Central Bank of Kansas City CD Rates
Investing in Certificates of Deposit is akin to navigating a financial landscape where the stability of returns meets the nuances of commitment. Amidst the versatile options available, the Central Bank of Kansas City beckons with its array of CD terms, each presenting a unique blend of interest rates and maturity periods.
To clarify; Are the CD rates offered by the Central Bank of Kansas City truly competitive? Here is the quick guide stated below;
Central Bank of Kansas City CD Rate Offers
The most popular CD offers are;
91-Day CD
Key Features
- Minimum Balance to Open: $500.00
- Minimum Balance to Obtain APY: $500.00
- Interest Rate: 1.00%
- Annual Percentage Yield (APY): 1.00%
Considerations
- Ideal for those looking for a short-term, low-risk investment.
- Liquidity is limited until the maturity period ends.
Pros & Cons
| Pros | Cons |
| Low risk | Limited liquidity |
| Fixed interest rate |
182-Day CD
Key Features
- Minimum Balance to Open: $500.00
- Minimum Balance to Obtain APY: $500.00
- Interest Rate: 2.00%
- Annual Percentage Yield (APY): 2.02%
Considerations
- Offers a balance between short-term and longer-term CDs.
- Limited liquidity until the maturity period concludes.
Pros & Cons
| Pros | Cons |
| Moderate-term investment | Limited liquidity |
9-Month CD
Key Features
- Minimum Balance to Open: $500.00
- Minimum Balance to Obtain APY: $500.00
- Interest Rate: 2.00%
- Annual Percentage Yield (APY): 2.02%
Considerations
- Suitable for those seeking a relatively short-term commitment with a slightly higher yield.
Pros & Cons
| Pros | Cons |
| Slightly longer-term | Limited liquidity until maturity |
| Fixed interest rate |
1-Year CD
Key Features
- Minimum Balance to Open: $500.00
- Minimum Balance to Obtain APY: $500.00
- Interest Rate: 3.50%
- Annual Percentage Yield (APY): 3.55%
Considerations
- Provides a higher interest rate for those comfortable with a one-year commitment.
- Liquidity is limited until the maturity period ends.
Pros & Cons
| Pros | Cons |
| Fixed Rates | Limited liquidity until maturity |
| Stability | Potential missed opportunities in rising rates |
| Penalty for Early Withdrawal | Automatic renewal may not suit all investors |
Are Central Bank of Kansas City CD Rates Competitive?
- The competitiveness of Central Bank of Kansas City CD rates is apparent in the higher APY for longer-term commitments, such as the 1-Year CD.
- The rates offered align with the market, but a comprehensive evaluation would involve comparing them with rates provided by other banks, considering factors like minimum balance requirements and penalties for early withdrawal.
- Customers should regularly check for updates on CD rates and be aware of any promotional or special offers that may impact the overall competitiveness of Central Bank of Kansas City CD rates.
Overview Central Bank of Kansas
The bank was chartered by the state in 1950 and has been serving their community ever since with comprehensive banking services including lending, saving, and investment. They are a family-owned bank that is dedicated to giving back to their community. They have two locations in Kansas City which include a large central branch on Independence Avenue.
In 1998 the Kansas City bank became the only registered CDFI, which stands for Community Financial Investment Institution, in Missouri.
This is a federal U.S. treasury initiative that encourages private financial institutions to give back to their communities through volunteer work, accessible financial services for local communities, and direct financial contributions.
They provide affordable financial products to the surrounding communities of Kansas City and are devoted to community development. Having high-quality and accessible financial advising and services is just one of the many ways that this Kansas City bank is making a difference.
Small business loans and housing loans are available at affordable rates from this financial institution. For saving and investment accounts they offer competitive rates. Growing the wealth and financial wellness of its members is a priority of the bank since the bankers and employees live and work in the community that they serve.
With a focus on education, as a CDFI bank, they go above and beyond to help their community. They build neighborhoods and help local schools with financial literacy programs.
Some of the many ways that they give back are by reading to second graders and providing meals to the needy. They believe in the community of Kansas City and are devoted to helping the community reach its full potential.
Availability
You must be a member of the Central Bank of Kansas City to be eligible for their CD rates. You can visit a branch in person to open an account or apply for membership through their online portal. They serve the Kansas City region of Missouri and you must be a local resident or work in the area to be a member.
Locations Central Bank of Kansas
Branches in Missouri
The branch in Missouri is:
Kansas City (Main Branch and East Branch)
Frequently Asked Questions
Yes, the Central Bank of Kansas City offers various CD terms. Rates may vary based on the duration of the CD.
The minimum balance required to open a CD with the Central Bank of Kansas City is $500.00.
Yes, the Central Bank of Kansas City typically offers fixed interest rates on CDs. Interest may be calculated using simple or compounded methods.
Early withdrawal from a CD may incur penalties. The specific penalties and procedures at maturity depend on the terms of the CD. Details on penalties and maturity processes can be found in the CD agreement or by contacting the bank directly.