U.S. Bank is the fifth largest bank in the US, so it’s no wonder business owners consider it for their business accounts. US Bank offers many business bank accounts that are great for new and established businesses.
Understanding which account is right for your business is one of your most important business decisions. Since there are multiple business account packages available from U.S. Bank, this review will look closely at the details of each account and what’s required so you can make the right choice for your business.
U.S. Bank Business Checking Accounts
There are 3 business checking account packages offered by U.S. Bank:
1. U.S. Bank Silver Business Checking Package
The U.S. Bank Silver Business Checking Package is the most popular account for new business owners. It has a smaller transaction limit but offers a variety of value-added features business owners enjoy.
The U.S. Bank Silver Checking Package has no monthly service fee but has limitations. For example, you can make up to 125 free transactions, including up to $2,500 in cash deposits, before incurring a fee. However, if you’re a business that will exceed the limit, you’ll pay a per-transaction fee.
They also offer 50% off your first Deluxe Checks order.
You’ll pay $0.50 per transaction if you exceed the allotted transactions.
Who Is The Silver Package Right For?
The Silver Checking account is best for small or new businesses. It may not be the best option if you think you’ll have more than 125 monthly transactions or over $2,500 in cash deposits. But, if you’re just starting, it can be a great way to start.
Silver Package Cost:
The Silver Checking account doesn’t have a monthly maintenance fee.
2. U.S. Bank Gold Business Checking Package
The Gold Business Checking package offers more flexibility and transactions and is good for businesses ready to level up. Its transaction limit is higher, and you get the same value-added benefits as the Silver package.
While you might pay a monthly service fee with the Gold Checking account, you can make up to 300 transactions monthly, including $10,000 in cash or up to 100 cash transactions, whichever occurs first. Like the Silver package, you’ll also get 50% off your first Deluxe checks order.
Deposits in the Gold Checking account earn interest at the current interest rate and is subject to change.
Who Is The Gold Package Right For?
The Gold Business Checking account is best for moderately-sized businesses that have a decent number of cash transactions. You don’t have to worry about the per-transaction fee until you’ve conducted 300 transactions or 100 cash transactions.
If you exceed the allotted transactions, you’ll pay $0.45 per transaction.
Gold Package Cost:
The Gold Business Checking account costs $20 a month, but you can waive the fee by meeting the minimum deposit threshold across any US Bank account or holding a U.S. Bank merchant account for payment processing.
3. U.S. Bank Platinum Business Checking Package
The Platinum Business Checking account has a higher transaction threshold and lower per-transaction fees when you exceed the limit, and it has more benefits.
You might pay a monthly service fee with the Platinum Checking account, but you can make up to 500 transactions including $20,000 or 200 free cash transactions, whichever occurs first. Like the other packages, you’ll get 50% off your first Deluxe check order, but you also get access to free front and back images of your checks monthly.
Who Is The Platinum Package Right For?
The Platinum Business checking account is best for businesses that have been established for a while and have a high cash flow.
Platinum Package Cost:
The Platinum Business Checking account costs $30 a month, but you can waive the fee by meeting the minimum deposit threshold across any U.S. Bank account.
Requirements
To open a business checking account with U.S. Bank, you’ll need the following:
- Business’s EIN
- Articles of Incorporation
- Social Security number for anyone on the account
- Government-issued IDs for everyone on the account
Apply for a U.S. Bank Business Checking Account
U.S. Bank Business Checking Account Features
All U.S. Bank business checking accounts include the following:
- Online and mobile banking
- Protection from check fraud
- Free mobile deposit
- Business EZ Switch Kit if you’re switching from a different bank
- Payment processing
- In-person transactions
- US Bank Visa debit card
Signup Bonus
Here are some of the best U.S. Bank promotions going on right now:
1. Business Checking - up to $750 bonus
Expires: June 30, 2023
U.S. Bank is offering up to a $750 welcome bonus when you open and fund a new business checking account. This is a tiered bonus where you can earn more if you're able to deposit more. To earn the full $750 just deposit $15,000 in your new checking account and enroll in business online banking. This offer has increased since the last time it was offered to reward businesses with higher balances, so now might be a great time to jump on it if you've been considering U.S. Bank for your business banking needs.
