U.S. Bank vs Chase Business Checking
U.S. Bank offers a free business checking account, while Chase offers more features. Which is better? Find out here.
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When it comes to reliable business checking, U.S. Bank and Chase are standout options.
Although each has several account options, your business might benefit from one more than the other.
Whether it's zero fees, more free transactions, or extra perks like accessible merchant services, read on and decide which one might be a better fit.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Gold Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Platinum Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Overview of U.S. Bank and Chase Business Checking Accounts
U.S. Bank offers 3 main business checking accounts:
- Silver Business Checking Account Package (entry level)
- Gold Business Checking Account Package (mid-level)
- Platinum Business Checking Account Package (premium)
Similarly, Chase has 3 business checking accounts as well:
- Chase Business Complete Banking (entry level)
- Chase Performance Business Checking (mid-level)
- Chase Platinum Business Checking (premium)
Here's an overview of their different business checking accounts:
| Account | Monthly fee | Balance to waive |
|---|---|---|
| U.S. Bank Business Checking[1] | ||
| Silver Business Checking Account Package | $0 | n/a |
| Gold Business Checking Account Package | $20 | $10,000 |
| Platinum Business Checking Account Package | $30 | $25,000 |
| Chase Business Checking[2] | ||
| Chase Business Complete Banking | $15 | $2,000 |
| Chase Performance Business Checking | $30 | $35,000 |
| Chase Platinum Business Checking | $95 | $100,000 |
Overall, Chase requires higher minimum balances to waive monthly fees. Read on to see if their features justify the higher requirements.
Yes, it is a good idea to use a separate bank account for your business. It helps protect your personal assets if your business gets sued or gets into debt. Plus, it helps make preparing for taxes a lot easier.
Is U.S. Bank Or Chase Better for Your Business?
Here are some reasons you may go with either U.S. Bank or Chase.
Why choose U.S. Bank Business Checking:
- You're a new or small business and want an account with no monthly fees
- You have moderate transactions
Why choose Chase Business Checking:
- You want built-in credit card processing (available in the basic tier account)
- You have a lot of transactions per month
- Your business takes more cash
- More branches
Bottom line:
U.S. Bank's basic-tier business checking account is better for new business owners because it has $0 monthly fee. But it has limited transactions.
However, if your business takes credit cards from customers, Chase's business checking might be more up your alley due to its built-in card payment services. It also gives you a higher number of transactions and cash deposits a month.
Both also frequently offer bonuses for new customers.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
U.S. Bank Business Checking Features
- Manage accounts with online banking, mobile app, and SinglePoint
- Total of five business checking account options, including a free business checking
- Overdraft protection
- Payment fraud prevention tools
- EZ Switch kit for seamless transfer from an old bank account
- Discount on first check order via Deluxe
Chase Business Checking Features
- Manage accounts with Chase Business Online and Chase Mobile® app
- Built-in credit card processing (for Chase Business Complete Banking)
- Unlimited electronic transactions at higher tiers
- Complimentary fraud protection via Reverse Positive Pay
- Optional associate debit and employee deposit cards
- 11 PM ET mobile check deposit cutoff
Comparison of Business Checking Accounts
Now let's dive into a head-to-head comparison of U.S. Bank and Chase's business checking accounts at each tier.
Entry-level business checking
U.S. Bank Silver Business Checking Account Package vs. Chase Business Complete Banking
| U.S. Bank | Chase | |
|---|---|---|
| Monthly fee | $0 | $15 |
| Minimum balance to waive fee | None | $2,000 |
| Free monthly transactions | 125 | Unlimited debit card purchases and Chase ATM transactions, and up to 20 paper and teller transactions |
| Free monthly cash deposits | $2,500 or 25 items, whichever comes first | $5,000 |
| Benefits/Perks | 50% off first check order, up to $50 | Built-in credit card processing |
The Silver Business Checking is U.S. Bank's free checking account for small businesses. It has a zero monthly fee, which can be a real money-saver if your business doesn't have stable income and you don't want to worry about keeping a certain balance.
But Chase Business Complete Banking shines with its built-in payment processing. No need to apply for a separate merchant account, making it a super convenient all-in-one solution.
You can take credit card payments on-the-go with the Chase QuickAccept card reader. Even better? You can get same-day deposits into your Chase business checking account, which really helps with cash flow for small businesses.
It also has twice the amount of free cash deposits per month as the U.S. Bank basic-tier account. So it's also a better choice if your business takes more cash.
Chase's basic account is better for retailers and food services that want convenient credit card processing. U.S. Bank is better for new and very small businesses that don't want to deal with a monthly fee.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Mid-level business checking
U.S. Bank Gold Business Checking Account Package vs. Chase Performance Business Checking
| U.S. Bank | Chase | |
|---|---|---|
| Monthly fee | $20 | $30 |
| Minimum balance to waive fee | $10,000 | $35,000 |
| Free monthly transactions | 300 | Unlimited electronic deposits; 250 free debits & non-electronic deposits |
| Free monthly cash deposits | $10,000 or 100 items, whichever comes first | $20,000 |
| Benefits/Perks | 50% off first check order, up to $100 | Two free outgoing domestic wires per statement cycle |
When looking for a more budget-friendly option that allows a moderate number of transactions, the U.S. Bank Gold Business Checking could be just what you need.
