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

If you own a company, you may want to compare U.S. Bank vs. Chase Business Checking accounts. Both companies offer a nationwide network of ATMs and branches and solid account options for businesses of any size.

When comparing Chase vs. U.S. Bank two companies, consider which account will best fit the needs of your firm and will charge the fewest fees.

U.S. Bank vs. Chase Business Checking Accounts Overview

Before you compare U.S. Bank and Chase’s business banking services, it can be useful to learn a bit about each company.

Chase is one of the largest financial institutions in the world, managing more than $4 trillion in assets. It was founded in New York City in 1799 and has operated continuously since then.

U.S. Bancorp is the holding company parent of U.S. Bank, the fifth-largest bank in the United States. It was founded in 1863 in Minneapolis and has $573 billion in assets.

Both banks offer a variety of financial services to their customers, including business banking. Both have multiple accounts available to companies that wish to bank with them.

The U.S. Bank Silver Business Checking and Chase Complete Business Checking accounts target smaller companies and those that are just starting out. They have low minimum balance requirements and fees, but limited features.

The Gold and Performance Business Checking accounts target mid-sized companies and both banks’ Platinum Business Checking accounts look to serve very large business customers.

U.S. Bank vs. Chase Business Checking Accounts Comparison

U.S. Bank and Chase both have multiple checking account options, each targeted at a specific class of customers. To accurately compare their offerings, you must compare the accounts that are designed for similar types of customers.

U.S Bank vs. Chase – Basic Accounts

The U.S. Bank Silver Business Checking and Chase Complete Business Checking accounts are both targeted at smaller and new companies.

U.S. Bank seems to beat Chase’s entry-level business banking options thanks to an account that comes with no monthly fee and a higher number of fee-free transactions each month. U.S. Bank also offers similar additional services, such as card payment services.

Chase does have the benefit of a lower minimum deposit, but it charges a monthly fee unless you have a much higher balance. It also offers more cash deposits before fees are incurred, which could be important to some cash-heavy businesses.

For startups, U.S. Bank is the clear winner thanks to its lack of fees. Chase likely only wins for businesses that will deposit more than $2,500 in cash each month.

U.S. Bank vs. Chase – Mid-Tier Accounts

To serve medium-sized businesses, U.S. Bank offers the Gold Business Checking account and Chase offers the Performance Business Checking account.

Both U.S. Bank and Chase offer elevated levels of service for larger business customers.

U.S. Bank’s Gold Business Checking does carry a monthly fee, but lets you avoid it with just a $10,000 minimum balance compared to Chase’s $35,000. Even if you opt for the interest-bearing checking account, which is a nice perk, you can avoid the fee with a balance of $25,000.

Chase continues to beat U.S. Bank when it comes to cash deposits. You can deposit twice as much cash to Chase’s Performance Business Checking account before you have to start worrying about fees. U.S. Bank’s $10,000 limit can seem quite low by comparison.

Again, U.S. Bank is likely to be appealing to most companies that need business checking, though Chase will likely win out with cash-heavy customers.

U.S. Bank vs. Chase – High-End Accounts

The U.S. Bank Platinum Business Checking and Chase Platinum Business Checking share names and target audiences. Both are meant to serve large companies.

Based on their minimum balance requirements to avoid fees, the U.S. Bank Platinum Checking account seems to target larger companies, but not to the same extent as Chase’s which requires $100,000 in the account to avoid fees.

Still, both accounts are a viable choice for large companies. U.S. Bank’s Platinum Checking can work for companies looking to keep fees low. Oddly, there is no interest-bearing option for the Platinum Checking account like there is for the Gold Checking.

If your company can afford the $100,000 minimum balance, the odds are good that Chase’s Platinum Checking account is the better of the two. It offers concierge service, an interest checking account, and a higher limit for cash transactions. All of these factors give it an edge over the U.S. Bank.

Why Choose Chase Business Checking?

If you’re trying to choose between Chase and U.S. Bank, these are a few reasons to consider Chase.

You already have a relationship with Chase

If you already have personal checking accounts or credit cards with Chase, there are a lot of benefits to opening your business accounts with Chase as well. At the very least, keeping all of your money in one place can make managing your finances a bit more convenient.

You deposit more than $2,500 each month

The Silver Business Checking account comes with a monthly cash deposit limit of $2,500, while the Business Complete Banking account offers a more substantial monthly limit of $5,000. It's important to note that when comparing higher-tier accounts between Chase and U.S. Bank, Chase generally provides higher cash deposit allowances than their U.S. Bank counterparts.

