The Central Bank: Robust Checking Account Options
Written by
Rudri Patel
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Sign up for Free Checking with a $0 minimum deposit and no monthly maintenance fee
The Central Bank has five checking account options and two savings and money market accounts. Some checking accounts earn interest, include credit monitoring services, and identify theft protection.
The Central Bank has a robust line of financial products, including personal and business banking, loans, and mortgages. Central Bank has 140 locations across the Midwest, and the primary focus is creating community-centered banking.Â
The Central Bank Checking Accounts
The Central Bank has five checking account options: Free Checking, Preferred Interest Checking, MaxMoney Checking, My Choice Checking, and World Checking. Free checking requires no minimum deposit or monthly fees. Preferred Interest Checking and World Checking earn interest. MaxMoney Checking and World Checking offer credit monitoring services.
- A free checking account requires no monthly checking accountÂ
- MaxMoney Checking offers shopping rewards and gift cardsÂ
- Preferred Interest Checking earns interest and refundsÂ
- Funds are FDIC-insuredÂ
- Some accounts come with an identity protection service
Best For
Mobile App
Banking in Missouri
Low Monthly Fees
Loan Options
Low Minimum Deposit
5 Checking Account Options
Central Bank offers flexible checking accounts, but some require a certain balance amount to avoid fees.
Fees
$0 to $20
APY
N/A
Min Opening
$0
Pros
- Diverse checking account options
- MaxMoney Checking monitor Dark Web
- Preferred interest checking integrates with Quicken
Cons
- Many accounts have to maintain a certain balance or activity requirements to waive fees.
- Higher balance requirements to earn interest
- The website isn’t clear on interest rates or minimum monthly deposits.
Quick Take
Several checking account options cater to different financial needs. Individuals will have to read account terms to avoid fees. Information on the website isn’t always clear on minimum deposits, so some may have to visit a branch or call customer service to learn more.
Show Pros, Cons and More
Hide Pros, Cons and More
The Central Bank Savings Accounts
The Central Bank has two savings accounts: A SaveUp Savings Account and a Youth Savings Account. The SaveUp Savings Account requires a minimum deposit of $50, while the Youth Savings Account requires a minimum of $25.The SaveUp savings has a monthly maintenance fee, but it can be waived if you meet specific requirements.Â
- SaveUp Savings requires a minimum balance of $50 to waive the $2 monthly service fee
- Youth Savings account requires a minimum deposit of $25 to open and can be opened at a branch
- FDIC insured
- SaveUp Savings has access to the RoundUp feature, which automatically allows you to round purchases from your checking to your savings account with a debit card transaction
- SaveUp Savings earns interest. You must visit a branch to find out APY and rate information or call customer service.
Best For
Mobile App
Banking in Missouri
Low Monthly Fees
Loan Options
Low Minimum Deposit
Automated Savings With RoundUp
The Central Bank’s savings accounts offer low deposit requirements and automated savings tools, but interest rate details require contacting customer service.
Fees
Starting at $2
APY
Check with your local branch for details
Min Opening
$50
Pros
- Low minimum depositÂ
- Easily to waive fees with a low minimum balance
- Automated savings tool with RoundUp
- Youth Savings makes it easy to teach kids how to save money
Cons
- Youth Savings accounts can only be opened at a branch
- Limited information on APYs and interest rates online
- Limited physical branchesÂ
Quick Take
The Central Bank has two savings accounts for customers. Although the minimum deposits are low, APYs and interest rate information are not readily available online.
Show Pros, Cons and More
Hide Pros, Cons and More
The Central Bank Money Market Accounts
The Central Bank’s Money Market account requires a $50 minimum opening deposit. There is also a monthly fee of $10 if you don’t meet specific requirements. All funds are FDIC insured and interest is credited monthly.Â
- Minimum deposit of $50
- Must keep a balance at $1,000 to avoid a $10 monthly maintenance fee
- Earns interestÂ
- Can write up to six checksÂ
- Free mobile banking with Central Bank AppÂ
Best For
Mobile App
Banking in Missouri
Low Monthly Fees
Loan Options
Low Minimum Deposit
A Money Market Account With Tiered Interest
Central Bank’s Money Market account offers tiered interest rates and a low opening deposit but requires a $1,000 balance to waive fees, with APY details unavailable online.
