The Best Savings Accounts in Missouri for 2024

Missouri, the eighteenth most populous state in the Union, is home to more than six million Americans.

The majority of these people have a bank account, and though the checking account is the most popular bank account in the U.S., savings accounts are also very common.

Nearly every bank in the country offers one, and their popularity means that banks have to compete to draw customers. That means you can get a great deal on a savings account if you do some research.

If you live in Missouri and want to open a savings account, learn about the options available to you.

The Best Savings Accounts in Missouri

Reliance Bank Community Savings Account

The Reliance Bank Community Savings Account offers a low minimum deposit and no-fee savings account experience.

To open the account, you need to make a minimum deposit of $25. This is lower than the $50 or $100 minimum deposit required by many banks. Once the account is open, there’s no minimum balance to maintain and no monthly fee to worry about. The account is free to open and use. There’s also no minimum balance required to earn interest.

One thing to take note of is that you are limited to six withdrawals from the account in a month. These first six withdrawals are free of charge. Any additional withdrawals will incur a $13 fee.

Mid-Missouri Bank Free Kasasa Saver

The Mid-Missouri Bank Free Kasasa Saver Account gives you a free savings account with the potential to earn a great interest rate.

To open the account, you’ll need to make a $100 minimum deposit. Once the account is open, there’s no minimum balance to maintain and no monthly fee to pay.

When you open the account, you should also open a Kasasa checking account. If you do, you can link your Kasasa Saver to the checking account to earn a higher interest rate.

You must make at least 12 debit card purchases to earn the increased rate and make or receive 1 ACH transaction each statement. If you do, you’ll earn an elevated rate on the first $50,000 in the account. Otherwise, you’ll earn a low basic rate.

Town and Country Bank Smart Savings Account

The Town and Country Bank Smart Savings Account gives savers a fee-free account with competitive interest rates.

To open the account, you’ll need to make a $25 minimum deposit. There are no monthly fees and no minimum balances to deal with once the account has been opened.

You’ll earn interest regardless of what the account’s balance is, but if you sign up for automatic savings, you can increase the interest rate. A $10 automatic monthly transfer from a linked Smart Checking Account will qualify you for the increased interest rate.

How we picked

MyBankTracker applied a methodology when choosing the best savings accounts in Missouri. Our top recommendations were selected based on a thorough analysis of savings accounts offered by the top 50 banks by deposit market share in Missouri (based on FDIC June 2023 data)--serving major cities including Kansas City, St. Louis, Springfield, Columbia, and Independence.

We focused on savings accounts with low monthly maintenance fees, easy-to-meet requirements to waive these fees, the bank’s physical branch and ATM network, excess withdrawal fees, and any other convenience features.

Consider Online Savings Accounts

Once you’ve taken the time to look at the banks in your area, you should also consider opening an online savings account.

Online banks have become more popular thanks to the convenience, high interest rates, and low fees they offer.

Many traditional banks have increased the fees that they charge in recent years. They’ve also reduced the interest that they pay.

The end result is that customers have been forced to pay banks for the privilege of having a bank account. Online banks rarely charge monthly fees, making them much cheaper to use.

Better rates without the high fees

Interest rates and fees have a huge effect on the balance of your savings account. Given years to compound, the effect of even a small difference in fees and rates could amount to hundreds or thousands of dollars. This example will illustrate the power of interest rates.

You’re saving for a down payment on a home. You have $10,000 and want to add $300 to your account each month for five years. After five years, you’ll use your savings to make a down payment on a home.

Remember that many traditional savings accounts charge monthly fees.

A monthly fee of just $2 would more than wipe out all of the interest you earned. You’d be left with a balance lower than the sum of your deposits.

Low balances are fine

Another benefit of online banks is that they have low minimum deposit requirements.

Many brick-and-mortar banks will refuse to open a savings account for someone who cannot make an opening deposit of $50 or $100.

Online savings accounts can be opened with a balance as small as a penny. That makes them great for people who are just starting to save.

Online banks are just as safe

Many people worry about giving their money to an online bank and it is true that trusting a bank you can’t even see might be difficult.

In reality, online banks are just as safe as brick and mortar banks. Both are insured by the Federal Deposit Insurance Corporation.

The FDIC will insure the balance of bank accounts, up to $250,000 per account type, per depositor.

Helping you stick to savings

There is one significant drawback to using online banks. They make working with cash difficult.

Online banks don’t operate ATM networks or any physical branches. If you need to withdraw cash, you’ll have to use another bank’s ATM.

That means you’ll be subject to any fees charged by the ATM’s owner. While some online banks offer fee reimbursement, many do not. You might also be limited to withdrawing no more than $500 or $1,000 a day, which can be difficult if you need a lot of cash quickly.

Online banks also make it difficult to deposit cash. You’ll need to deposit any cash you get at a local ban, then transfer it to your online savings account. Your only other option would be to spend the cash.

National vs. Local

There are two significant advantages to working with a local bank.

The first is that local banks are better at providing personalized service.

Most local banks have far fewer customers than a national bank does. As you visit your bank regularly, the people who work there will get to know you and your financial situation.

They may be able to make suggestions based on what they know about your banking needs. That can be a big help if you run into a complicated financial issue.

Another reason to work with a local bank is that they serve the needs of locals.

National banks have to offer features that are useful to everyone, which means their accounts feel generic and they can’t provide significant value to specific people.

Local banks know what local people need. For example, why bother with ATM fee refunds if all the ATMs in the area are on one network? Local banks can use their money to provide services that will be truly useful to locals.

National banks do have one large advantage over local banks. If you ever travel, you’ll be able to take advantage of a national bank’s network of branches and ATMs. You’ll never be far from somewhere to get help if you use a national bank.

Advantages and Disadvantages of Savings Accounts from Local Banks