February 22, 2025

Best Banks for Small Business in Missouri

By Alyssa Supetran
Read more about Best Banks for Small Businesses
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Looking for a bank to support your small business? U.S. Bank, OakStar Bank, and Bluevine are some of the top options for Missouri-based entrepreneurs.

What is the best bank to use for a small business in Missouri?
These are the 10 best banks for small business accounts in Missouri:
  1. U.S. Bank for national bank with free checking
  2. Bank of America for flexibility
  3. Chase Bank for built-in credit card processing
  4. Capital One for unlimited free transactions
  5. OakStar Bank for SBA loans
  6. First Community Credit Union for local credit union
  7. NBKC Bank for minimal fees
  8. Bluevine for high-interest checking accounts
  9. Relay for multiple checking accounts
  10. Lili for sole proprietors & freelancers

In the Show-Me State, actions speak louder than words.

That's why the right bank won't just tell you that they're the best. They'll back it up with real benefits, like accessible loans, smart tools, and great service.

Not sure which bank fits that description? No worries! This guide will walk you through the top options in Missouri.

From financial giants like Bank of America to local choices like OakStar Bank, explore each and see which one is a good match for your business.

10 Best Banks for Business Accounts in Missouri

Whether it's a cozy cafe or a small boutique, these banks can help take your Missouri-based business to the next level.

Missouri has over 570,000 small businesses, which is 99.5% of all registered companies in the state.[1]

Which banking service do you need for your small business in Missouri?

U.S. Bank

Best for: National bank with free checking

U.S. Bank has a strong local presence in Missouri with over 140 local branches, mostly around St. Louis.

If you prefer a larger bank with fewer fees, U.S. Bank is an excellent choice. Its Silver Business Checking Account has no monthly fee or minimum balance requirements. Just note that you're limited to 125 free transactions per statement cycle, then $0.50 each, so it's best for newer businesses with less activity.

And if the Silver account doesn't have what you're looking for, U.S. Bank has four other business checking accounts, including one tailored for non-profits.

All accounts come with convenient online and mobile banking tools, allowing you to monitor cash flow, transfer money, deposit checks, and more—whenever, wherever.

In addition to 4,700+ U.S. Bank ATMs across the country, you can also withdraw surcharge-free at approx. 40,000 MoneyPass® ATMs. So even if you don't live near a branch, ATMs are still convenient.

Pros:

  • Free checking option
  • Specialty checking accounts available
  • Extensive ATM network for no-fee withdrawals

Cons:

  • Limited fee-free transactions
  • Fewer features than others

Bank of America

Best for: Flexibility and cash management

Bank of America is another national bank with a strong presence in Missouri. It has 50+ financial centers in the state and is a great option for entrepreneurs who value flexibility.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With the Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help, Bank of America's Small Business Specialists provide valuable advice and hands-on support.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to Small Business Specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

Does your business process a lot of credit card transactions? This next option might be a good fit.

Chase Bank

Best for: Built-in credit card processing

Chase Bank is a national bank with a small but decent footprint in Missouri—around 30 branches or so. Most are in or around St. Louis, an advantage for businesses based there.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

And with the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

Traditional banks usually limit the number of free transactions you can do monthly. If your business has a high activity volume, consider this next option.

Capital One

Best for: Unlimited fee-free transactions

Capital One doesn't have physical branches in Missouri. However, it's still worth checking out if you have an online business or if in-person transactions aren't necessary.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

OakStar Bank

Best for: SBA loans & customer service

OakStar Bank is a local community bank based in Springfield, Missouri with 15+ branches in the state. It's worth checking out if you need a loan to support your growing business.

As one of Missouri's top SBA 7(a) lenders, OakStar Bank is more than capable of offering advice on maximizing the potential of SBA loans. Plus, as an active SBA lender, its team can process your application much faster.[2]

This bank also has great customer support, especially for Missouri's small business owners. As a local institution itself, it has a deeper understanding of what local entrepreneurs need and can combine that with its financial expertise to provide tailored support.

