We now offer a better pathway to saving for your first home. Clay County Savings Bank is pleased to offer a First-Time Home Buyer Savings Account under the Missouri First-Time Home Buyer Savings Act. Key features to the account:

The First-Time Home Buyer Savings Account Act allows a taxpayer a deduction of 50% of a participating taxpayer’s contributions to a first-time home buyer savings account in the tax year of the contribution.*

This interest bearing savings account earns a 0.10% Annual Percentage Yield (APY). Simple interest is paid and credited quarterly. **

There is no minimum balance requirement to open or maintain.

No monthly service charges.


Others may be eligible to make deposits or even open and retain an account on behalf of a first-time home buyer.***

An eligible account holder must be a Missouri resident or married couple filing a married filing combined income tax return and must self-designate the account as a First-Time Home Buyer Savings account to be used to pay or to reimburse eligible expenses for the purchase of his or her primary residence in Missouri.
Since this is an account designed for saving towards a first-time home purchase, there will be a $1 service charge assessed for each withdrawal from the account; however, there is no charge to close the account for the purchase or down payment of the home.

*Missourians can apply the savings and any earned interest toward the purchase or construction of a first home in Missouri, including closing costs, taxes and fees. Annual Maximum Contribution Limits: $1,600 for an individual or $3,200 for account holders who file a married filing combined income tax return. The maximum amount of all contributions for all tax years to a First-Time Home Buyer Savings account is $20,000; the maximum total amount in an account is $30,000.
**Interest paid based on the balance at the end of each quarter. Fees may reduce earnings.
***Accountholder/beneficiary must be age 18 or older.

Check out Our First-Time Home Buyer Loan