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The Bank of Missouri Review

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The Bank of Missouri Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1891, The Bank of Missouri has assets totaling $1 billion and deposits totaling $1 billion, ranking it as a medium-size bank. The Bank of Missouri, whose headquarters are in Perryville, Missouri, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, The Bank of Missouri should be solidly in contention for your choice of bank. The Bank of Missouri offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, The Bank of Missouri offers an option without a maintenance or monthly fee. Finding an institution with free checking as well as a high interest rate savings account is the best option for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Bank of Missouri ranks poorly compared to the national average. Its CDs feature a rate of 1.76% and 1.01% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How The Bank of Missouri's Savings Rates Compare

The Bank of Missouri Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

The Bank of Missouri has typically extremely low fees compared to the average U.S. bank. With no monthly fee, The Bank of Missouri's checking account is perfect for people who need a hassle-free banking experience. Additionally, at $30.89, The Bank of Missouri has a markedly lower overdraft fee compared to the national average overdraft fee. The Bank of Missouri doesn't refund out-of-network ATM charges, meaning you will have to search for a The Bank of Missouri ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.89 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

The Bank of Missouri is a brick-and-mortar bank, with 35 total branches in Missouri. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 11:00 p.m. CT; Saturday, 8:00 a.m. to 5:00 p.m. CT; Sunday, and 9:00 a.m. to 5:00 p.m. CT. The Bank of Missouri receives relatively positive ratings from users for its mobile banking services. With 85 ratings across both iOS and Android platforms, the The Bank of Missouri mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). You can use The Bank of Missouri's app to control your funds by checking monthly statements, sending and receiving funds and reaching support representatives. The Bank of Missouri receives a superb consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Bank of Missouri ranks as a medium-size bank and has $1 billion in assets as well as deposits totaling $1 billion. The Bank of Missouri's Texas Ratio is 3.74%, suggesting a minute probability of failure. Additionally, The Bank of Missouri is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.74%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare The Bank of Missouri to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.26% APY
  • 36 Month: 1.01% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.01% APY
$500 for all terms
Money Market Account 0.07% APY $1

The Bank of Missouri offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Missouri does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. The Bank of Missouri's CD rates are fair in comparison to the average U.S. bank.

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Find a The Bank of Missouri Near Me

The Bank of Missouri has 35 branches across the U.S.

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