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Whether you’re just starting your own small business, or you’ve been in the game for a while, there comes a time in which you need to find a new banking partner that can offer you all of the services and support you need to help your company take the next step. If you’re in the Heart of America, you’ll want to know about the best small business banks in Kansas City before making the plunge. After all, opening a business bank account is no small matter.
If you’re comparing the best small business banks in Kansas City, you’ve got more than a handful of deciding factors to consider. Chief among them are the wide variety of local and regional banks at your disposal, which gives you the ability to choose a bank that can deliver personalized attention and care to your small business. You’ve got regional and national banks to consider as well, which provide unrivaled ATM networks far beyond the borders of the City of Fountains.
Since there are so many factors to consider in your hunt for the best small business banks in Kansas City, we’ll help you break down some of the key factors you should use to begin your search. We’ll also give you a few tips on which Kansas City business banks stand out among the crowd, and what helps set them apart.
Picking the best small business bank for your company can feel overwhelming at first. There are tons of different options, particularly when you’re sizing up the best business banks in Kansas City and other metropolitan areas with an abundance of options. Most accounts offer the same slate of features, but with slight alterations to things like monthly account balance minimums to waive fees, the number of free transactions you’ll get every month, and digital banking support.
Sure, the best small business banks in Kansas City do offer many of the same basic features, such as online banking capabilities, mobile deposits, a certain amount of free cash deposits every month, and waived maintenance fees in exchange for certain daily or monthly balance minimums being met. These features vary slightly from bank to bank, but not by a ton.
Don’t get frustrated, however, if the best prospective banks for your business look more alike than different in terms of what they offer. There are still tons of other factors to consider as you size up the best small business banks in Kansas City and decide which one is right for you. We’ll break down some of the other important considerations, and how they should impact your decision-making process.
No one enjoys making a trip to the bank (unless you’ve won the lottery, of course). The only thing that can make a trip to your bank even more onerous is if it’s not near your home or business. Then it becomes an outright event, rather than a quick pit stop while running other errands. That’s why it’s important to pick a bank with a branch that’s local to you—wherever that may be.
Having a branch near the places you usually go, or at least on the way toward common destinations, can take the hassle out of making trips to the bank. Plus, you’ll be glad you chose a nearby bank when trying to make a last-minute transaction before closing time.
Small businesses are each very different animals. Some are small in name only, and move cash around like a larger business might. Others are just starting out, and cash reserves are thin. Neither ends of this spectrum—nor any place in between—are anything to sneeze at. Rather, it’s important to know where your company is in the grand scheme of things financially before you open up a business bank account.
The main reason you’ll want to know how much money your business will keep in a business checking account boils down to fees. Most banks offer tiered accounts, beginning with low-feature and low-fee accounts for early-stage companies or those that don’t expect to keep a ton of cash in their account. On the other end of the equation are larger businesses that may be able to carry high account balances, and may also need tons of support by way of free or discounted transactions and cash withdrawals every month. By knowing what your business needs in the present, you can better prepare yourself for what comes next (more on that below).
Few, if any, successful small business owners would recommend staying in the present without planning for the future. After all, most entrepreneurs go on the journey of starting their own small business because of their ability to dream big and think about where they want their business to go, rather than where it is in real-time. Small business owners should take the same approach when picking the best small business banks in Kansas City and beyond.
As we mentioned earlier, most business bank accounts offer different levels of banking support by way of several checking account tiers. Consider opening a business bank account at an institution that provides more than one level of service. This way, you can upgrade to more feature-rich accounts when you have the cash—and the financial needs—to make them worthwhile. By picking a bank that can grow with you, you’ll save yourself from having to make a switch later on.
Since we’ve covered the ground rules for what to consider before opening a business bank account, here are a few of our top picks for the best small business banks in Kansas City. The deciding factors here were location, access, convenience, and customer experience. We also considered other factors, such as ATM accessibility across the Kansas City area and beyond. Your personal pick for the best small business bank in Kansas City may vary, based on where in the city you are or what industry you work in, but below are some of the best general picks for small business banks in Kansas City and the city’s greater metropolitan area.