For business checking accounts, OakStar has several options, including a special account for nonprofits. All are designed to support businesses in different stages of growth, from startups with low activity to growing companies with complex needs.

Besides SBA loans, OakStar Bank has a variety of other business lending options, including tailored loans for agricultural businesses. You can secure extra capital for additional farmland, farming equipment, and even livestock.

Pros:

  • Active SBA lender
  • Great customer support
  • Variety of other business lending options
  • Multiple business checking accounts

Cons:

  • Many banking fees like overdrafts and wires[3]
  • High waiver requirements for higher-tier business accounts

Not sure about using a traditional bank? Credit unions can be great alternatives, especially for lower fees and unique perks.

First Community Credit Union

Best for: Local credit union

First Community CU is one of the largest credit unions in Missouri with 40+ local branches and over 400,000 members to date.[4][5] It's dedicated to providing comprehensive yet affordable banking services to its members, including local business owners.

When you sign up as a member, you enjoy benefits like competitive rates and lower fees for checking accounts and business offers.

The Business Basic Checking account has no monthly fee or minimum balance requirements. Plus, it allows unlimited free business debit and ACH transactions, so you don't have to worry about costly fees eating into your company's profits.

Need extra features like earning interest or automated reporting? You can always choose one of the other two options.

Another unique perk you'll enjoy is the free notary services. With this, you can always guarantee your documents' authenticity without racking up expensive legal fees.

Interested in becoming a First Community CU member?
Make sure you're well-prepared by checking this list of required documents for Missouri-based businesses.

Pros:

  • Unlimited debits & ACH transactions (basic account)
  • Free notary services for business members
  • Multiple business checking options
  • Unique member-exclusive perks

Cons:

  • Limited membership coverage
  • Low APY for business checking

NBKC Bank

Best for: Minimal fees & businesses in Kansas City

Although most of its services are already online, you can still visit a couple of NBKC Bank's (styled as nbkc bank) physical branches in Kansas City, MO for in-person transactions.

But even if you can't easily go to a branch, NBKC's business checking account still makes it a worthwhile option because it has no monthly fee or minimum balance requirements. Additionally, it has zero fees for most types of transactions like overdrafts, stop payments, and incoming domestic wires.

Plus, you enjoy unlimited cash and check deposits through any NBKC, MoneyPass, or Allpoint ATM—something that you don't usually get with digital-first options. Just note that check deposits are only accepted at NBKC branch ATMs.[7][8]

If your business is based in Kansas City and needs extra capital, you can choose from its variety of business lending options, like SBA loans and business credit lines. A loan officer will work with you one-on-one to help you find the best choice for your business.

With NBKC Bank, you enjoy fee-free withdrawals at 90,000+ surcharge-free ATMs worldwide. And even if you can't find one near you, don't worry! You can still reimburse any out-of-network ATM fees up to $12 per month.[9]

Pros:

  • No fees for most types of account activity
  • Unlimited free cash and check deposits
  • Monthly rebates for out-of-network ATM fees
  • Variety of business lending options

Cons:

  • Very limited physical branches
  • High fees for international wires

Don't need a physical branch for transactions? Consider these online-only options instead.

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. And there's no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to 5 free sub-accounts with their own account numbers. This allows you to better organize your funds and set budgets for things like payroll, taxes, and vendor payments.

You can even set custom rules and permissions for better security and account management. All sub-accounts also earn interest up to the combined maximum.[10]

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[11] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to 5 sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Relay

Best for: Multiple checking accounts & digital tools

Running a growing online business in Missouri? Relay is a powerful digital banking option to streamline your financial management, particularly for teams with greater checking needs.

You can create up to 20 checking accounts for free and get up to 50 debit cards.[12] This allows you to allocate accounts for specific purposes and make managing your business's cash flow easier.

If you have a team, you can assign user permissions for each account. Free up your time by having your team help pay bills, make purchases, deposit checks, and more.

Relay integrates with your favorite business apps, like QuickBooks or Gusto - making accounting and tax season less time-consuming and stressful.