You can maintain an average daily balance of $2,000 or higher

You have the option to avoid the $15 monthly fee for the Business Complete Banking account by keeping an average daily balance of $2,000 or higher. By doing so, you can enjoy cost-effective banking without being subject to U.S. Bank's strict cash deposit limits.

You have a very large business

Both Chase and U.S. Bank have account options for large companies, but Chase targets its top-end account at much larger companies than U.S. Bank, which lets it offer a slightly better experience. Large businesses can get concierge service and interest checking with Chase whereas U.S. Bank doesn’t make the same promises.

You want easy access to a branch

Chase has more locations than U.S. Bank, boasting 4,800 locations to U.S Bank’s roughly 3,000. If you want the option to drop by a branch and speak to someone about your account, Chase will give you more branches to choose from.

Why Choose U.S. Bank Business Checking?

Read 2024 Review

• 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 activities¹, subject to certain terms and limitations. Offer valid through August 31, 2024. Member FDIC.
• Bank in-person, online or in-app
See More Highlights
• Card payment processing: Accept payments in person, online and on the go.
• One of the largest ATM networks in the US

US Bank View Offers

Year Founded	Pricing	BBB Rating	APY
1929	$0 to $30/month	A-	0%

There are also many reasons to consider U.S. Bank for your business checking needs.

You want to avoid fees

U.S. Bank’s accounts tend to be cheaper than Chase’s across the board. In fact, its entry-level account has no monthly fee at all, which makes it a good choice for price-conscious business owners.

You make more than 20 teller or paper transactions per month

Under the Silver Business Checking plan, you'll receive 125 complimentary transactions each month. On the other hand, with the Business Complete Banking option, you enjoy unlimited free transactions; however, there are restrictions, allowing for only 20 free teller and paper transactions per month.

You run a nonprofit organization

U.S. Bank offers a dedicated checking account tailored for nonprofit organizations, featuring a flexible transaction system that grants 1,800 free transactions and accommodates up to $30,000 in cash deposits annually. Importantly, this account doesn't impose a monthly fee, making it a notable choice among the best banks for nonprofits. It's worth noting that Chase, in contrast, does not provide accounts specifically designed for nonprofits.

You want to simplify switching to a new bank

U.S. Bank makes it easy to switch your business banking account through its EZ Switch kit. If you’re looking to move to a new bank but want the process to be hands-off, U.S. Bank can handle much of the switch for you.

Even if you’re willing to put in the legwork yourself, U.S. Bank offers multiple ways to open an account, including some that don’t require visiting a branch.

You want powerful merchant services

U.S. Bank offers merchant services, including the ability to accept debit and credit card payments. Chase has a similar feature with Chase QuickAccept, but U.S. Bank offers a card reader for just $5 a month or portable terminals for $39.99 per month, giving business owners an inexpensive way to accept payments at their point of sale.

Bottom Line

Both U.S. Bank and Chase offer multiple business checking account options, each targeted at companies of different sizes. The U.S. Bank seems to be the better choice for most small and mid-sized companies while Chase offers a great value to especially large businesses that can afford to maintain its $100,000 minimum balance.

Whatever size business you own, make sure to take the time to compare both U.S. Bank and Chase, as well as other business banks, to make sure you choose the right account for you.

Frequently Asked Questions

Before opening a business bank account, make sure you understand all of the features of the account and how they’ll serve your business.

Which is better, U.S. Bank or Chase?

It’s hard to declare a single winner between U.S. Bank and Chase. Both banks offer accounts that can serve a certain type of business.

In general, U.S. Bank offers better options for small and mid-sized companies while Chase can appeal to large businesses as well as those that make lots of cash deposits.

Is Chase Bank good for business accounts?

Yes, Chase Bank is a good choice for business checking accounts. It offers multiple account options, each targeted at different sizes of business.

What are good alternative banks?

Trying checking out the following:

• Our Lili Bank Review
• Our BlueVine Bank Review
• Our Relay Bank Review

About The Author

TJ Porter

Freelance Personal Finance Writer

TJ Porter is a Boston-based freelance writer who specializes in bank accounts, credit, and credit cards. He’s written for Bankrate, Credit Karma, MoneyCrashers, DollarSprout and My Bank Tracker, among others. In his spare time, TJ enjoys cooking, soccer, reading, and video games. You can connect with him on his website, tjporterwriting.com.

Articles by TJ Porter

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