Posted by William Charles on April 11, 2017
Rewards Checking

Published on April 11th, 2017 | by William Charles

92

[MO, AR, OK, KS, IA, NE, IL, KY, TN only] Old Missouri Bank 3.01% APY Rewards Checking Account On Balances Up To $25,000

Update 2: Iowa, Nebraska, Illinois, Kentucky and Tennessee

Now available in Oklahoma & Kansas as well.

Offer at a glance

  • Interest Rate: 3.01% APY
  • Minimum Balance: None
  • Maximum Balance: $25,000 for 3.01% APY
  • Availability: Nationwide. They have now added that you must be a resident of Missouri or Arkansas. Oklahoma & Kansas added as well. Iowa, Nebraska, Illinois, Kentucky and Tennessee now added.
  • Direct deposit required: Requires one ACH credit or payment
  • Additional requirements: 12 debit card transactions
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Old Missouri Bank are offering an interest rate of 3.01% on balances up to $25,000 on their Kasasa Cash Checking account when you meet the following requirements each monthly qualification cycle:
    • Have at least 12 debit card purchases post and settle
    • Have at least 1 ACH credit or ACH payment transaction post and settlement

The Fine Print

  • 0.01% APY when requirements aren’t met
  • US Citizens only

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

Unfortunately now it’s just for Missouri.

One of the better nationwide high interest accounts with a large maximum deposit. It doesn’t look like the ACH requirement is very strict and basically any ACH transfer will trigger it. Debit card transaction requirement shouldn’t be too difficult to meet either, some ideas on that here. It’s also nice there is no monthly fees to worry about if you don’t meet the requirements.

Hat tip to reader Curmudgeon



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david
david

thanks doc!

Rob
Rob

I know this is speculation, but do you think this is semi-permanent? Or will they continually drop it to make it not worth the hassle.

Ben
Ben

Is this something that you’ve seen them do in the past? Or is that just a completely speculative question?

Mike
Mike

This is only speculation, but I’d expect the rates to rise, actually. The economy is facing inflationary headwinds. Before the economic downturn, high-interest checking accounts were regularly yielding 5%+ rates. I’m not sure this will happen soon, necessarily, but I think we’re heading towards that.

Ed
Ed

I opened a United Bank account at 1.35% after reading about it here (thanks DoC). The rate fell to 1.15% within a few weeks, has since rebounded to 1.25%. These types of accounts are useful. But your personal flowchart must include monthly rate checks as well as a check off list of required actions needed to maintain the “high” rate and/or waive monthly fees.

momosan
momosan

Most of these Kasasa accounts appear to have lasted quite a while. To find one in your area, google Kasasa and your state and see what pops up. Their requirements vary all over the place, as do their rates. Be aware that they do tend to be small banks and credit unions, so their support and presence may not be up to what you’d expect from a bigger bank.

Tom
Tom

Thanks for the info. When I googled Kasasa NJ it came up with Manasquan bank, which is only offering 2% instead of 3.01%. Does that mean I can’t open an account with Old Missouri? I need to open with Manasquan?

Bill M
Bill M

Kasasa is a service provider that banks and credit unions pay to provide the back end program to manage their accounts. You can have accounts with as many Kasasa customers as you want. Kasasa is just a back-end service provider that is trying to build brand name recognition with their customers’ customers (i.e. banks’ account holders).
I don’t understand why banks or credit unions choose to market their accounts under the Kasasa brand name instead of their own name, but these programs often pay decent rates.

Logan
Logan

Anyone ever used this bank before? Not against parking money in any FDIC / NCUA insured bank but i would like to know a little more about any experience anyone has with them.

