U.S. Bank vs. Chase Business Checking: Which Account is Best?

U.S. Bank and Chase will likely come up in your quest for business checking accounts for your small business. Both banks are among the country’s top banks and offer compelling financial solutions for business owners.

In this review, I’ll compare US Bank vs Chase to help you determine which is right for you.

US Bank vs. Chase Business Checking: Company Overview

When comparing US Bank vs Chase business accounts, it’s important to understand the two banks, how they operate, and what they offer.

Both banks are located throughout the nation and available online, giving businesses anywhere access to their accounts.

US Bank

US Bank is the fifth largest bank in the country. It has 2,000 branches across 26 states, and they are number 150 on the Fortune 500 list.

US Bank also has three business bank accounts, all with a powerful online banking dashboard, including the ability to send invoices, make online payments, and share access with co-workers and employees.

Chase

Chase is one of the largest banks in the United States. It has more than 4,700 branches throughout the country and over 16,000 ATMs.

In addition, Chase has three business accounts to choose from to help you manage cash flow, save time with mobile and online banking, and have access to a helpful support team.

US Bank vs. Chase Business Checking: Comparing Signup Bonuses

Both U.S. Bank and Chase tend to offer signup bonuses regularly for their business checking accounts.

Here are the current offers available:

BankBonusExpiresRequirements 
Chase Business Complete Checking® LogoChase Chase Business Complete Checking® $300 July 22, 2024
  • Min Balance
  • Card Spend (optional)
U.S. Bank LogoU.S. Bank Business Checking up to $800 August 30, 2024
  • Min Balance
  • Bill Pay (optional)
  • Card Spend (optional)
see all bonuses

US Bank vs. Chase Business Checking: Comparing Basic Accounts

US Bank and Chase have flexible business checking accounts that cater to different types of customers.

To find the right account, compare the options to what you need to keep your fees low and get the most benefits.

1. Basic Tier US Bank Business Checking

The US Bank Silver Business Checking account is their basic tier account for business owners. It has a low transaction limit but includes many value-added products to make it worthwhile.

Most Beneficial For

The Silver Business Checking account is best for customers with limited monthly transactions. New and small businesses benefit from it the most because if you exceed the allotted monthly transactions, you’ll pay $0.50 per transaction, which can add up if you have too many transactions.

Minimum Required Deposit Per Account

You must deposit $100 to open an account. However, because this account doesn’t have a monthly maintenance fee, you don’t have to worry about carrying high balances.

Monthly Fees and Additional Charges on Account

The Silver Business Checking account doesn’t have a monthly service fee, which is good news. As a result, you don’t have to stress about meeting the minimum balance requirements.

However, that doesn’t mean they don’t charge other fees, such as:

  • $0.50 per transaction after the first 125 free transactions
  • $0.50 per unit after the first $2,500 or 25 cash units (a unit is the amount deposited divided by 100), whichever occurs first

Account Features

The Silver Business Checking account offers the following features:

  • 50% off the first Deluxe check order
  • Online and mobile banking
  • Online bill pay
  • Check fraud prevention
  • Mobile check deposit
  • Access to card payment processing, cash management services, and overdraft protection

2. Basic Tier Chase Business Checking

Chase Business Complete Banking is Chase’s basic tier account. It has a low transaction limit but offers benefits you might not find at other banks.

Most Beneficial For

The Chase Business Complete Banking account is best for businesses expected to operate mostly in cash. The teller transactions are extremely limited with this account, so if you expect a lot of check transactions, it may not be the best fit.

Minimum Required Deposit Per Account

Chase doesn’t require a minimum amount to open an account.

