Chase Business Checking vs. U.S. Bank Business Checking: Which Account is Right for You?

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If you're a small business owner, having the right checking account to meet your needs is crucial for financial success. Chase and U.S. Bank are among the largest banks in the nation and offer a wide range of services for business owners.

If you're considering a checking account from one of these two financial institutions, here's a comparison of what they have to offer.

Chase Business Checking vs. U.S. Bank Business Checking at a Glance

Chase and U.S. Bank offer three different types of checking accounts from which you can choose — U.S. Bank also offers some specialty accounts, but we won't include those here. To help you compare your options effectively, we'll compare each account tier side by side.

Before we get into the nuts and bolts of each, however, here's a quick summary of what each bank has to offer.

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Chase Business Complete Checking vs. U.S. Bank Silver Business Checking

If you're just starting out or your business doesn't have long-term growth plans, you may consider one of these basic checking accounts:

The Chase Business Complete Checking® account charges a relatively high $15 monthly fee for a starter business checking account. However, the bank offers several ways to get the fee waived each statement cycle, including:

• Maintain a $2,000 minimum daily balance
• Make $2,000 in net purchases on your Chase Ink® business credit cards
• Make $2,000 in deposits from Chase QuickAccept℠ or other eligible Chase Payment Solutions transactions
• Link a Chase Private Client Checking℠ account
• Provide qualifying proof of military status

Despite the higher fee, Chase doesn't have a limit on debit card purchases, ATM transactions, or electronic deposits and transfers. Its monthly cash deposit limit is also relatively high at $5,000.

In contrast, the U.S. Bank Silver Business Checking account doesn't charge a monthly fee, making it worth considering if you're just starting out. However, as your business grows, you may run into its lower limits for fee-free cash deposits and other transactions.

Chase Business Complete Checking®

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at Chase

• Our Rating 5/5 How our ratings work
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus $300Expires July 22, 2024 More Info

  Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.

The Chase Business Complete Checking® account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.

• Overview
• Pros & Cons

Overview

The Chase Business Complete Checking® account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.

Pros

• Generous signup bonus
• Several options to waive monthly fee
• Same-day deposits using QuickAccept℠ service
• Huge network of in-person branches and ATMs

Cons

• Monthly maintenance fee
• Overdraft fees are relatively high
• Limit on fee-free cash deposits and physical transactions

U.S. Bank Silver Business Checking Account

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at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus $400Expires January 15, 2025 More Info

  Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.

If you're in the market for a basic business checking account, you'd do well to consider U.S. Bank's Silver Business Checking. This account carries no monthly maintenance fee, and features an alluring sign-up offer for new customers who complete qualifying transactions. While the free cash deposit limit is relatively low, it should be enough to accommodate businesses that don't generate many monthly banking transactions.

• Overview
• Pros & Cons

Overview

The Silver Business Checking account is U.S. Bank’s entry-level business account. This account offers customers 125 free transactions per statement cycle, as well as $2,500 of free cash deposits or 25 free cash transactions (whichever comes first) per statement cycle. The Silver Business Checking account has no monthly maintenance fee, and requires a minimum opening deposit of $100.

Pros

• Strong welcome offer
• No monthly maintenance fee
• Robust online banking functionality

Cons

• Relatively low cash deposit limit

Comparing Sign-up Bonuses

If you're having trouble deciding between two accounts, a sign-up bonus can often help you make up your mind. In this case, both Chase Business Complete Checking and U.S. Bank Silver Business Checking are offering valuable signup bonuses to new customers.

With Chase Business Complete Checking, new customers can earn a $300 bonus when they open and fund a new account with at least $2,000 within the first 30 days from account opening to qualify for a $300 bonus, maintain at least a $2,000 balance for 60 days and complete at least five qualifying transactions within the first 90 days. These transactions. can include debit card purchases, ACH credits, Chase Online Bill Pay and more (see our standalone review for full details).

On the other hand, new U.S. Bank Business Checking customers can earn a bonus worth up to $900 when they open a new account using promo code Q4AFL24.

While you'll need to opt for U.S. Bank's more premium Platinum Business Checking account to qualify for the $900 offer, you can still earn a bonus worth $400 for opening a Silver Business Checking account, which is more valuable than the bonus offered by Chase's comparable account. At the same time, you'll need more money on-hand to earn U.S. Bank's bonus, so be sure that you can meet all of the requirements before making your final decision.

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Chase Performance Business Checking vs. U.S. Bank Gold Business Checking

As your business grows, it might make sense to upgrade to one of these two business checking accounts:

The Chase Performance Business Checking account charges a $30 monthly fee, double that of the basic checking package. However, you can get the monthly fee waived if you maintain an average combined daily beginning balance of at least $35,000 in qualifying business deposit accounts.

The account offers unlimited electronic deposits at no charge, but other transactions are limited to 250 per month, after which you'll pay $0.40 for each debit and non-electronic deposit. That said, its fee-free cash deposit limit is extremely high.

U.S. Bank Gold Business Checking Account

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at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APY0.01% More Info

  Earn 0.01% APY on balances of $20,000 or greater.

• Minimum
  Deposit Required$100
• Intro Bonus Up to $800Expires September 16, 2024 More Info

  Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.