V
V

Looks like OMB recently partnered with Kasasa for this in “early January”: https://www.depositaccounts.com/banks/missouri-bank/offers/

Rate history only goes back to 1/13/2017 vs. a known quantity like LMCU dating back to 2009:
https://www.depositaccounts.com/banks/missouri-bank.html#a321863
https://www.depositaccounts.com/banks/lake-michigan-credit-union.html#a16476

The bank looks small but stable. Can’t think of any Kasasa partners that have dropped out and reduced rates or stopped offering high-interest accounts, but I’m all ears if otherwise

V
V

Nevermind, looks like CFSB cut its rates last June 2016. DoC made a post about it back in March 2016: https://www.depositaccounts.com/banks/community-financial-svcs-bank.html#a266453

niiimz
niiimz

Since I doubt we will see anyone with personal experience with this bank, at least we have this: https://www.depositaccounts.com/banks/missouri-bank.html#rates

Unfortunately, DA’s historic APY data on their Kasasa account is limited so we don’t know if we should expect it to fluctuate.

Charles Chang
Charles Chang

Again, Citizen only

Stephen
Stephen

Doc, When I pull up https://www.depositaccounts.com/kasasa/ and find Old Missouri Bank it shows it is only available if you live in Missouri (click the down arrow under details to see a map). Has this changed recently?

I have had a Kasasa account for a number of years now and the only time the rates changed was when the bank got bought and the new bank did away with the Kasasa program, so i found another bank.

Chuck

I checked and the bank seems to allow opening an account no matter where you live.

Stephen E
Stephen E

Doc, When i checkout the bank out on https://www.depositaccounts.com/kasasa/ it shows accounts only available for residents on Missouri. Has this changed recently?

joE
joE

It’s a bank not a credit union so there shouldn’t be any membership limitations. Maybe they switched from CU to bank, but looks open to everyone currently with no mention of membership requirements on their own site. Best to call and share your experience if you’re interested.

Stephen E
Stephen E

Not necessarily. I tried to apply for Iowa State Bank’s Kasasa Program last summer and was told it is only open to residents of Iowa, Nebraska, South Dakota, and Minnesota.

Raj
Raj

Available to US citizens only.

Ken
Ken

Don’t all the Kasasa Cash accounts say that they will close your account if you’re only using it for the yield and nothing else?

Chuck

I’ve seen that once or twice. For now, I have no reason to assume that’s true at other banks who don’t indicate as such.

Curmudgeon
Curmudgeon

I recently opened an account here. I spoke with a customer service rep and specifically asked about state restrictions. She told me they used to be restricted to Missouri but now that they have the Kasasa program and their online app, anyone could apply.

Their online banking is fairly basic with no ACH capability, so if you want to move money in/out you’ll have to initiate from outside the bank.

Every application looks to be manually reviewed and you’ll probably have to upload a copy of your driver’s license.

It took about 10 days to get my account open and funded so don’t expect a quick turn around. No referral bonuses are currently available.

I’ll update with more info if anything changes.

anne
anne

Does the statement cycle starts the first day of each month or on a fixed date every month? I cannot find that info on the website.

bob
bob

is there any language in the fine print about how you must use the account as your primary account, and/or have you had any problems getting the APY to hit? Other Kasasa accounts have been real prickly about the small debit transactions people use to meet the requirements.

Ken
Ken

Found a Kasasa bank in IA that’s offering 3% but they have you confirm that you’re not going to use it just for the yield when applying.

Joe
Joe

What exactly does that mean… lol… I actually have tons of transactions to make…. but…. I have no intention to make debit transactions on my reward checking acts greater than $3 each. But I’ll do plenty of e-checks bill pays etc.

Ben
Ben

If you mix in ach’s, bill pays, etc you will be fine. I’ve never used my debit card for large purchases in my kasasa account and have never been questioned.

Ken
Ken

Which bank is your Kasasa through? Do they specifically say they’ll close accounts that are in it for the yield only?

Eduardo Baez
Eduardo Baez

I was talking via secure message with a CSR. She was very nice. Please see below key points:

Applicants must be US citizens.

