Whether you are starting a business or are looking for a financial upgrade, Missouri has a wide range of business checking account options available.
When choosing an account, consider the services offered. These services include deposit and withdrawal, check writing, online and mobile banking services, and payment services. Other banks provide focused services that include budgeting tools, automated expense categorization, account management and integration with other softwares.
Consider also the account fees. Typical account fees include monthly maintenance fees, withdrawal and deposit fees, overdraft fees, among others. Some banks have no monthly maintenance fees, while others can waive the fees once you meet certain requirements. Keep in mind that nothing is really free, so be keen and identify all the fees associated with the account. Also, consider the minimum account requirements and transactional limits, if any, as these may attract additional fees.
Other benefits that may come with the account include access to business-related financial products, including loans, credit cards and overdrafts. Shop around to find an account with the best combination of fees, features and benefits that meet your needs.
To help make the process of finding the right account easier, we reviewed some of the available options. Here are our top picks for the best business checking accounts in Missouri.
Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.
What we like
In person customer support (except Alaska & Hawaii)
Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.
If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.
What we like
Free ACH transfers, mailed checks, and incoming wires
NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.
What we like
Budgeting tool to help manage your finances
Smart integrations with business tools
Send invoices from the app
Low minimum deposit
No hidden fees
Unlimited transactions with no fee
What we don't
$10 monthly fee
No in persona customer support
Why do you need a business checking account?
You should know that a business checking account has a lot of benefits. This means that if you are a business owner, then you should ensure that you get an account that will help your company’s growth. Here are some of the major benefits of having a business checking account:
Security: Your money will be safer in a business account because some institutions offer features like identity theft protection and security alerts to help minimize risk and fraud.
Flexible: Business owners are in charge of their own checking accounts. You can write checks or pay bills online or by phone to whomever you choose – without having to ask permission from anyone else.
Convenient: Many businesses prefer to have a single business checking account for all of their banking needs. This type of account provides everything you need for all your financial transactions including ATM, Debit, and Online Banking.
Lines Of Credit: Many banks offer lines of credit to businesses that maintain a certain balance in their business checking account. This line of credit can be used in the event of an emergency or cash-flow issue and is an attractive asset for some businesses.
Increased cash flow: Having an online business checking account means that your company will be able to increase its cash flow in an effective way. Your employees can easily transfer and deposit money into the account and with this, they will be able to manage their finances in an organized manner and thus save time.
Time-Saving: Having an online business checking account means that your company will be able to save time in managing its finances as well as pay bills effectively. This is because all these transactions can be done from your computer or mobile phone at any time of the day, thereby saving a great deal of time for your employees.
What do you need to open a business checking account in Missouri?
The documents required to open a business checking account will vary depending on whether the business is being opened as a corporation, limited liability company (LLC), or a partnership (general or limited). Generally, however, you will need to provide the following documents to open a business checking account in Missouri:
A business license: Any type of business entity must have a state or local license, registration certificate, or other forms of official permission from the appropriate agency before doing business in the state. If you’re a limited liability company or LLC, you’ll need to register that with your secretary of state’s office first.
Copy of Articles of Incorporation (if you have one)
Social Security Number of Each Owner
Federal Tax ID Number
Proof of Ownership (Deeds, Mortgages, etc.)
If you are a sole proprietor, you will also need to provide proof of identity, such as a driver’s license or social security card.
Common business checking account fees in Missouri
The following is a list of common business checking account fees you will encounter as a business owner.
Overdraft Fees: Most small to medium-sized banks will charge an overdraft fee if there is not enough money in the account to cover a withdrawal or purchase made on the account. Make sure that this does not happen too often or you could rack up quite a bit of charge.
ATM withdrawal fee: Many banks charge this fee when you withdraw money from an out-of-network ATM. It generally ranges from $1 to $5 per transaction, but there may be different charges depending on the number of times you use ATMs outside of your bank’s network.
Check processing fee: If you don’t have an online account-linked service, then you need to pay a check processing fee for each check you write. This is typically around $2 to $3 per check, and it can add up if you write a lot of checks.
Minimum balance fee: Some banks charge this fee if your account falls below a certain level. This is typically $1,000, but it can be as low as $100 or as high as $5,000.
Paper statements fee: Banks will often charge their customers extra for getting paper statements instead of electronic statements. The best thing to do here is to ask your bank if they offer paperless statements and then use them. If they do not, try to get your statements online and print them out yourself when needed.
How to choose the best business checking account in Missouri
Here are some tips on what to consider when choosing the best business checking account for your small business.
Tiered interest rates: Some banks offer tiered interest rates depending on the balance you maintain in the checking account. For example, a bank may offer .05% on balances under $1,000 and .20% on balances over $1,000 but under $5,000. This can be a good way to encourage clients to keep a large balance in their checking accounts, as they would receive a higher return than if they were to put their money elsewhere.
Special features: Look for a bank that offers special features such as free checks, debit cards, and ATM cards. Some services may charge a fee for some of these items, so always read the fine print before signing up for them.
Fees: Always look at the fees associated with each checking account before you sign up. Be sure to compare similar banks and what their service fee costs are.
Free services: Look for banks that offer free online banking and bill pay options, which will help save money on stamps and paper checks.
ATM network: If you will be using ATMs, check out the ATM network size in your area and make sure there is one close by.
Location of branches: Check out how far away from your location each branch is located. You want it to be convenient for you to visit when you need extra support or assistance.
Purpose: What are your immediate needs? Do you need to keep large amounts of cash on hand or do you plan to accept credit cards? If so, your business needs may change over time as your business grows and expands. It’s important to select an account that will grow with your needs.