It has a lower monthly fee than Chase's mid-tier account and a lower minimum balance to waive it.
But if your business deals with a lot of cash, Chase's Performance Business Checking gives you a higher monthly cash deposit allowance. You also get unlimited electronic deposits and incoming wires, plus 250 free debits and non-electronic deposits.
And here's your cherry on top from Chase - you get two free outgoing domestic wire transfers per month.
Overall, U.S. Bank's mid-tier account offers good value for growing businesses since the minimum requirement isn't nearly as high. But if you can meet Chase's minimum and you need unlimited electronic deposits, Chase's account could be better for you.
Premium business checking
U.S. Bank Platinum Business Checking Account Package vs. Chase Platinum Business Checking
| U.S. Bank | Chase | |
|---|---|---|
| Monthly fee | $30 | $95 |
| Minimum balance to waive monthly fee | $25,000 | $100,000 |
| Free monthly transactions | 500 | Unlimited electronic deposits; 500 free debits & non-electronic deposits |
| Free monthly cash deposits | $20,000 or 200 items, whichever comes first | $25,000 |
| Benefits/Perks | 50% discount on first check order, up to $100; Free check image on statement | Free 4 outgoing domestic wire transfers |
Chase's Platinum Business Checking has a much higher monthly fee and balance requirements. It's for large, established businesses with high banking activity and can keep $100,000 minimum.
One of the biggest perks is that 4 of your most expensive outgoing wires per month are free. If you make outgoing domestic wire transfers regularly, you can save up to $140/mo in fees.
Another benefit is that you get premium concierge support from Chase's dedicated Platinum Business customer service team.
U.S. Bank Platinum Business Checking is a lot more accessible. You only need a fraction of what Chase requires to waive the monthly fee. This account is still generous with 500 free transactions per month.
If you're after saving on fees and still enjoy plenty of free transactions, pick the U.S. Bank Platinum Business Checking. But if you can maintain a large balance and outgoing wire transfers are a big part of your business, Chase's offering could be the way to go.
How To Choose Between Chase & U.S. Bank
Here are some factors to consider when choosing between Chase business checking and U.S. Bank business checking:
- Monthly fee
U.S. Bank business checking accounts boast lower monthly fees and balance requirements overall. It even has a basic business checking account with no monthly fee.Overall, Chase is better if you can keep higher balances. Chase requires meeting certain criteria to waive the monthly fee even for its lowest tier.
- Transaction limits
With Chase's higher-tiered checking accounts, you not only get more free monthly transactions than U.S. Bank, but they also offer unlimited electronic deposits and incoming wires with no extra charge. - Cash deposits
If you need more cash deposits, Chase will be the better choice. For the entry- and mid-tier accounts, it gives you twice the free cash deposit cap than U.S. Bank. - Account features
Often, it's the unique features that determine if the bank account is right for your needs. Take Chase's built-in credit card processing, for instance. This makes card payment processing a breeze. - Accessibility
U.S. Bank gives you access to a larger network of fee-free ATMs, including the Moneypass network and its own. However, Chase has a lot more physical branches scattered nationwide. - Accounting integration
Chase gives you a discount to FreshBooks Premium[3], while U.S. Bank lets you integrate with QuickBooks.[4] - Other business services
See what else the bank offers. You may need a business loan or payroll services down the road, and it could be easier to get it from the bank you bank with.
FAQs
Are Chase and U.S. Bank the same?
No, Chase and U.S. Bank are separate companies. Both are considered major banks in the U.S.
Is Chase Bank bigger than U.S. Bank?
Yes, Chase Bank is bigger than U.S. Bank in terms of assets and market capital. However, the size and ranking of a bank can change over time due to changes in financial performance, mergers, and industry shifts.
Which bank account is most suitable for business?
A business checking account is a good account to start with since it is designed for day-to-day business transactions. It'll help keep your business finances separate so you can track write-offs and do taxes easier.
Why do people choose Chase Bank?
Aside from being a top bank, Chase has a large branch and ATM network, alongside multiple customer service channels by phone, online, and in-person help at branch locations.
Bottom Line
Both U.S. Bank and Chase business checking accounts offer valuable features and benefits. This makes it tough to declare one as superior to the other.
A Chase business checking account might be more fitting if your business has more transactions. However, it has higher monthly fees or minimum balances.
On the flip side, U.S. Bank business checking accounts could be attractive to startups or growing businesses since they have a zero monthly fee option.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Gold Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Platinum Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Ultimately, the best choice between these two banks depends on your business needs, cash flow patterns, and preferences.
References
- ^ U.S. Bank. Business Checking, Retrieved: 9/27/23
- ^ Chase Bank. Business Checking, Retrieved: 9/27/23
- ^ Chase Bank. FreshBooks, Retrieved: 9/27/23
- ^ U.S. Bank. Quickbooks, Retrieved: 9/27/23
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
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