Missouri money market accounts: Who offers the best rates?

September 3, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of the state of Missouri.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Missouri, we have found that in most instances you will be able to lock in more competitive rates with l0cal institutions (if you are eligible for membership). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market account interest rates.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy.

Top 2 MMA (money market account) rates in Missouri:

(click on the institution for more information)

  • Midland States Bank: Chesterfield, MO. Money market account yielding 2.25% APY with a minimum balance of $10,000. The minimum balance required to open this account is only $2,500, however you will receive a lower interest rate for this balance. If your account dips below $1,000 you will incur a $15 monthly service charge. You are entitled to six transfers per month and only 3 of these may be made by check. For each additional transfer you will incur a $5.00 fee. Midland States Bank has 11 locations in Illinois and only 1 in Missouri (Chesterfield). Midland States Bank was established in 1881 as the Private Bank of Eversman, Wood & Engbring by four men from different walks of life. They were brought together by a common desire to create a bank that served the area. Despite an economic depression in the 1870s, these four partners put their faith in the future of the region. Contact: (888) 226-5892
  • Legacy Bank and Trust Co: Mountain Grove, MO. “Money market checking account” yielding 2.22% APY with a minimum deposit amount of $2,500. No monthly service charge as long as your balance remains above $2,500 ($10 monthly fee if balance falls below that level). Legacy Bank and Trust Co have four locations throughout Missouri (Plato, Mountain Grove, Sparta, and Rogersville). They first opened in 1907 in Plato, Missouri, in 2003 Ozarks Heritage Financial Group purchased this bank and changed the name to Legacy Bank and Trust. The last three branches were recently opened in 2003, 2005 and 2008. Contact: (417) 926-6138

Both of the above institutions are federally insured by the FDIC. If you live in Missouri and know of a better money market rate offered by your local bank or credit union, please share by leaving a comment.

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