Central Bank of Kansas City is a local bank that’s built around serving the Kansas City area, both in terms of business and personal banking. The financial institution has been around 1951, and has been a family-owned bank since the 1960s. If building a relationship with a bank that has deep roots in the city, as well as the personal connection of being privately owned, then Central Bank of Kansas City is for you.
There are plenty of financial benefits to banking with the Central Bank of Kansas City as well. The bank offers business deposit accounts, commercial loans, cash management, and corporate credit cards as well. Central Bank of Kansas City business checking accounts come in four flavors: cb Business E-Checking, cb Small Business Checking, cb Commercial Checking, and cb Business Checking Advantage.
The cb Business E-Checking account is designed with technophiles in mind, as the account is completely online (including statements). There’s no monthly service fee associated with this account, and you’ll also get unlimited ACH and debit card transactions included as well.
The cb Small Business Checking account is perfect for small businesses that don’t need to do a ton of transactions every month. This account comes with 150 free transactions every month, a free debit card, free e-statements, and monthly fees get waived so long as you keep a minimum amount in the account every month (note: Central Bank of Kansas City doesn’t spell out what this minimum is on its website, so it’s worth checking with them before opening an account).
For moderate to high-volume checking needs, cb Commercial Checking offers competitive transaction fees, free e-statements, and earnings credits to help offset account fees.
Lastly, the cb Business Checking Advantage account is a money market account that provides interest on your balance, depending on how much money you keep in your account at any given time.
Bank of America can’t be beat in terms of access and locations. You’re likely to find a Bank of America branch almost anywhere in the country, and you’re bound to be close to one of the bank’s 15 locations in the Kansas City area. If you need to be able to move money on the go, or have access to a nationwide network of ATMs, then look no further than Bank of America’s business banking options for your small business.
Bank of America currently offers two business checking accounts, each of which is tailored to serve different needs and differently sized small businesses. Business Fundamentals Checking provides account holders with 200 free transactions every month, and charges only $0.45 per transaction beyond the 200 monthly cap. You can also conduct domestic and international wires with this account, but they cost upward of $15 per wire depending on what kind of wire you need.
There’s an $18 monthly service fee associated with this account, but you can have that waived with $250 in new purchases on a business debit or credit card every month, an average monthly balance of $5,000, a minimum daily balance of $3,000, or a combined average monthly balance of $15,000 or more in linked Bank of America accounts.
Bank of America’s other business checking account, Business Advantage Checking, is a better fit for companies that need the flexibility to have more transactions, deposits, and wires every month with lower fees. This account provides for 500 free transactions monthly, as well as $20,000 in cash deposits for free every month.
Any transactions above 500 come with a $.45 fee, and cash deposits above $20,000 cost $.30 for every $100 deposited. The Business Advantage Checking account truly shines when it comes to wire transfers: all incoming wire transfers are free (be they domestic or international), and outgoing wire transfers start at $30.
Bank Midwest prides itself on creating personal relationships with its clients, whether they need personal or business banking options. Best of all, Bank Midwest has the reach to offer small business owners a variety of locations as well as tailored banking options that do more than just keep cash in a vault.
Bank Midwest offers five different business checking options, each suited toward different business needs and companies in various stages of development and growth. On the lowest end of the spectrum is Bank Midwest Small Business Checking, which offers entry-level checking for companies that have relatively straightforward banking needs.
You only need $100 to open an account, which gets you access to mobile banking, online bill pay, a visa debit card, and a low monthly fee of only $10. The monthly service charge is waived with a minimum daily balance of $1,000, an average daily balance of $2,000, or make $1,000 in debit card point-of-sale purchases every month.
Bank Midwest Small Business Interest Checking builds on the bank’s entry-level option, offering the same features as Small Business Checking but adding on interest payments on your balance. This is a great option for businesses that want to maintain liquidity while earning interest on the cash they keep in reserves.