Assuming you can meet the requirements to waive its monthly fee, the U.S. Bank Gold Business Checking account is a strong option for mid-size businesses. This account offers considerably more free transactions than U.S. Bank's Silver Business Checking account and gives customers the chance to earn 0.01% APY on balances of $20,000 or more.

• Overview
• Pros & Cons

Overview

The Gold Business Checking account is U.S. Bank’s mid-level business account. This account offers customers 300 free transactions per statement cycle, as well as $10,000 of free cash deposits or 100 free cash transactions (whichever comes first) per statement cycle. And, if your account balance exceeds $20,000, you’ll earn 0.01% APY.

Pros

• Strong welcome offer
• Earn APY on high balances
• Options to waive monthly maintenance fee
• Robust online banking functionality

Cons

• Relatively low cash deposit limit
• Monthly maintenance fee

With the U.S. Bank Business Gold Business Checking account, you can get the $20 monthly fee waived if you meet one of the following requirements:

• Maintain a U.S. Bank Payment Solutions Merchant Account
• Have a $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option
• Maintain at least $20,000 in combined average collected deposit balances or $50,000 in combined average collected balance on interest-bearing option
• Maintain a $50,000 combined average collected business deposits and outstanding business credit balances

While the U.S. Bank Gold account offers a higher fee-free transaction limit that includes electronic deposits, it also offers lower cash deposit limits.

Chase Platinum Business Checking vs. U.S. Bank Platinum Business Checking

U.S. Bank

If your business has been around for a while and you're looking for more advanced banking services, you may consider one of these options:

The Chase Platinum Business Checking account charges a steep $95 annual fee, a significant jump from the previous tier. However, you can get the fee waived with one of the following steps:

• Maintain a combined average beginning daily balance of $100,000 or more in qualifying business deposit and business investment balances
• Maintain a combined average daily balance of $50,000 and link a Chase Private Client Checking account

The account limits fee-free transactions to 500 per month, but that doesn't include electronic deposits and incoming wires, which are always free. You also won't pay a fee on your four most expensive outgoing wire transfers each month. The cash deposit limit isn't much higher than the Performance Business Checking account, though.

U.S. Bank Platinum Business Checking Account

Open Account

at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus $900Expires January 15, 2025 More Info

  Earn your $900 Business Checking bonus by opening a new U.S. Bank Platinum Business Checking account between 10/01/2024 and 1/15/2025. You must make deposit(s) of at least $30,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $30,000 until the 60th day after account opening.

If your business regularly deals with enough cash to make the most of the higher free transaction limit (and to easily waive the monthly fee) you'll likely find a lot to like about the U.S. Bank Platinum Business Checking account. In addition to offering a host of features meant to assist larger businesses, this account features the same $100 minimum opening deposit requirement and valuable sign-up offer as seen in U.S. Bank's Gold and Silver Business Checking packages.

• Overview
• Pros & Cons

Overview

If you’re a larger business that handles a significant amount of monthly transactions, the U.S. Bank Platinum Business Checking account may be a good fit for your needs. This account offers 500 free transactions and up to $20,000 of free cash deposits or 200 free cash transactions (whichever comes first) each statement cycle. While this account features a $30 monthly service fee, you can get it waived in a couple different ways, such as maintaining an average collected checking balance of $25,000 or more.

Pros

• Strong welcome offer
• Options to waive monthly maintenance fee
• Robust online banking options

Cons

• Monthly maintenance fee for lower balances

The U.S. Bank Platinum Business Checking account charges a much lower monthly fee than the Chase Platinum option, and you can get it waived if you meet one of the following criteria:

• Maintain a $25,000 average collected checking balance
• Maintain a $75,000 combined average of collected business deposits and outstanding business credit balances

The bank's 500 fee-free transaction limit per month doesn't include mobile check deposits, which are always free, but it does include other electronic deposits and incoming wires. However, this account tier steps up the fee-free cash deposit limit significantly, nearly reaching parity with the competition.

Chase Business Checking vs. U.S. Bank Business Checking: Which Is Right for You?

The decision between Chase and U.S. Bank for your business checking needs largely depends on your company's needs. Here are a handful of factors to consider:

ATM and Branch Access

Check your local area for branches and ATMs to gauge your ability to deposit cash, access your funds, and get in-person service when you need it. Between the two, Chase has a much larger footprint, but if you live in an area U.S. Bank serves, that might not matter.

Business Transactions

Take a look at your current transactions and get an idea of how likely you are to run into item fees. If you receive a lot of electronic deposits, for instance, Chase may be the better option because those transactions don't count toward your limit. But if you don't come close to the limits for these accounts, either bank could be a good fit.

Monthly Fees

Chase charges higher fees on its business checking accounts, but if you can get them waived, it's a moot point. If you can't get the fees waived, however, you may consider U.S. Bank.

Other Banking Services

Take your time to research all the other business services these banks provide to get an idea of which one can best meet your needs.

Between the two banks, neither is inherently better than the other. As a result, it's important for you to know your business and its needs, as well as its trajectory. If you plan to grow significantly over time, you'll want a bank that can accommodate that growth.

In addition to Chase and U.S. Bank, also take time to compare other top small business checking accounts to ensure you're getting the best service and features to meet your needs.