U.S. Bank Silver Business Checking Minimum Balance
Does U.S. Bank Silver Business Checking have a minimum balance? Nope! Sounds great, but see if it checks all your boxes.
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Small business owners and entrepreneurs can always use a break when it comes to expenses. This makes the U.S. Bank Silver Business Checking account a great option with no monthly fee.
Plus, new customers can even snag a large sign-up bonus.
But what's the catch? Read on to find out.
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.
Does U.S. Bank Silver Checking have a minimum balance?
U.S. Bank Silver Business Checking does not have a minimum balance requirement or monthly fee.
U.S. Bank is one of the few large traditional banks to have a free business checking option. This makes it great for new and small business owners.
However, you must have a balance or deposit/withdrawal activity to keep your account open. It will automatically close if it has a zero balance and no activity for 4 months straight.[1]
What is the Minimum Deposit?
U.S. Bank Silver Business Checking does require an initial deposit of $100 to open this account (and most U.S. Bank business checking accounts). But after this initial deposit, there's no minimum balance required.[1]
What is U.S. Bank Silver Business Checking?
U.S. Bank Silver Business Checking is an entry-level business bank account for small businesses and startups with low to medium banking activity.
Here are the main features of this business checking account:[2]
- 125 free transactions per statement cycle
- $2,500 of free cash deposits or 25 free cash transactions per statement cycle (whichever comes first)
- Access to 4,000+ U.S. Bank ATMs & 40,000+ MoneyPass ATMs
- 50% discount on first check order with Deluxe™ up to $50
- Online and mobile banking with bill pay
- Remote check deposit
- Check fraud prevention tools
- Access to business EZ switch kit if you're transitioning from another bank
In addition to the above, it comes with optional services such as overdraft protection, card payment processing, and cash management.
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.
Other U.S. Bank Silver Business Checking Fees
The U.S. Bank Silver Business account may not have any monthly fees or minimum balance. But there are other fees you may encounter:[1]
- $0.50 per transaction (after surpassing the free 125 transactions) per statement cycle
- $0.33 per $100 for cash deposits (after surpassing the free units) per statement cycle
- $36 per overdraft (maximum of 6 charges per day)
- $2.50 at non-U.S. Bank ATMs
- $30 returned check fee
- $14 for incoming domestic wires; $16 for international
- $40 for outgoing domestic wires at branch; $30 digital
- $75 for outgoing international wires
Is U.S. Bank Silver Business Checking Worth It?
The U.S. Bank Silver Business Checking is worth considering if you are looking for a basic, free business checking account. You don't have to worry about maintaining minimum balances, which can add to the stress of growing a business.
It's also good if you prefer banking with a traditional bank. U.S. Bank has over 2,200 branches and a wide ATM network.
It's best for small business owners with low activity, since you only get 125 free transactions per month. And the cash deposit limit is low, too. If you need more, you may be better off with the mid-tier U.S. Bank Gold Business Checking Account Package.
If you're considering this account, the U.S. Bank often offers a limited-time signup bonus. So grab it before it ends.
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.
How U.S. Bank Silver Business Checking Compares
Here is a comparison of minimum balances for entry-level business checking accounts of other banks.
|  |  | |
| Get Deal | Get Deal | Get Deal | |
Silver Business Checking Account Package | Chase Business Complete Banking® - $300 Bonus | Business Advantage Fundamentals™ Banking | |
|---|---|---|---|
Silver Business Checking Account Package - | Chase Business $300 Bonus - | Business Advantage Fundamentals™ Banking - | |
Benefits and Features | |||
| Monthly Fee | $16 (can be waived by maintaining a $5,000 combined average monthly balance or using your Bank of America business debit card to make at least $250 in new net qualified purchases each statement cycle) | ||
| Minimum Deposit to Open | |||
| Balance Requirement | None. $2,000 minimum daily ending balance to waive the monthly fee (but can be waived in other ways) | ||
| Transaction Fees Per Month | 125 free per statement cycle, then $0.50 each | Free electronic transactions; 20 free teller & paper transactions per month ($0.40/each after) | No fee for first 200 transactions per statement cycle ($0.45/each after); No fees for electronic debits, debit card transactions, and remote check deposits. |
| Cash Deposit Fee | $2,500 of free cash deposits or 25 free cash transaction per statement cycle, whichever comes first, then $0.33 per $100 | No cash deposit processing fee for first $5,000 per statement period | No fee for first $7,500 in cash deposited per statement cycle at an ATM or Financial Center, then 30¢ per $100 deposited thereafter |
| Get Deal | Get Deal | Get Deal | |
Chase and Bank of America both have monthly fees (with ways to waive), while U.S. Bank doesn't.
However, they both have higher transaction limits per month. For example, both offer free electronic deposits. And they both allow for a higher amount of cash deposits, too.
So if you need more transactions and can meet their minimum requirements, Chase or Bank of America could be better for you.
How to Open an Account
Here are the general steps to opening a U.S. Bank Silver Business checking account.
- Open online or visit a nearby U.S. Bank branch.
- Have your government-issued ID and SSN and/or EIN (including that of your check co-signer and/or authorized representative).
- Gather business documents.
- Fund your account with at least $100.
- Articles of Organization (for LLCs)
- Articles of Incorporation (for corporations)
- Partnership Agreement (for partnerships)
- DBA if applicable
Bottom Line
U.S. Bank Silver Business Checking makes for a great budget-friendly business checking account, having no minimum balances and no monthly fees.
While it's nice not to worry about keeping a minimum balance, there are catches, like the limited monthly transactions and cash deposits.
However, for new and small business owners, this account could be a great choice. Before jumping in, check first if this account is a right fit for your business needs.
References
- ^ U.S. Bank. Business Pricing Information, Retrieved 11/19/2023
- ^ U.S. Bank. Silver business checking account package, Retrieved 11/19/2023
Penelope Besana is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Penelope Besana at penelope.besana@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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