This is a great alternative to opening a small business savings account or small business CD, which can make it challenging to access cash quickly. As with all Bank Midwest business checking accounts, you only need $100 to start, and can avoid the $12 monthly service charge with a minimum daily balance of $1,200, an average daily balance of $2,400, or by making $1,200 in purchases with your account’s debit card.
Bank Midwest Business Checking offers higher monthly transactions and items without fees, which makes it a great fit for small businesses that need a little more from their banking partner. Although the specifics on what Bank Midwest Business Checking provides in terms of free items, the barrier to entry is relatively low, given the amount of flexibility the account provides.
You only need $100 to open an account, and the monthly service charge is a modest $20. Avoiding the monthly charge is relatively simple as well: all you need to do is maintain a minimum daily balance of $2,000, an average daily balance of $4,000, or conduct $2,000 in point of sale purchases with your debit card.
On the higher end of the spectrum are Bank Midwest’s Business Performance Checking and Business Premium Checking. Both accounts offer high-tier support for growing and established businesses who need high-powered support from their banking provider. You’ll get all of the bells and whistles of the other Bank Midwest accounts, plus treasury management, lending, and advanced deposit support.
Commerce Bank is a great pick for small businesses that want access to tech-forward banking that also comes with a slew of banking options to fit any small business. Commerce Bank offers more than just checking—it also provides cash flow management, financial analytics and data, access to small business loans and expense organization. Here’s a bit more on what Commerce Bank offers, and why it’s one of the best small business banks in Kansas City.
Commerce Bank offers three tiers of business checking solutions. On the lower end of the spectrum is Small Business Options, which is the bank’s entry-level option for young businesses and those with few needs from their banking provider. This account gives you 300 free transactions per month, as well as unlimited ATM transactions, no merchant card setup fees, and remote deposit support for $15 a month. You’ll qualify for this account with an account or loan balance of $25,000 balance, or a combined deposit and loan balance of $40,000.
The next tier is myBusiness Checking, which offers a bit more than the lower-level account offering by adding in free business online banking and 25 free transactions per month. MyBusiness Select Checking takes this a step further with 150 transactions per month, while keeping the rest of the same features in the mix as myBusiness Checking. These are great options for companies that need more from their bank on a regular basis, all without paying exorbitant fees or getting nickel-and-dimed on wire transfers.
If there’s one thing about opening a business checking account that proves to be frustrating for most entrepreneurs, it’s figuring out how to open a business account online. The fact of the matter is that few banks even give you the option to do so, due to regulations that make it tough to complete the process without heading into a local branch.
There are a few banks, however, that do let you complete the checking application process online without needing to drop into a physical bank location. Among the best of these banks are Axos, which makes the entire application process a breeze. Axos Bank, formerly known as Bank of Internet, has been around since 1999 and was digital-first before most banks even offered online services. Axos provides a great slew of options as well, including a personal account manager, free transfers, mobile deposits, and paper checks in case you need to conduct transactions the old-fashioned way and ACH or wire transfers won’t cut it.
Axos Basic Business checking provides much of the same features you’d come to expect from a conventional brick-and-mortar bank, but without most of the incremental fees. You’ll avoid the account’s $10 monthly fee with a balance of just $5,000 (way lower than what the best small business banks in Kansas City offer), and will even get interest payments on your balance. This way you’ll get the best of a high-yield checking account as well as the convenience and flexibility of a digital bank. Granted, Axos is not specific to Kansas City, but the bank makes it so easy to set up an account that you won’t likely care that it’s not central to the city.
Open an Axos Account
No matter which of the best small business banks in Kansas City you choose, the good news is that you have plenty of options. Whether you want a bank with a ton of local branches, white-glove support, or a nationwide network of ATMs that can keep business moving wherever you are in the country, there are plenty of options available for you. Make sure to know your present business needs, as well as where you believe your business will be in the future, before committing to a banking partner. With enough homework, you’ll be set to grow with a bank that’s prepared to grow with you.