Monthly Fees and Additional Charges on Accounts

Chase charges a $15 monthly maintenance fee; however, you can waive it with one of the following:

  • Minimum $2,000 average daily balance
  • $2,000 in deposits from Chase QuickAccept® (payment processor)
  • $2,000 in purchases on your Chase Ink credit card
  • Link your Chase Private Client checking account
  • Supply proof of military status

Along with the monthly maintenance fee, Chase charges the following fees:

  • Any teller deposits/withdrawals or checks beyond the first 20 cost $0.40 each
  • Any cash deposits above $5,000 cost $2.50 per $1,000 deposited

Account Features

The Chase Business Complete Banking account offers the following benefits:

  • Unlimited debit card transactions
  • Free ATM transactions at a Chase ATM
  • Access to Chase QuickAccept® to accept credit card payments
  • Fraud protection services
  • Access to Chase QuickDeposit (a Chase-supplied scanner for depositing checks)
  • Debit cards for associates and employees
  • Online and mobile banking

US Bank vs. Chase Business Checking: Comparing Mid-Tier Accounts

1. Mid-Tier US Bank Business Checking

The US Bank Gold Business Checking account is a step up from the Silver Business account, giving more established businesses more flexibility.

Most Beneficial For

If your business can keep a minimum average balance of $10,000 ($25,000 for interest-bearing accounts), you’ll get higher transaction limits and the potential to earn interest on your business funds.

Minimum Required Deposit Per Account

Like the Silver checking account, you must deposit $100 in this account but will need a much higher balance if you want to waive the monthly service fee.

Monthly Fees and Additional Charges on Accounts

The US Bank Gold checking account costs $20 a month unless you meet the requirements to waive the fee, which includes:

  • Have a US Bank Payment Solutions Merchant account
  • Carry an average balance of $10,000 or $25,000 on an interest-bearing account
  • Have $20,000 in combined balances in all US Bank business accounts ($50,000 for interest-bearing)
  • Have a combined balance of $75,000 in business deposit accounts and business credit

In addition to the maintenance fee, US Bank charges the following:

  • $0.45 per transaction over the first 300 transactions
  • $0.45 per unit after the first $10,000 (100 units) in cash deposited (a unit is the amount deposited divided by 100)

Account Features

The US Bank Gold Business Checking Account offers the following features:

  • 50% off the first order of Deluxe checks
  • Online banking
  • Mobile banking
  • Online bill pay
  • Mobile check deposit
  • EZ Switch bank kit
  • Access to card payment processing, cash management services, and overdraft protection for an additional fee

2. Mid-Tier Chase Business Checking

The mid-tier Chase Business Checking account, Chase Performance Business Checking, allows much higher cash deposit limits and unlimited electronic transactions.

Most Beneficial For

If your business operates mostly in cash, the Chase Performance Checking account can be beneficial with its much higher cash deposit limits of $20,000. On the other hand, it might be tougher to meet the monthly fee waiver requirements, so weigh the pros and cons.

Minimum Required Deposit Per Account

Chase doesn’t require a minimum opening balance for the Chase Performance Checking account.

Monthly Fees and Additional Charges on Accounts

The Chase Performance Checking account charges $30 a month, but you can waive it by keeping a combined balance of $35,000 in qualifying business accounts.

In addition to the $30 fee, Chase charges a per transaction fee if you exceed $20,000 in monthly cash deposits or have over 250 teller deposits. Teller deposits cost $0.40 per transaction beyond the 250 included transactions.

Account Features

The Chase Performance Business Checking account includes the following features:

  • Free incoming wires
  • Two free outgoing wires monthly
  • Fraud protection services
  • Interest option upon request

US Bank vs. Chase Business Checking: Comparing Top Tier Accounts

1. Top Tier US Bank Business Checking

If the basic and mid-tier accounts don’t meet your needs, US Bank offers a Platinum Business Checking account with more robust features.

Most Beneficial For

Large, established businesses with as many as 500 monthly transactions and up to $20,000 in cash deposits benefit from this account.

Minimum Required Deposit Per Account

Like all other US Bank business checking accounts, a $100 opening deposit is required, but you’ll need much more than that to waive the monthly service fee.

Monthly Fees and Additional Charges on Accounts

The Platinum Business Checking account has a $30 monthly service fee, but you can waive it by keeping a $25,000 monthly balance or a combined $75,000 average across all US Bank business accounts and credit balances.