In addition, Relay has built-in tools that let you automate banking processes. For example, you can set up auto-transfer rules. And the Pro account even offers accounts payable automation.

Pros:

  • Up to 20 free checking accounts
  • Up to 50 physical and virtual debit cards
  • Built-in digital banking tools
  • Native integration with popular business apps

Cons:

  • No physical branches
  • Long processing times for check deposits[13]

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided by Thread Bank; Member FDIC. Your deposits qualify for up to $3,000,000 in FDIC insurance coverage.

Lili

Best for: Sole proprietors & freelancers and early payments

Lili is another online-only option worth considering for small business owners in Missouri.

The basic checking option is a great starter account for freelancers or startups because it has everything you need for your business's day-to-day operations. Plus, it has no monthly service fees or minimum balance to worry about.

But if you want more features, like an automatic tax savings account or expense tracking, you can always upgrade to Lili’s paid plans. The Smart checking option includes accounting software to keep your records well-organized and ready for the next tax season.

You can also get multiple Visa® debit cards with any account and earn cashback rewards when you use them with Lili's partner merchants.[14] Worried about overspending? You can set individual spending limits to keep your expenses within budget.

Lili's Early Access feature lets you receive customer payments up to two days earlier than expected when you’re paid via ACH Transfer.[15]

Pros:

  • Free checking option
  • Single login for multiple accounts
  • Debit cards with cashback rewards
  • Early access for direct deposits

Cons:

  • Limited features for Lili Basic
  • Fees for cash deposits

Lili is a financial technology company, not a bank.
Banking services are provided by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC.

How to Choose the Right Bank

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Missouri. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Missouri. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Methodology

To come up with the best banks for small businesses in Missouri, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, cash management tools, and unlimited check deposits. No matter what your business needs, you should find a bank that can accommodate them.

FAQs

Do I need a Missouri ID to open a business bank account in Missouri?
Yes, most banks in Missouri require proof of residency to open a business bank account. This usually includes a Missouri driver's license, business license, and business registration.

Should a Missouri LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Missouri LLC's liability protection by proving you're not commingling funds.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account even if you have low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account. If you think that'll be an issue, consider banks that don't use ChexSystems.

Can I use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

For Missouri's local businesses, U.S. Bank is one of the best banking options available because of its extensive local presence, free checking account, and convenient digital tools.

However, local banks like OakStar Bank are great for local expertise and great support. While online-only choices like Bluevine often have lower fees and higher APYs than traditional banks.

No matter what type of bank it is, make sure to think about your business's unique requirements before deciding on one.

References

  1. ^ U.S. Small Business Administration Office of Advocacy. 2024 Small Business Profile Missouri, Retrieved 01/15/2025
  2. ^ U.S. Small Business Administration. SBA 7(a) & 504 Lender Report, Retrieved 11/27/2024
  3. ^ OakStar Bank. Fee Schedule, Retrieved 11/25/2024
  4. ^ First Community CU. Locations & Hours, Retrieved 11/25/2024
  5. ^ First Community CU. About First Community, Retrieved 11/25/2024
  6. ^ First Community CU. Join Us, Retrieved 11/25/2024
  7. ^ NBKC Bank. How do I fund my business account?, Retrieved 11/14/2024
  8. ^ NBKC Bank. How do I make a deposit at an ATM?, Retrieved 11/14/2024
  9. ^ nbkc. Rate and Fee Schedule, Retrieved 12/04/2024
  10. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  11. ^ Bluevine. Line of Credit, Retrieved 09/15/2024
  12. ^ Relay. Business Checking Built For Business Owners | Relay, Retrieved 07/05/2024
  13. ^ Relay. Depositing a Check, Retrieved 07/05/2024
  14. ^ Lili. Business Banking Designed to Help You Succeed | Lili, Retrieved 07/05/2024
  15. ^ Lili. What is Early Access for ACH Transfers? - Help Center | Lili, Retrieved 07/05/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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