Bump Up CD

A bump-up CD is a type of certificate of deposit that lets you request an increase to its annual percentage yield, or APY, once before the end of the CD term if rates have risen. The balance of the CD then earns the new APY for the remaining duration of the initial term. You can request the APY increase in writing by visiting any OMB branch location.

You can open any OMB CD by visiting any of our 8 convenient Southwest Missouri locations. You can also request to be contacted by a branch representative.

You have several options to place money in your CD using these sources:

1. An existing OMB account
   1. Paper check: Write a check to yourself or get a cashier's check from an OMB branch
      
   2. Electronic: Use an ACH payment to move money into the new CD account
2. A non-OMB account
   1. Paper check: Write a check to yourself from an account not with OMB or obtain a cashier's check from the financial institution
   2. Electronic: Send an ACH payment from your current financial institution to your new OMB CD account
   3. Wire transfer: Ask your financial institution including any fees that may be associated.

Annual percentage yield, or APY, is a calculation of the rate of return for your deposit over a one-year period that includes the interest rate plus compounding frequency. At OMB, CDs with terms shorter than 12 months compound their interest quarterly. CDs 12 months and longer compound their interest semi-annually, or twice per year.

The maturity date of a bump-up CD is the last day of its term. This date is calculated based on the day it was funded. You'll find the maturity date with the information provided during account opening or when you log into your OMB online banking account.

All OMB CDs, including the bump-up CD, also have a 10 calendar day grace period following maturity when funds can be added or withdrawn without a penalty. If the CD remains open during this period it will automatically renew.

Yes, we will provide you with information about the maturity of your CD in advance including how to roll it over into another term. This initial contact is usually a letter mailed to your current address on file and typically a branch representative will follow up with a courtesy phone call.

After initially funding your bump-up CD, you can add additional money to your CD only during the 10-day grace period after the CD matures.

If you're interested in adding money to your CD, consider a strategy that includes CD laddering. This method can you help you manage your CD portfolio by spreading out your funds with staggered terms and maturities.

You may request to close your CD at any time, but an early withdrawal penalty will unfortunately apply. This fee is a calculation of the amount of interest that has already been paid. Please contact us for specific details on closing a CD.