We present our most up-to-date certificate of deposit rates (CD rates) and Money Market Deposit Account rates (MMDA rates). We aim to provide competitive rates on your savings investments with CD rates available for terms up to 60 months for a minimum deposit of $500.00. We also offer high MMDA rates on a scale with the highest rates for $50,000 and over.
To find out more about our CD rates or to open an account, call us at 800-513-0100 or visit one of our banking locations in St. Louis. We’re a great bank in St. Louis for customers who want the highest yields that the market will pay.
Current CD Rates
Disclosures: CD rates are subject to change. Rates are effective as of January 15, 2020. Minimum deposit of $500.00. Penalty will be imposed for early withdrawal. APY is Annual Percentage Yield.
Current Personal MMDA Rates
|$0.00 to $9,999.99||0.40||0.40|
|$10,000.00 to $24,999.99||0.45||0.45|
|$25,000.00 to $49,999.99||0.50||0.50|
|$50,000.00 to $99,999.99||0.70||0.70|
|$100,000.00 and over||0.70||0.70|
Disclosures: MMDA Rates are subject to change. Rates are effective as of January 15, 2020. Minimum opening deposit of $100 required. Rate may change after the account is opened. Fees may reduce earnings. APY is Annual Percentage Yield.
Current Business / Commercial MMDA Rates
|$0 to $49,999.99||0.50||N/A|
|$50,000 and Higher||0.70||N/A|
Disclosures: MMDA Rates are subject to change. Rates are effective as of January 15 , 2020.
How a CD Ladder Can Help You Get the Best CD Rates
Certificates of deposit (CDs) are some of the highest yielding savings instruments that are also FDIC insured. However, securing the best CD rates often means putting down larger deposits and locking up the money for longer.
One way that personal finance experts suggest that even ordinary people can access the benefits of high CD rates is through a method called the ‘CD ladder.’ To achieve this, you acquire multiple CDs over a longer period of time that all have regular expiration dates – often between one month to several years. You then roll over the maturing CDs into longer term CDs that have the highest CD rates possible.
In this way, you always have some CDs coming to term every few months, so you have the additional access to your savings while also taking advantage of the higher CD rates.
For example, you might start off by buying multiple CDs with different maturities, say one year, two year, three year, four year and five year CD. Over time, you may add more CDs to structure your ladder so you always have a CD maturing within a few months. After the ladder is built you would typically purchase only five year CDs at the highest rate as CDs mature to keep your ladder extended out five years. You would keep going on this ‘ladder’ to achieve the highest CD rates possible while also maintaining regular access to your money.
This method can provide you with some of the liquidity of a savings account while providing superior CD rates on your savings. It can take some long term planning to get the highest CD rates without locking up all of your money at the same time, but it is possible with some careful planning.
For a personalized plan on how you can get the best CD rates from Jefferson Bank and Trust, call our offices at 314-621-0100, use our web contact form, or visit one of our banks in St. Louis.