8 Best Banks for Small Businesses in Missouri for 2024

Bluevine is a premier digital banking platform specifically crafted for small businesses. It’s known for its straightforward, easy-to-navigate interface and user-friendly design. Bluevine equips small business owners with efficient tools for managing their finances, including online invoicing, bill payment, and cash flow predictions, which are perfect for those aiming to streamline their financial tasks.

With competitive interest rates and zero monthly fees, Bluevine offers a cost-effective solution for small businesses.

Why we picked it: Bluevine is the top choice for business bank accounts, especially for LLCs or other business structures, thanks to its high interest rates, minimal fees, and no maintenance requirements.

Fees

At Bluevine, you’ll enjoy the perk of zero monthly fees, allowing you to manage your banking without the burden of additional costs. However, using out-of-network ATMs incurs charges, so leveraging the mobile app to locate no-cost withdrawal options is smart. Each cash deposit comes with a $4.95 fee, so it’s best to limit cash transactions when feasible. Now, you can earn up to 4.25% APY. 

Interest Rates

Bluevine stands out impressively with a 2.0% APY, a rate that’s 50 times higher than the national average, effective on balances up to $100,000. However, any amount beyond this cap won’t earn interest, something for growing businesses to consider.

Minimum Balance

There’s no requirement for a minimum balance at Bluevine, giving small businesses the flexibility to start with almost nothing and still benefit from the high-interest rate immediately.

Access to Mobile Banking

Banking on the go is seamless with the Bluevine mobile app. This well-crafted tool simplifies account management and financial tracking. It also enables you to pay vendors via wire or check and schedule payments for future fulfillment, adding convenience to your financial operations.

>> Check Out Bluevine >>

Capital One is widely recognized for its credit cards, yet it also provides a suite of banking services for businesses. This includes a comprehensive business bill pay system. With Capital One, businesses can swiftly and securely pay their bills online. The system features automatic, scheduled, and recurring payment options, perfect for businesses aiming to automate their bill payment processes. 

Moreover, Capital One includes a cash-back rewards program for business credit card purchases, making it an attractive choice for businesses that want to earn rewards on their expenditures.

Why we chose it: Capital One offers unrestricted digital transfers, providing the flexibility to manage funds seamlessly.

Fees

Capital One’s business accounts incur a monthly fee of $15, which might be substantial for a small business. However, this fee can be waived by maintaining an average balance of $2,000 over a 30 or 90-day period. Using any of Capital One’s 70,000 ATMs across the country is free.

Interest Rates

By opening a business savings account with Capital One, you can access interest rates of up to 0.20% during your first year. This rate is applicable to balances up to $5 million, offering substantial flexibility for small businesses. The bank’s checking accounts do not accrue any interest, making the benefit of free digital transfers even more appealing.

Minimum Balance

There is no minimum balance required to keep your Capital One account active. However, to dodge the $15 monthly fee, it’s wise to maintain at least $2,000 in your checking account. Storing surplus funds in your savings can also yield some interest on idle cash.

Access to Mobile Banking

With limited physical locations, Capital One’s highly-rated mobile app is incredibly useful. Using your device’s camera, the app allows for effortless transfers, digital payments, and deposits. Additionally, it provides access to Capital One’s CreditWise service, which helps monitor your credit score and offers valuable financial tips.

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Bank of America is a leading institution that provides various financial services for businesses, including exceptional merchant services. Through Bank of America’s merchant services, businesses can accept various forms of payment, such as credit cards, debit cards, and mobile payments. 

The platform has robust security features like fraud detection and chargeback protection, ensuring a secure transaction environment. Furthermore, Bank of America offers business credit cards with cash-back rewards, making it an attractive option for businesses eager to maximize their spending rewards.

Why we chose it: Bank of America’s rewards system offers numerous benefits, turning banking into a mutually beneficial experience.

Fees

Bank of America charges a $16 monthly fee for its basic checking account, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 with your debit card, or by enrolling in the Preferred Rewards program. The primary fees to consider are those for using ATMs outside the network and for excessive deposit activities in a month.

Interest Rates

Opening a savings account with Bank of America typically starts you off with a 0.01% interest rate, which can increase to 0.04% through active participation in the rewards program. Bank of America’s checking accounts do not offer interest.

Minimum Balance

Maintaining a $5,000 average monthly balance in your checking account will eliminate the $16 service fee. To avoid a $10 monthly fee in your savings account, a minimum balance of $2,500 is advisable.

Access to Mobile Banking

Bank of America’s mobile app is highly acclaimed for its efficiency. It allows you to manage accounts, pay bills, and transfer funds from virtually anywhere. The app’s budgeting tool also helps track and regulate your expenditures effectively.

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Axos Bank offers digital banking solutions specifically for freelancers and independent contractors. The highlight is its freelancers’ checking account, which boasts unlimited ATM fee reimbursements and no monthly maintenance fees. 

Beyond this, Axos Bank provides additional financial services tailored for freelancers, including online invoicing, mobile check deposits, and tools for tracking expenses. With its focus on freelancers and competitive fee structure, Axos Bank stands out as an ideal banking choice for freelancers seeking tailored financial services.

Why we chose it: The combination of free cash deposits and a low fee structure makes Axos Basic Business Checking one of the standout business bank accounts available.

Fees

Axos Bank’s Basic Business Checking comes without a monthly maintenance fee and has no requirements to keep your account open. It effectively refunds any ATM fees incurred monthly, rendering the account virtually free. Note, however, that a $35 fee applies to each wire transfer if frequent wire transfers are anticipated.