Fees
$10, waivable
APY
Check with your local branch for details
Min Opening
$50
Pros
- Low minimum deposit
- Low maintenance feeÂ
- Earns tiered interest ratesÂ
Cons
- APY information isn’t easily found online
- Limited physical branches
- Minimum balance to waive fees could be too high for some customers
Quick Take
Central Bank Money Market account requires only a $50 minimum deposit, but APY and interest rate information is not easily found online. Also, customers may find the minimum balance of $1,000 too high to maintain.
Show Pros, Cons and More
Hide Pros, Cons and More
Banking Experience
The Central Bank offers various services, in-person branches and a robust digital platform. The bank’s mission is to blend in-person services and accommodate a customer who prefers to bank online.Â
To contact customer service, call 1-866-236-8744. You can also visit a local branch to get more information.Â
The Central Bank app is rated 4.8 out of 5 stars on Google Play. The Central Bank app was ranked 4.9 out of 5 stars in the Apple store.
How Does The Central Bank Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $20
$0
$5 to $35 waivable monthly fee
APY
APY
APY
N/A
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Starting at $2
$0
Up to $12 monthly service fee – can be waived
APY
APY
APY
Check with your local branch for details
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$50
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10, waivable
$0
No monthly service fee
APY
APY
APY
Check with your local branch for details
to
Min Opening
Min Opening
Min Opening
$50
$0
$25
The Central Bank vs. Ally BankÂ
Ally Bank is an exclusively online bank offering high-yield savings and no-fee-checking accounts. However, that isn’t possible if you want to sit down with a customer service representative at Ally. You must call customer service to determine if your banking needs can be addressed. The Central Bank combines traditional banking and an online platform and offers traditional banking services and options to talk to someone in person about loans and wealth management.Â
The Central Bank vs. Wells FargoÂ
Wells Fargo offers a broader range of checking accounts but often has higher monthly maintenance fees and stricter requirements to waive them than The Central Bank. The Central Bank has regional, community-oriented banking accounts with low opening deposits and fees that can be easily waived.Â
The Central Bank vs. CIT BankÂ
CIT Bank offers no-penalty CDs with rate information that is easily accessible since it is an online institution. The Central Bank only offers two types of CDs, either 13 or 25-month terms, and rates are not advertised online. You must contact the branch or customer service to determine rate information. CIT Bank rates are easily found on the website, and various CD terms are available.Â
Final Take
The Central Bank offers traditional banking services with online accessibility and traditional branches. The bank is primarily in the Midwest, and those in the region may like The Central Bank’s community-focused mission. However, if you’re looking for higher rates and a national footprint, you may want to consider other financial institutions.Â
The Central Bank FAQ
- How much money can I withdraw from The Central Bank?
- The Central Bank doesn’t have information on how much money can be withdrawn. They asked that customers contact the bank to determine withdrawal amounts.
- How long does it take for a direct deposit to go through with The Central Bank?
- The timing of when you can access a direct deposit depends on the submission time of the payer, the bank processing schedule, and whether the deposit hit on a weekend or holiday. Call The Central Bank’s customer service number to ask specific questions about the availability of your direct deposit funds.
- Does The Central Bank let you overdraft?
- The Central Bank will cover your account with overdraft access as a courtesy. Overdrafts for checks and other transactions using your checking account number will be covered. The Central Bank will not allow overdrafts on ATM Transactions or debit cards unless you explicitly ask them to do so.
- What is The Central Bank's daily limit?
- Limit information isn’t published on the website. Typically, it is up to $500 a day for ATM withdrawals and $3,000 for debit card transactions. It is advisable to contact The Central Bank to determine your daily limit.
- Does The Central Bank have digital banking?
- Yes, The Central Bank has personal and business mobile banking. It also has partnered with Zelle.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024. To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
