Posted by William Charles on April 11, 2017
Rewards Checking

Published on April 11th, 2017 | by William Charles


[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

82 Responses to [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

  1. david says:

    thanks doc!

  2. Rob says:

    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 says:

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

    • Mike says:

      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 says:

      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 says:

      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 says:

        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 says:

          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.

  3. Logan says:

    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.

  4. Charles Chang says:

    Again, Citizen only

  5. Stephen says:

    Doc, When I pull up 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.

  6. Stephen E says:

    Doc, When i checkout the bank out on it shows accounts only available for residents on Missouri. Has this changed recently?

    • joE says:

      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 says:

        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.

  7. Raj says:

    Available to US citizens only.

  8. Ken says:

    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?

  9. Curmudgeon says:

    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 says:

      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 says:

      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.

  10. Ken says:

    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 says:

      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 says:

        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.

  11. Eduardo Baez says:

    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.

  12. AD says:

    Will opening this account show up on my Chexsystems report?

  13. Resid bama says:

    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.

  14. Dan says:

    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.

  15. Shaun says:

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

    • Shaun says:

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

    • sam says:

      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.

  16. Shaun says:

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

  17. Shaun says:

    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:

  18. Ken says:

    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.

  19. Jack says:

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

  20. DirtyLilRat says:

    DOC effect kills the deal!

  21. resid bama says:

    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

  22. tarheel traveler says:

    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 says:

      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?

  23. Eduardo Baez says:

    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.

  24. resid bama says:

    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.

  25. Eduardo Baez says:

    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.”

  26. sam says:

    Super professional bank- same as above. I’m not sure it even is a bank now.

  27. Dan says:

    Same report as most recent posts; everything seems to be fine with the account I opened and they’re doing the ACH. Pretty outstanding customer service so far, with very quick personal responses from the person handling opening my account. As I mentioned above, at this rate I’ll be very happy to move my savings over here and keep working with these guys.

  28. Phil says:

    Echoing this question from user anne, above:

    “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.”

    • Curmudgeon says:

      I think it depends on when you open the account, not a calendar month. My first statement was just under 30 days – it covered the period from 1/19/17 to 2/15/17.

    • Eduardo Baez says:

      As per OMB CSR, my statement cycle starts the third Thursday of every month. However, I see Curmudgeon’s first statement also started the third Thursday of January 2017. So, I am not sure if it is the third Thursday of every month for all customers.
      Since I opened the account last month, my first statement for February 2017 will be from 02/16/2017 to 03/15/2017. For that first statement, OMB CSR stated all users get the 3.01% APY automatically. Starting from my March 2017 statement running from 03/16/2017 thru 04/19/2017, I must meet all account requirements to get the 3.01% APY.

  29. Steve Smtih says:

    This is now open to Arkansas residents as well!

  30. Mimi says:

    for DC swipes, WM supercenter SCO has been a valuable partner. Most, if not all SCO, do not have a minimum to load the WM GC so I load it with as low as a penny and add increments of .01 per transaction. This worked well for me for the WF and Regions DC requirements for which DH and I already received our bonuses. Note that some WM Neighborhood markets SCO has a minimum load of $5.00 so that may also be the case with some supercenters; just find one with no minimum loads on WMgc.

  31. Eduardo Baez says:

    Just got my ChexSystems Report. Old Missouri Bank did not pull ChexSystems when opening my account last month.

  32. dmonstar says:

    DoC, just FYI it seems this account is now opened for Oklahoma and Kansas as well.

    At least that’s what the initial page gives for options after clicking “Open in Minutes”

  33. Logan says:

    If someone wants to give me 25k ill gladly open up an account in Kansas 😛

  34. John says:

    I’m still kicking myself for not applying to this when it was nationwide recently

  35. Subscriber says:

    They have opened up Iowa, Nebraska, Illinois, Kentucky and Tennessee now

  36. Alan says:

    p2p push from ally does not count as ACH for me this month.
    loss one month of interest.

    not sure about p2p pull.
    will do true ach debit this month.

  37. Frito Pendejo says:

    Does anybody else’s account show zero transaction history? Mine only shows the most recent interest payment, but nothing about how money came in and out. Transaction search is empty. That is worrying.

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