How to earn the bonus
The Business Checking sign up offer requires you to deposit and maintain a minimum balance, and optionally, make purchases using the account's card and set up bill pay in order to earn the $750 bonus. Full requirements to receive this bonus are:
- Open a new Silver, Gold or Platinum Business Checking Account from U.S. Bank (member FDIC) with the promo code Q2AFL23.
- Deposit $5,000 in new money within 30 days of account opening and maintain that balance for 60 days of account account opening to earn $500 or at least $15,000 to earn $750.
- Within 60 days of account opening, enroll in online banking.
- Bonus will be deposited into your new U.S. Bank business checking account within 45 days of meeting all requirements.
Apply now to earn the $750 bonus from U.S. Bank
2. Platinum Business MMA - up to 4.25% APY
Expires: July 31, 2023
U.S. Bank used to only be available in select geographic markets; however, some of their business products are now available nationwide! One of those is the U.S. Bank Platinum Business MMA. This is considered a high-interest MMA and for a limited time, you can earn even more since their offering 4.25% APY for 6 months to all new accounts opened between now and July.
What's more? You can also open a U.S. Bank business checking account (now available nationwide as well) to score another large bonus.
How to earn the bonus
The Platinum Business MMA sign up offer requires you to deposit and maintain a minimum balance in order to earn the up to 4.25% APY. Full requirements to receive this bonus are:
- Open a new U.S. Bank Platinum Business Money Market Account, member FDIC.
- Deposit $25,000 - $2,999,999.99
- Maintain a balance in that range for the duration of the bonus APY period.
- Introductory bonus APY will applied to the account for the first 6 months.
Apply now to earn the up to 4.25% APY from U.S. Bank
Learn More:
On-the-Go Access to Accounts
U.S. Bank offers easy access to manage your accounts on the go with their mobile app. You can bank by speaking, tapping, or typing your commands and can access your accounts anywhere you have an internet connection.
A few of the tasks you can do on the mobile app include:
- Mobile check deposits
- Transfer funds between accounts
- Pay bills
- Send and receive money via Zelle
Banking Cashflow Management and Merchant Services
US Bank also offers options to assist with cash flow management, such as business loans and lines of credit. You can also apply for business credit cards and payment solution services to accept and settle credit card payments.
Pros and Cons
U.S. Bank business checking accounts have many pros, including the following:
Pros
- Wide access to brick-and-mortar banks throughout the country
- 24/7 customer service
- Easy to open an account in person or online
- Opportunities to waive the monthly service fee
- Offers a payment processing solution to keep all business financials with one bank
Cons
- Limited amount of cash deposits allowed (for free)
- It’s difficult to find the terms and fees of each account online
- Only the Gold Business Bank account offers the opportunity to earn interest
Frequently Asked Questions
Who Is U.S. Bank the Right Fit For?
US Bank business accounts are great for small businesses with few monthly transactions. However, if you deal in cash, you should pay close attention to the maximum number of cash transactions allowed in each account, or you might pay a per-transaction fee that can add up quickly.
But if you want a business account with 24/7 customer service, mobile banking, and the option to visit a brick-and-mortar bank, US Bank might be right for you.
Who Is U.S. Bank Not the Right Fit For?
Businesses that operate with many cash transactions or that won’t carry a high balance may not be a good fit for US Bank. This is because they have only a few business bank account options, and they are for smaller businesses with limited transactions each month.
How Do You Open a U.S. Bank Checking Account?
You can open a US business bank account online or in person. If you’re near one of the 2,900 branches, you can go into a location or make it simple and open an account online.
What Will I Need to Open a U.S. Bank Business Account?
To open an account, you’ll need a government-issued ID for each person on the account, Social Security numbers for each person, and the business’s EIN and articles of incorporation. Plus, you’ll need the necessary funds to open the account.
Are U.S. Business Bank Accounts Free?
Only the U.S. Bank Silver Checking account is free; all others charge a monthly service fee. However, US Bank makes it easy to waive the fees by keeping a certain balance or opening a US Bank payment processing merchant account.
How to Determine Which Account Is the Right Fit for You?
US Bank has a quiz you can take to help determine which account is right for you. After answering a few simple questions, you’ll see which account is best for you.
If you aren’t careful, your bank account could cost a pretty penny each month, so make sure you choose the account that best suits your business and keeps your costs low.
