[MO] Ozark Bank 3% APY Checking on Balances up to $10,000

Update 3/25/20: Rate has decreased to 3.00% APY.

Offer at a glance

  • Interest Rate: 5.00% APY if requirements are met
  • Minimum Balance: $40 to open
  • Maximum Balance: up to $10,000 gets the bonus interest rate
  • Availability: Missouri only?
  • Direct deposit required: one ACH or payment required
  • Additional requirements: 12 debit card transactions
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct Link to offer (requires branch visit)

  • Ozark Bank offers their Show-Me checking with 5.00% APY on balances up to $10,000 when the following requirements are met:
    • At least one ACH direct deposit or payment must post and clear;
    • 12 debit card transactions per statement cycle.

The Fine Print

Avoiding Fees

Sign up for e-statements to avoid $3 monthly fee. Other than that, there aren’t any monthly fees.

Our Verdict

Aside from being a tv series, Ozark is also a city in Missouri. To open this account, fill out the form online, and then you’ll have to go in branch to complete the account opening, so it’ll only really work for people in or near Ozark. We’ll add this to our list of Best High Yield Savings Accounts.

Thanks to an anonymous reader for sharing this.

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Scott
Scott

As of today, 3/25/20, the interest rate is 3%

Andrew
Andrew

I live in Missouri (Kansas City area) and tried to do their online app. Looks like the online app is requiring a zip code. It didn’t let me pick a product with my zip code, so looks like the only way to apply if you’re not in the area (even if in Missouri) is probably to call in or go to a branch.

Curmudgeon
Curmudgeon

Chuck I decided to open another account here in my wife’s name, and found some good updates to your original post. Account opening process is now automated and can be done mostly online.

Credit card funding is now $500, or can open with ACH from another bank, up to $5000. I used a Visa, but it looks like it also recognized American Express as a viable option.

Early closing fee of $25 assessed if closed within 90 days.

Once all the info was put in, including uploading copy of driver’s license, CC funding info and identity verification questions, it said “Thanks, a bank employee will contact you soon”

With this automated set up I wonder if they’ll take applications from out of state? Hopefully someone outside of MO will try and post their experience.

juicyjosh
juicyjosh

I wonder who can try this ;). Thanks for the tip Curmudgeon

Curmudgeon
Curmudgeon

Follow up – never got a call from the bank rep, but got an email a few hours later saying the account was approved and e-signature docs would be sent soon. Account isn’t funded until you sign those docs.

This is much quicker and easier than when I set up my account.

Curmudgeon
Curmudgeon

Although I requested $500 for the opening amount on my credit card, it only posted for $40 with no explanation from the bank.

Dayn_Perrys_Vape
Dayn_Perrys_Vape

I called the Highway NN branch based on comments here. I do have family in the St. Louis area, and also spend 3 weeks a year there on the MO side for work. The person on the phone couldn’t have been any nicer and spoke to someone else in the branch to double check, but they would only direct me to apply online, and also told me the application would deny me for being out of the service area if I used an IL mailing address.

I’m not sure if something has changed, or if those who have successfully opened out of state just got lucky.

Anonymous
Anonymous

I noticed this while looking at your website because my girlfriend lives in ozark. When they saw I lived in NC, they asked if I had any family in MO. I told them it was just my girlfriend. They also asked if I ever came to visit. They ended up giving it to me because of my connection and because I visit a few times a year. They didn’t even ask me to come in the branch though. They emailed me the required documents and said that I could mail in a check for my initial deposit and that they’d mail my debit card to me. I ended up doing all that in branch though because I was leaving to go there soon anyway. I’ve been very satisfied with their customer service and I look forward to getting my first big fat interest payment. This was all with the Nixa branch by the way.

Curmudgeon
Curmudgeon

I can verify that 50cent Amazon reloads are working for the debit requirement.

ACH transfer from my local bank is working to meet the direct deposit requirement.

Anonymous
Anonymous

So you transferred money from another one of your accounts at a different bank and it worked for the ACH requirement? That’s interesting, they told me that it had be from another entity.

Curmudgeon
Curmudgeon

Yes. My other bank is “another entity” since it’s a separate bank. A lot of banks can’t or won’t distinguish between payroll direct deposit and user-initiated ACH transfers, which is why I posted this DP so others can benefit from my boundless knowledge and generosity. 😀

Curmudgeon
Curmudgeon

Got a call from bank rep today to verify some personal info (ss#, drivers license #, etc). Here’s what I found out:
– need e-statements to avoid $3/mo paper statement fee
– debits have no minimum amount to qualify
– debits must be done within statement cycle, not calendar month
– statement date is based on when account is opened
– bank cannot initiate ACH transfers, so you’ll need to push/pull from an outside bank
– no credit card funding, prefer cash/check in bank, but might be able to do ACH. Rep will have to get back to me on this.
– closest branch is a few hours away from me but rep said they’d be willing to mail me account opening docs (signature card, etc)
– maximum one account per person, per household, but said my spouse could also open a separate account

Once account is opened I’ll see if an ACH push qualifies as a direct deposit.

Lucas Capgras
Lucas Capgras

Can confirm this bank is only for Missouri residents, unfortunately.

RSchloemer
RSchloemer

There may be a loophole. I spoke with a manager of one of the banks on the phone and they suggested that out of state would work if we had a close relative living within Missouri. Vacation to see Grandma, anyone?

doc
doc

Too bad the Ozark limit is not millions for those of us that need to wash money for a kingpin.

Anonymous
Anonymous

FYI: This is a SOFT pull — I inquired when opening my account.