In addition to the monthly service fee, US Bank charges the following:

  • $0.40 per transaction over the first 500 transactions
  • $0.40 per unit after the first $20,000 (200 units) in cash deposited (a unit is the amount deposited divided by 100)

Account Features

  • 50% off the first order of Deluxe checks
  • Free mobile check deposit
  • Free front and back images monthly on your statement
  • Online banking
  • Mobile banking
  • Online bill pay
  • EZ Switch bank kit
  • Access to card payment processing, cash management services, and overdraft protection for an additional fee

2. Top Tier Chase Business Checking

Chase’s top-tier business checking account is also called the Platinum Business Checking account. Like US Bank, this account has top-notch features.

Most Beneficial For

The Chase Platinum Business Checking account is for mature businesses with many monthly transactions. However, you’ll need a balance of $100,000 to waive the monthly maintenance fee, so it’s best for already-established businesses.

Minimum Required Deposit Per Account

Despite its robust features, the Chase Platinum account doesn’t have a minimum balance, but you’ll need to keep the $100,000 minimum in mind to avoid the monthly maintenance fee.

Monthly Fees and Additional Charges on Accounts

If you don’t meet the $100,000 required balance to avoid the monthly maintenance fee, you’ll pay $95 monthly for this account. You can also waive the fee with an average daily balance of $50,000 with a linked Chase Private Client checking account.

Account Features

The Chase Platinum Business Checking account includes the following features:

  • Free incoming wires
  • Four free outgoing wires monthly
  • Fraud protection services

Why You Should Choose a US Bank Business Checking Account

Companies choose a US Bank business account for many reasons, but some of the most popular include the following.

  • To Avoid Fees: If you’re starting a business, the last thing you want is fees right off the bat. The basic US Bank business checking account doesn’t charge any fees, and the higher tier accounts have more manageable fees than Chase business bank accounts.
  • Simplify Switching Banks: US Bank makes switching banks seamless with the EZ Switch kit. With this kit, US Bank handles most of the switching process, letting you sit back and relax while you enjoy your new bank account.
  • Powerful Merchant Services: US Bank offers affordable solutions for payment processing, giving new business owners a chance to accept credit cards immediately. You can buy a card reader for just $5 a month and start accepting credit cards.

Why You Should Choose a Chase Business Checking Account

Chase offers many great reasons to choose them as well. When comparing US Bank vs Chase Business checking, here are some reasons to consider Chase.

  • Due to a Cash Heavy Business: If your business operates in cash, you’ll find using a Chase business bank account more affordable. Their mid-tier account allows up to $20,000 in monthly cash deposits before incurring a fee.
  • Large-Scale Businesses: Chase’s Platinum account caters to large businesses, offering concierge services that many large companies appreciate. Even Chase’s mid-tier account is a good option for large businesses if they don’t need the higher cash deposit allowance because there is an option to have an interest-bearing account if you can maintain the higher balances.
  • Easy Access Chase Branches: Chase has a large presence in the US, with more than 4,700 branches and 15,000+ ATMs. It’s easy to find a Chase branch wherever you are, whether you’re in your home area or traveling. Having a brick-and-mortar location to visit can be reassuring when you need in-person support.
  • Currently Banking With Chase: If you already bank with Chase, having all your accounts in one place can be nice. A Chase Private Client checking account can even help you meet the minimum balance requirements to waive the monthly maintenance fees.

Frequently Asked Questions

Choosing a business bank account is a big decision, and looking at US Bank vs Chase, you’ll see many reasons to choose both.

What are better alternative bank options to US Bank and Chase?

Other good business accounts to check out are Bank of America, Wintrust, and Wells Fargo business checking.

What should a business consider before choosing a business checking account?

When choosing a business bank account, consider your business’s needs, including the following:

  • How much can you keep in the account to avoid the monthly maintenance fee?
  • How much cash will you deposit monthly?
  • How many electronic deposits/withdrawals and teller transactions will you need monthly?

Don’t focus only on the account’s monthly fee but also on the per-transaction cost. Even though a transaction might cost $0.50 if you pay for 1,000 of them, that’s $500, so think about it carefully.

Comments are closed here.