The Best Savings Accounts in Missouri for 2023
According to the Missouri Division of Finance, the state is home to more than 200 banks, ranking it fourth in the nation overall for the number of state-chartered banks.
If you live in the Show Me State or are planning a move there, you might be wondering which banks are best for savers.
The options include traditional banks, credit unions, and online banks. Keep reading to learn to find the best savings account in Missouri for your needs.
The Best Savings Accounts in Missouri
- Ally Savings
- Citi Accelerate Savings
- Synchrony Bank
- Community Hill Bank of Pleasant Hill
- South Central Missouri Credit Union
Compare savings accounts and find the best rates being offered today.
Online Savings Accounts Available in Missouri
Online savings accounts can be an attractive option for Missouri residents who want to earn competitive rates while paying low fees. While online banks don’t offer branch banking access, they can be a secure place to deposit savings for your short- or long-term goals.
Here are some of the best online saving accounts in Missouri.
Barclays is headquartered in Wilmington, Delaware but it offers online savings accounts nationwide. So you could open one of these accounts if you call Missouri home.
Why it’s a top choice:
- Savers earn a competitive APY and interest rate
- No minimum balance is required to open an account
- Get paid early with direct deposit
- There are no monthly maintenance fees
- Barclays savings assistant tool can help you reach your goals
- Accounts are FDIC-insured
It’s easy to open an account online in minutes. In addition to savings accounts, Barclays also offers CD accounts.
Barclays Savings Pros & Cons
Ally is a popular online bank that offers savings accounts to Missouri residents. You can also open checking accounts, money market accounts and CD accounts here.
Why it’s a top choice:
- No monthly maintenance fees or minimum balance requirements
- Organize different savings goals into individual buckets
- Round Ups and Surprise Savings features can help you grow your savings faster
- Impressive annual percentage yield
- 24/7 support is available if you need help
- Savings deposits are FDIC-insured
You can open your account online in minutes. You’ll also need an Ally checking account to take advantage of the Round Ups and Surprise Savings features.
Ally Savings Pros & Cons
Citi Accelerate Savings
Citi is a traditional bank but Accelerate Savings is its online, high-yield savings account option. Missouri residents who have a Citi banking package are eligible to open an Accelerate Savings account.
Why it’s a top choice:
- Savers earn a solid rate that’s well above what you’d typically expect from traditional banks
- AutoSave feature makes it easy to add to your savings balance
- No minimum opening deposit requirement
- Use the account as overdraft protection for a linked Citi checking account
- Manage your account online through the Citi app
- Deposits are FDIC-insured
You can open a Citi Accelerate Savings account online in about 10 minutes. You’ll just need to decide which Citi banking package best fits your needs.
Citi Accelerate Savings Pros & Cons
Synchrony Bank offers a variety of savings options in Missouri, including CD accounts, money market accounts, and high-yield savings accounts. It routinely ranks as one of the best banks for online savings accounts overall.
Why it’s a top choice:
- Earn one of the highest rates on savings deposits of any online bank
- No minimum deposit requirements or minimum balance requirements
- Savers pay no monthly maintenance fees
- Rates apply across all balances, which is great for beginning savers
- Multiple ways to access your money, including at the ATM
- Synchrony Bank deposits are FDIC-insured
Synchrony Bank also offers credit cards, though there is no checking account option at this time.
Synchrony Bank Pros & Cons
A Look at Local Missouri Banks
In addition to online banks, you might consider local banks when choosing where to keep your savings. Here are two of the top local banking options for saving in Missouri.
Community Bank of Pleasant Hill
Community Bank of Pleasant Hill is a full-service financial institution that offers personal banking, business banking, wealth management services, and loans. There are several savings options to choose from, including a free Kasasa savers account, a standard savings account, and a high-yield money management account.
Why it’s a top choice:
- Earn above-average rates on deposits
- Open an account with as little as $25
- Free online, mobile and phone banking access
- Add to your savings with CDs or an IRA
- The monthly fee is waived when minimum balance requirements are met
- FDIC-insured savings
Community Bank of Pleasant Hill Pros & Cons
South Central Missouri Credit Union
South Central Missouri Credit Union is a not-for-profit financial cooperative located in Willow Springs, Missouri. You might consider a credit union in place of a bank if you’re hoping to avoid high fees.
Why it’s a top choice:
- Rates for deposit share accounts are in the upper range for credit unions
- Easy account opening with a low minimum deposit
- Manage your money at a branch or online
- Low fees, so you get to keep more of your money
- Enjoy low rates on loan products
- Deposits are NCUA-insured
You will need to become a member to open an account here. South Central’s membership area spans those living and working in Howell, Texas or Oregon counties.