Interest Rates

While this account doesn’t offer an annual percentage yield, it focuses more on business-oriented benefits. Those with surplus funds might consider opening one of Axos’s interest-bearing business savings accounts to earn interest.

Minimum Balance

There are no minimum balance requirements for Axos Bank’s checking or savings accounts, which is particularly advantageous for small business owners without significant funds to maintain in their accounts.

Access to Mobile Banking

Axos Bank’s robust mobile banking app facilitates comprehensive account management, including check deposits, fund transfers, bill payments, and wire transfers directly from mobile devices. The app also features account alerts and budgeting tools to help keep your financials in check.

>> Check Out Axos >>

Lili Bank is a mobile-first banking platform crafted specifically for freelancers and small business owners. It features robust remote deposit capabilities, enabling users to deposit checks by snapping photos with their smartphones.

Lili Bank offers various other financial services, such as online invoicing, expense tracking, and tax preparation tools. Its no-fee checking account and cashback rewards program for debit card purchases make it an economical choice for freelancers and small business owners.

Why we chose it: Lili Bank’s minimal fees and tax optimization tools help businesses retain more of their hard-earned money. Additionally, Lili is an excellent choice for those seeking an online best business checking account without credit checks.

Fees

Lili stands out with its complimentary tax software and absence of account and overdraft fees. There are also no charges for foreign transactions or for using over 38,000 in-network ATMs across the U.S. However, using an ATM outside this network could cost between $2.50 and $5.

Interest Rates

Lili’s Business Checking account does not earn interest. For those interested in earning, Lili offers a savings account with a 1.5% APY, though a minimum balance of $34,000 is required at all times to balance the monthly costs.

Minimum Balance

There’s no minimum balance requirement for Lili’s checking account, which is beneficial for businesses that are just starting out or have variable income levels.

Access to Mobile Banking

Lili Bank’s mobile app is tailor-made for freelancers and small business owners, allowing comprehensive financial management from mobile devices. It features instant payment notifications, budgeting tools, and mobile check deposit capabilities, along with tools for managing expenses and preparing for tax obligations.

>> Check Out Lili >>

Oxygen Bank is a digital bank tailored for businesses, offering a comprehensive e-banking solution. Businesses can manage their finances effortlessly online or through Oxygen Bank’s mobile app. The platform includes useful features like account alerts, mobile check deposits, and transaction history tracking, providing a streamlined, digital banking experience. 

Additionally, Oxygen Bank enhances its appeal with a cash-back rewards program for debit card purchases and a high-yield savings account, making it an excellent choice for businesses focused on earning rewards and saving for future goals.

Why we chose it: Oxygen Bank appeals to the modern business owner with its innovative banking features and stands out as a top checking account option for sole proprietors.

Fees

Oxygen Bank markets itself as fee-free, although charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or for maintaining an account.

Interest Rates

While there’s no interest on the funds in your business checking account, Oxygen Bank compensates by offering a business savings account. Funds up to $20,000 in the savings account earn an interest of 1.0%. Higher balances continue to accrue interest, albeit at a reduced rate.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank. This means there are no monthly fees, even if your account balance drops to zero. There’s no need to stress over incurring charges due to low earnings.

Mobile Banking Features

Despite not being highly mobile-friendly, Oxygen Bank’s app enables small business owners to manage finances on the move. It allows for check deposits, bill payments, and generating account statements. Additionally, the app provides spending insights to assist in tracking financial activities efficiently.

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Chase for Business offers various services, including payment collection, robust fraud protection, and a tempting $300 bonus for new sign-ups. Businesses can accept credit card payments directly through the Chase for Business app. Despite a monthly service fee, there are several ways to bypass it, making it a flexible option for many businesses.

Why we chose it: Chase for Business fulfills your banking needs and offers a comprehensive list of additional business services.

Fees

A monthly service fee might be off-putting, considering the availability of many accounts without such fees. However, Chase for Business offers several ways to waive this fee: maintain a minimum daily balance of $2,000, make $2,000 in net purchases with a business card, or process $2,000 in deposits via the Chase QuickAccept app.

>> Check Out Chase for Business >>

Chase Bank is a renowned institution offering various financial services tailored for businesses. Its merchant services are particularly notable, allowing businesses to accept various payment types like credit cards, debit cards, and mobile payments. The platform is enhanced with fraud detection and chargeback protection, ensuring a secure transaction environment. 

Furthermore, Chase Bank provides a range of business credit cards with cash-back rewards, making it an excellent option for businesses aiming to maximize their spending rewards. Known for its quality and reliability, Chase Bank is a favored choice for businesses of all sizes.

Why we chose it: Chase enriches its traditional banking offerings with an extensive array of merchant services to bolster your business’s success.

Fees

Chase Business Complete Banking starts with a monthly fee of $15, which can be waived by maintaining a daily balance of $2,000, making deposits through Chase QuickAccept, or using the Chase Ink Business Card for purchases. Be mindful of the costs after the initial 20 free transactions, and try to avoid expensive wire transfers if possible.

Interest Rates

Chase does not offer interest on business checking accounts; however, opening a business savings account can yield an interest rate of up to 0.02%.

Minimum Balance

To dodge Chase’s monthly service fee, consistently maintain at least $2,000 in your checking account. A single instance of falling below this amount can trigger the fee. Savings accounts are fee-free as long as an active checking account is maintained with Chase.

Access to Mobile Banking

Chase’s mobile app extends beyond standard banking features. It allows you to lock or unlock your credit card if it is misplaced. It also includes a budget planning tool for setting aside funds for significant purchases and credit monitoring tools to safeguard your credit health.

>> Check Out Chase >>