Best Banks and Credit Unions in Missouri
There are nearly 200 financial institutions regulated by the Missouri Division of Finances. With so many options, it can be difficult to select the right one.
To help you, Money researched the leading annual percentage yields (APYs), account types, minimum deposit requirements and fees to identify the best banks and credit unions in Missouri for 2024-2025:
Bank of Missouri – Best Overall
Belgrade State Bank – Best for Savings Accounts
Capital One – Best for Checking Accounts
Ozarks Federal Savings – Best for Students
People’s Banks – Best for Special Accounts
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
The Bank of Missouri operates 28 branches within the state, and it’s a top bank for both personal and business customers. It offers multiple account options with low fees and higher-than-average APYs. The Bank of Missouri has some unique checking account options. You can open an account without monthly fees with as little as $100. Additionally, you can earn rewards in the form of cash back or in digital credits you can redeem for Amazon or iTunes gift cards. The bank also offers CDs with higher-than-average APY.
However, it doesn’t have money market accounts, so customers looking for those accounts will have to choose another bank. Lastly, not all of its accounts can be opened online; with some, you’ll have to open an account by visiting a branch.
Pros
Checking accounts with added perks
No monthly fees on checking accounts
High-yield CDs available
Broad ATM access
Cons
No money market accounts
Not all accounts can be opened online
Belgrade State Bank has multiple savings accounts, including special accounts for saving for Christmas and children. These accounts have low minimum deposit requirements, making it easy to start saving. Although Belgrade State Bank does charge monthly fees on some of its savings accounts, it does offer fee waivers. The requirements to qualify for a waiver are attainable; you can qualify by maintaining a balance of $50.
Belgrade State Bank doesn’t offer money market accounts. And if you’re planning on opening a savings account, be aware that Belgrade has limits on how many withdrawals you make each month. If you make more than six withdrawals per month, you’ll have to pay an excess withdrawal fee for each additional transaction.
Pros
Multiple savings account options
Attainable fee waiver
CDs with higher-than-usual APYs available
Cons
No money market accounts
Most checking accounts have monthly fees
Excess withdrawal penalties apply
With Capital One, you can open a new checking account without worrying about minimum deposit requirements or monthly fees. These accounts make it easy to receive direct deposits, send money via Zelle and manage your money online. Besides its core checking account, Capital One also has a checking account option for teens. The account has no monthly fees and, through the mobile app, it gives parents control over the teen’s access to the account.
Unfortunately, Capital One doesn’t operate physical branches, so those who prefer in-person banking will need to find another bank.
Pros
No monthly fees on checking accounts
Teen accounts available
High-yield savings accounts
Cons
Few physical locations
No money market accounts
Ozarks Federal Savings is a community bank serving counties in Missouri. It features several youth accounts and special incentives, like Oz’s Clubhouse, a program that rewards kids with special toys and even cash deposits as they save. With the student program, kids can earn cash rewards for good grades.
Ozarks Federal Savings operates just a few locations within the state, so you may not have a branch near you. Additionally, its APYs on savings accounts tend to be below the national average.
Pros
Rewards and cash incentives
No monthly fee on youth accounts
Low minimum deposit
Cons
Limited branches
Lower-than-average APYs on savings
People’s Bank offers specialty accounts in Missouri, such as special account options for teachers, youth accounts, holiday savings accounts and interest-bearing checking accounts for seniors. You can open checking and savings accounts without monthly fees. The bank also offers perks like discounts on loans, free safe deposit boxes and checks.
However, People’s Bank doesn’t publish its rates online, and it operates only a few physical branches within the state.
Pros
Multiple specialty accounts
Benefits include free checks, safe deposit boxes and discounts
Accounts without monthly fees
Cons
Rate details not listed online
Limited locations
How we chose the Best Banks of 2024-2025
To determine our list of best banks for 2024-2025, Money evaluated hundreds of the largest retail banks, credit unions, regional and state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
We selected the best banks in Missouri by evaluating the leading banks and comparing their accounts, deposit requirements, fees and rates and customer satisfaction ratings. We also looked at the availability of branches, and bank ATM networks.
You can read our full methodology here.
More from Money
According to a recent report from Money.com, there are nearly 200 financial institutions regulated by the Missouri Division of Finances. With so many options, it can be overwhelming to choose the right one. To assist consumers, Money has conducted extensive research on the leading banks and credit unions in Missouri for 2024-2025. It’s important to note that not all brands are included in our research and we may earn a fee from our partners.
After thorough research and consideration of financial factors, we have identified the following as the best banks and credit unions in Missouri for 2024-2025:
– Bank of Missouri – Best Overall
– Belgrade State Bank – Best for Savings Accounts
– Capital One – Best for Checking Accounts
– Ozarks Federal Savings – Best for Students
– People’s Banks – Best for Special Accounts
It’s important to keep in mind that rates and APYs are subject to change and all information provided was accurate as of October 8, 2024.
The Bank of Missouri, with 28 branches in the state, stands out as a top choice for both personal and business customers. It offers a variety of account options with low fees and higher-than-average APYs. One unique feature of the Bank of Missouri is its checking accounts, which offer rewards in the form of cash back or digital credits that can be redeemed for Amazon or iTunes gift cards. The bank also offers high-yield CDs, but does not have money market accounts. Additionally, not all accounts can be opened online and some may require a visit to a branch.
Pros:
– Checking accounts with added perks
– No monthly fees on checking accounts
– High-yield CDs available
– Broad ATM access
Cons:
– No money market accounts
– Not all accounts can be opened online
Belgrade State Bank offers multiple savings accounts, including special accounts for saving for Christmas and for children. These accounts have low minimum deposit requirements, making it easy to start saving. While some of their savings accounts do have monthly fees, the bank does offer fee waivers that can be attained by maintaining a balance of $50. However, Belgrade State Bank does not offer money market accounts and has limits on the number of withdrawals allowed per month, with excess withdrawals incurring a fee.
Pros:
– Multiple savings account options
– Attainable fee waiver
– High-yield CDs available
Cons:
– No money market accounts
– Most checking accounts have monthly fees
– Excess withdrawal penalties apply
Capital One stands out for its checking accounts, which have no minimum deposit requirements or monthly fees. These accounts also offer convenient features such as direct deposits, Zelle money transfers, and online account management. However, the bank does not offer money market accounts.
Pros:
– No minimum deposit requirements or monthly fees on checking accounts
– Convenient features for managing money
– Easy to open an account online
Cons:
– No money market accounts
In addition to these top choices, Ozarks Federal Savings and People’s Banks also offer competitive options for students and special accounts, respectively. It’s important to note that rates and fees may vary depending on individual circumstances and it’s always recommended to thoroughly research and compare options before making a decision.
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