South Central Missouri Credit Union Pros & Cons
How We Picked: Methodology
MoneyRates found the best savings accounts in Missouri by analyzing savings accounts at online banks, local credit unions, national banks, regional banks, and local banks across the state. We looked at the most recent interest rates being offered on savings accounts at over 25 banks along with accessibility, requirements for opening and maintaining an account, fees, ATM access, flexibility, availability, and ease of use of mobile banking.
The best savings accounts reflect market conditions and bank APYs at the time of our analysis. Banks can and do change their rates and terms on a regular basis, so you should check directly with them to see what rates and terms they currently offer.
How to Choose a Savings Account in Missouri
Finding the right savings account starts with understanding what you need. There are certain points that are important to compare across different accounts to find the best savings option.
The interest rate you earn on savings matters because it can determine in part how quickly your money grows. Online banks tend to offer a higher interest rate and APY on deposit accounts compared to traditional banks or credit unions. Use a savings calculator to compare accounts and interest rates and see what a difference a higher interest rate can make over time.
Bank fees can detract from your interest savings. When comparing savings accounts in Missouri, consider the monthly maintenance fees as well as any excess withdrawal fees you might pay.
Some banks have a low minimum deposit requirement while others set the bar higher. If you’re just getting started with saving, an account with a lower opening deposit may be preferable.
Other accounts available
In addition to a savings account, you might also be interested in opening a checking account, money market account, or CD account. If you’re looking for more than just a savings account it’s helpful to look at what else different banks in Missouri offer.
Savings accounts are meant to hold the money you don’t plan to spend right away but it’s important to know that you’ll be able to access your money when you need to. If you prefer the convenience of a branch you might lean toward a traditional bank. On the other hand, you might choose an online bank if it has a sizable ATM network.
Good customer support is important, especially when you have questions or need help. So it’s good to look at how you can reach customer service when comparing the best savings accounts in Missouri to see which banks are most responsive.
Both online and traditional banks can offer online and mobile banking access to your money. You may also be able to manage your accounts through phone banking. It’s helpful to know what options you have at different banks so you can choose one that fits your preferred account management style.
Where Can You Open a Savings Account in Missouri?
Generally, you have three options for opening a savings account in Missouri: online banks, traditional banks and credit unions. Understanding how they compare can help you to decide which one is right for you.
Online banks usually don’t offer branch banking; instead, you’ll manage your money using online banking or a mobile app. Compared to traditional banks or credit unions, online banks often have higher interest rates for savings accounts. They also tend to charge fewer fees.
Traditional banks can offer savings accounts as well as other deposit accounts. You can bank online, via a mobile app or at a branch. While that’s convenient, you may not get the best rates on savings accounts at brick-and-mortar banks. You may also pay more in fees.
Credit unions are non-profit financial institutions in which each member owns a share. You can get decent rates on savings accounts at credit unions and they can also charge fewer fees. The catch is that you’ll typically need to meet membership requirements in order to join and open an account.
Missouri Savings Accounts vs. Money Market Accounts
Savings accounts and money market accounts have a lot in common, in terms of how they work. Whether it makes sense to open one or the other in Missouri can depend on your goals.
Here’s a quick look at how they compare.
Savings accounts and money market accounts can have different minimum deposit requirements, depending on where you open them. For example, you might need to make a minimum deposit to open the account or have a minimum balance in order to earn interest. Between the two, savings accounts at online banks tend to have lower minimum deposit requirements overall.
Savings accounts typically don’t come with a debit card or ATM card. Money market accounts can come with either one or offer check-writing services. While money market accounts may offer more ways to withdraw money, banks can limit you to six withdrawals from the account per month. Going over that amount could trigger an excess withdrawal fee.
The rates you earn on savings accounts vs. money market accounts ultimately depend on the bank. In some instances, a savings account might pay a better rate. In others, a money market could offer a higher APY.
Savings accounts are a convenient place to stash money for your emergency fund or short-term needs. A money market account is good for money that you’re planning to spend at some point. For example, you might use a money market account to hold a down payment on a home.
Minimum balance to open
The minimum balance to open a savings account may be as low as $1 or even $0 at certain online banks. Money market accounts, on the other hand, may require $100 or more to open.
Frequently Asked Questions (FAQs)
Generally, you’ll need to have a valid ID and a Social Security number or other acceptable taxpayer identification number to open a bank account in Missouri. If you’re under 18, you’ll also need a parent to help you open the account. In the case of credit union accounts, there may be additional documentation you’re required to submit to verify your eligibility for membership.
You’ll need to be at least 18 to open a checking account in Missouri without a parent or legal guardian. If you’re under 18 and want to open a teen checking or student checking account, you’ll need a parent’s signature to do so.
You can open a bank account online in Missouri if the bank offers that option. You’ll need to submit an application, provide proof of ID and link an external bank account to make your initial deposit.