Best Certificates of Deposit (CDs) in Missouri for 2025
- Belgrade State Bank offers savings options that include CDs, Christmas club accounts, and savings accounts for children.
- CDs have fixed rates, so the amount you get in returns is guaranteed.
- Discover® Bank offers long- and short-term CDs with some of the highest rates.
- Synchrony Bank offers high CD rates with no minimum balance requirement and a no-penalty option.
A certificate of deposit (CD) is a great way to maximize the amount of money you have in your savings. In exchange for keeping funds in the account for a fixed amount of time, which is generally six months to five years, you can enjoy an above-average interest rate on your deposit. CDs are offered by banks and credit unions around Missouri, as well as online financial institutions.
To learn more about CDs, continue reading this page. Here, we have information about the companies that provide the most attractive interest rates for CDs in Missouri, what you should think about when choosing a CD, and the pros and cons of this type of investment.
Best CD Interest Rates In Missouri
Popular Banks and Credit Unions in Missouri
Alltru Credit Union: Alltru Credit Union provides services that can help consumers with every area of their financial life—from checking to savings to mortgages. The credit union also gives back to the community in various ways, including by providing education.
Belgrade State Bank: This bank offers several savings options, including CDs, Christmas club accounts, and savings accounts for children.
The Bank of Missouri: One of the top local banks in the state, The Bank of Missouri has accounts with higher interest rates than you generally find.
Online Banks: Missouri residents can open a CD from an online bank and enjoy higher interest rates.
Online Banks Offering CDs
Getting a CD from a local bank in Missouri can be a good choice to help you make plans for your financial future. However, don’t count out online banks. They also provide CDs, which can be an attractive option. Additionally, you can take advantage of several benefits of mobile banking when opening a CD with an online bank. Below, we explore some of them.
24/7 Accessibility
What online banks lack in face-to-face customer service, they make up for in accessibility. Often, online banks offer customer service up to 24 hours a day, seven days a week. If you have questions or concerns about your account, you never have to wait to get the answers you need.
Budgeting Tools
As you work on your financial objectives, you want to know exactly where you stand. If you open additional accounts with your CD, you will especially want to stay on top of what’s going on with your money. Online banks often offer budgeting tools that will help you do just that.
FDIC Protection
One of the reasons we trust local banks so much is because we know that our money is safe. However, you may not be aware that online banks also have the same protection. When you open a CD from an online bank, it is ensured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. This means you can open a CD with confidence, knowing that if the worst happens and the bank closes, you’ll be able to get your money back.
Higher Rates
CDs from traditional banks in Missouri can have healthy rates. Generally, however, you can expect to find considerably higher rates at online banks. This means online financial institutions may be the best choice to make your money work for you.
Low Minimum Deposit Requirements
The minimum deposits required to open a CD can vary, but some of them can be more pricey than you’re able to afford at the moment. When you open a CD at an online bank, the required deposit can be significantly lower than what traditional banks expect. In fact, in some cases, there may be no minimum deposit at all.
The following are some online banks that offer attractive rates on CDs.
- Discover® Bank: Discover Bank offers long- and short-term CDs with some of the highest rates. Whether you choose an 18-month or 10-year CD, there is no minimum opening deposit requirement.
- Ally Bank: Ally Bank has competitive CD rates and terms of up to five years. When you renew, you can receive a loyalty reward that boosts your interest rate.
- Marcus by Goldman Sachs: Marcus by Goldman Sachs allows you to easily open and manage your account. Customer service is available 24 hours a day.
- Synchrony Bank: Synchrony Bank offers high CD rates with no minimum balance requirement and a no-penalty option.
Now that you have seen some CDs offered by traditional and online banks, you can further explore your options and invest in the best ones for your situation.
Factors to Consider When Choosing a CD in Missouri
Whether you’re looking for an 18-month CD or one with a much longer term, a significant consideration when choosing a CD in Missouri is how long you need to keep your money in the account. You may be able to find a term as short as three months. However, the interest rate may be lower than a two-year CD, for example.
It is also important to monitor interest rates. CD rates can range from under one percent to almost five percent. In some cases, you may be able to get a high promotional CD rate that is offered for a limited time.
Other criteria you want to pay attention to when researching CDs include minimum deposit requirements and early withdrawal penalties.
Pros and Cons of CDs
You should consider their pros and cons as you learn more about different CDs. Although they can be helpful in some ways, there are also downsides you need to know. Let’s take a look at the benefits and drawbacks of CDs in Missouri.
Pros
- Just as with other accounts, organizations that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) will safeguard your deposits up to $250,000.
- CDs have fixed rates, so the amount you get in returns is guaranteed.
- There are various CD terms available, so if you need shorter—or longer-term products, you have many options.
Cons
- If you withdraw your money early, you will generally have to pay penalties, which can significantly reduce the earnings you make on the CD.
- If you choose long-term products, the CD rates may not keep up with inflation, thus decreasing the return on your investment.
- The returns generated from CDs can be lower than other types of investments.
Start Increasing Your Savings Now
Now that you have learned about CD rates in Missouri, you can find one from a bank or credit union that helps you meet your financial goals. Whether you’re concerned about maximizing interest, getting a CD that has the terms you’re looking for, or avoiding early withdrawal penalties, there are products available to suit your preferences.
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