12 debit card transactions could be pin/signature purchases or online payments using the debit card number with no minimum amount.

ACH credit/debit transaction is pushing/pulling from your external account once a month with no minimum amount either.

Application will trigger a soft pull to your credit report.

AD
AD

Will opening this account show up on my Chexsystems report?

Resid bama
Resid bama

I spent few minutes to apply online, after answer all 4 security questions and input my drive license# in Alabama, they asked me to input my funding account info, I did. They got an email said someone may contact me for final details.

Dan
Dan

This seems like a no-brainer, I’d happily move everything over and make this my primary account. Really hope my Chex doesn’t cause a denial.

Shaun
Shaun

Nice that it’s a soft pull. Seems a lot of these high interest accounts are hard.

Shaun
Shaun

Although the link to the soft pull says no data points. Does anyone know where the data point came from?

sam
sam

Ironic considering the idea is that you’ll have a lot of cash deposited with them…must just be a certain type of bank that offers them with a certain policy for all new accounts.

Shaun
Shaun

FYI the data point on the soft/hard pull is on the direct deposit link and the pull data point page is empty.

Shaun
Shaun

Also, is this new:

Old Missouri Bank is currently only accepting online applications from residents in the state of MIssouri. Before proceeding, please confirm your eligibility below:

The Man
The Man

Yes.
It appears they caught up and changed it.

Shaun
Shaun

Nevermind, went back and read earlier comments. I’m not going to post anymore since I just commented five times in a row. kthxbai

Curmudgeon
Curmudgeon

Well that’s a shame.

Ken
Ken

I have emailed every Kasasa 3% bank and so far every one of them has replied that they are only allowing their state or their region to open an account. This would’ve been an extra $42/month over my current 1% account. I’ve been waiting on new accounts till we can open the Chase package for $500 each. That’s really lucrative.

Jack
Jack

Wow I knew I should have bit the bullet on this. Missing out on a really good interest rate 🙁

DirtyLilRat
DirtyLilRat

DOC effect kills the deal!
🙂

resid bama
resid bama

applied on 22nd, today received DOCsign wants upload DRIVER lic and copy of my SSN card, also upload a copy of acct agreement signed by me, then said it will be under management review. should know something next week i guess, i am in Bham, AL

tarheel traveler
tarheel traveler

Same boat as resid bama. Applied on 2/22 when no residency restriction. Just received request for docu-sign with authorizing the account agreement and a copy of my license (in CA). We’ll see if they ding me for being out of state.

tarheel traveler
tarheel traveler

Success. Account opened and funded despite now being a resident of MO. Looks like folks who got in early were allowed to open accounts.

Anyone trigger the ACH requirement yet?

Eduardo Baez
Eduardo Baez

Same boat as resid bama and tarheel traveler.

I think we are safe. The subject of the e-mail I got from them was “Old Missouri Bank Approved Application” and the first paragraph states:

“Your online application to open a Kasasa Cash account has been approved contingent upon receiving a copy of your identification and your signature on the Account Agreement Certification.”

I already uploaded the signed agreement and my US Passport via DocuSign yesterday.

resid bama
resid bama

wait is over, here is what i received today from OMB:
Thank you for promptly returning the requested documentation. We are in process of completing your new account funding. On 3/3/2017, we will process an ACH debit transfer for $xxx from your checking account at another institution as you had indicated on your online account application. Once the deposit transfer has been completed successfully and credited to your new Kasasa Cash Checking account, we will contact you regarding your pertinent account details.

Eduardo Baez
Eduardo Baez

Received similar e-mail today from OMB:
“Thank you for promptly returning the requested documentation. We are in process of completing your new account funding. On 3/6/2017, we will process an ACH debit transfer for $xxx from your checking account at another institution as you had indicated on your online account application. Once the deposit transfer has been completed successfully and credited to your new Kasasa Cash Checking account, we will contact you regarding your pertinent account details.”

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