First Time Home Buyer Savings Account

Planning to buy your first home?

The First Time Home Buyer Savings is a great way to start saving for a down payment and closing costs, all while earning a competitive interest rate. This account is a great starting point for people who are preparing to purchase their first home.


This account comes with these EXTRA features:

Don’t forget to enroll to receive free online statements - log in to online banking get started.


1 Annual Percentage Yield effective December 23, 2022, subject to change at any time.

2 Applicable only to Missouri residents: an account holder must designate a first-time home buyer as the qualified beneficiary of the account. The account holder must make the designation by April 15 of the year following creation of the account. First time home buyer is defined as: an individual who has never owned a single-family, owner-occupied primary residence; or a divorced individual not listed on a property title for at least three years. Taxpayers may deduct 50% of their contributions to the home buyer savings account for a tax year from Missouri taxable income, with a maximum annual deduction of $800 for individuals and $1600 for married couples filing a joint return. The deduction cannot exceed the taxpayer’s Missouri adjusted gross income for the tax year. Taxpayers will lose the exemption if they withdraw money from an account within the first year of opening the account; or use the money for ineligible expenses. The exemption will not apply to income earned on the account when: the amount of all contributions to the account for all tax years exceeds $20,000; or the total amount in the account exceeds $30,000. Income withdrawn and used for ineligible expenses is added to Missouri adjusted gross income and generally subject to a penalty. The penalty is: 5% of the recaptured amount for withdrawals made 10 or fewer years after the first deposit into the account; and 10% of the recaptured amount for withdrawals made more than 10 years after the first deposit into the account.

3Enroll within online banking.

Ready to open a 1st Time Home Buyer account?