mobile banking
  • Interactive Teller Machines
  • 5 AM - midnight phone support
  • Convenient locations

1May reduce earnings.
2Federal regulations limit the number of the following types of withdrawals and transfers from a savings or money market account to a total of six (6) each month: automatic or preauthorized transfers, telephone transfers, Online and Mobile Banking transfers or payments, checks, drafts, debit card, or other similar orders to third parties. If you exceed these limits three or more times, the bank may be required to close your account.
3Rates are subject to change without notice.
4Please consult with a tax or legal professional for guidance on tax implications related to savings products.
5As defined by the Internal Revenue Service.