First Missouri State Bank now offers innovative high-interest CD promotion

First Missouri State Bank now offers certificate of deposits that pay 3.00% Annual Percentage Yield and the customer can pick the term from three to 24 months.

"This was born out of the environment that we're in right now," said First Missouri State Bank president Steve Taylor. "No one knows where rates are going."

Taylor, who has served in the bank's top leadership post since it opened in 2002, said people see interest rates going up. So what First Missouri State Bank offers is a choice of terms that empowers the customer based on what they see the economy doing now and where it's headed. The customer picks the maturity date they think best maximizes their investment.

With the current offering, customers can choose a term of three, six, 12, 18 or 24 months, but the rate will stay at 3.00% APY, Taylor said.

"I've been in this business for 40 years and have never seen a certificate of deposit offering like this before," he said.

Steve Taylor

If a customer thinks rates are going to go down in the next 18 months, Taylor said they will want to choose a longer term, but if they think rates are going to go up again soon they can pick a shorter term in order to maximize any future rate hikes.

Meanwhile, the 3.00% APY is also significantly higher than the average market rate. According to bankrate.com, the average one-year CD rate for the first week of October was less than 1.00%.

First Missouri State Bank is a community bank committed to providing high quality service to their customers.

In order to stay actively involved in the community, the bank is providing this opportunity for investment as part of its goal to be a leading financial provider and visionary in its offerings.

The promotion is another way First Missouri State Bank seeks to help clients set goals that challenge the status quo.

A minimum deposit of $1,000 is required and interest is compounded and credited quarterly. Customers are subject to an interest penalty for early withdrawal. Rates are subject to change without notice. Rates are accurate as of Sept. 26, 2022.

For more information call (573) 334-9000.