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Business owners looking for affordable, flexible banking options might consider one of Chase's business checking accounts. With three options to choose from, Chase offers several features to serve small-, medium- and large-sized businesses.
The Chase Business Complete Banking Account is for business that make roughly 20 monthly transactions or less, whereas the Chase Performance Business Checking Account and the Chase Platinum Business Checking Account allow up to 250 and 500 fee-free monthly transactions, respectively.
All three accounts offer similar in-person banking services and online access through the Chase website and mobile app. You can also link these accounts to other Chase accounts, including savings accounts and Chase credit cards, to have all your business's finances linked together.
Select reviewed all three Chase business accounts, taking into consideration access to cash, perks and fees, so you can compare and choose the right option for you. (Read more about our methodology below.)
Chase Business Checking Accounts comparison
Chase Business Complete Banking℠
On Chase's secure site
-
Special offer
-
Monthly maintenance fee
$15, with options to waive
-
Minimum deposit to open
-
Minimum balance
$0 (but $2,000 to earn bonus)
-
Annual Percentage Yield (APY)
-
Free ATM network
16,000 Chase ATMs
-
ATM fee reimbursement
-
Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
-
Overdraft fee
$34 fee for each item (maximum of 6 overdraft fees per day, for a total of $204), waived under certain conditions
-
Mobile check deposit
Yes, using the Chase Mobile app
Terms apply. Chase Bank is a Member FDIC.
How to waive the monthly fee:
Must meet any of the following requirements per month:
- $2,000 minimum daily balance
- $2,000 in purchases on one linked Chase Ink® card
- $2,000 in deposits from merchant services transactions
- Link a Chase Private Client Checking℠ account
Chase Performance Business Checking®
On Chase's secure site
-
Special offer
-
Monthly maintenance fee
$30, with options to waive
-
Minimum deposit to open
-
Minimum balance
$0 (but an average daily balance of $35,000 to avoid paying monthly fee)
-
Annual Percentage Yield (APY)
Option to open an account that yields interest. APY is variable depending on daily collected balance.
-
Free ATM network
16,000 Chase ATMs
-
ATM fee reimbursement
None; Chase fee waived on out-of-network ATMs
-
Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
-
Overdraft fee
$34 fee for each item (maximum of 6 overdraft fees per day, for a total of $204), waived under certain conditions
-
Mobile check deposit
Yes, using the Chase Mobile app
Terms apply. Chase Bank is a Member FDIC.
How to waive the monthly fee:
Must maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts OR have a linked Chase savings account
Chase Platinum Business Checking℠
On Chase's secure site
-
Special offer
-
Monthly maintenance fee
$95, with options to waive
-
Minimum deposit to open
-
Minimum balance
$0 (but an average daily balance of $100,000 to waive monthly fee)
-
Annual Percentage Yield (APY)
-
Free ATM network
16,000 Chase ATMs
-
ATM fee reimbursement
None, Chase fee waived on out-of-network ATMs
-
Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
-
Overdraft fee
$34 fee for each item (maximum of 6 overdraft fees per day, for a total of $204), waived under certain conditions
-
Mobile check deposit
Yes, using the Chase Mobile app
Terms apply. Chase Bank is a Member FDIC.
How to waive the monthly fee:
Must maintain a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances OR have a linked Chase savings account
Access to your cash
Chase positions its Business Complete checking account as both a bank account and a point-of-sale solution. With Chase QuickAccept℠, small business owners can accept payments anywhere in the U.S., whether your business operates in a brick-and-mortar location or works on-the-go. (QuickAccept℠ fees apply, which we go over below).
No matter what account you choose, all Chase customers have access to 16,000 in-network ATMs and more than 4,700 branches. Chase Business Debit Cards come with a standard daily spending limit of $10,000.
Each Chase Business account offers unlimited electronic transactions, but limits on teller and paper transactions vary. Here are the limits for each account :
- Chase Business Complete Banking: Unlimited electronic transactions; 20 teller/paper transactions; $5,000 in fee-free cash deposits
- Chase Performance Business Checking: Unlimited electronic transactions; 250 teller/paper transactions; $20,000 in fee-free cash deposits
- Chase Platinum Business Checking: Unlimited electronic transactions; 500 teller/paper transactions; $25,000 in fee-free cash deposits
Perks
All three accounts provide owners their own debit card with unique PINs. Owners can also take out debit cards for employees and control the daily limits for those cards.
The Chase Business Complete account offers an additional perk: Through Chase Merchant Services, business owners who table at pop-up events or accept payments on the go have a few different payment processing and point-of-sale options through Chase QuickAccept (learn more about Chase Merchant Services).
Chase QuickAccept gives business owners the ability to accept and quickly deposit payments made through chip readers or by manually inputting card information into the Chase mobile app (see fees below).
Fees
Each Chase Business Account has a monthly fee with accessible options to waive it. Here's a breakdown, plus other fees:
Chase Business checking account fees
| Chase Business Complete Banking℠ | Chase Performance Business Checking® | Chase Platinum Business Checking℠ | |
|---|---|---|---|
| Monthly fee | $15 | $30 | $95 |
| Options to waive fee | Must meet any of the following per month: - $2,000 minimum daily balance - $2,000 in purchases on one linked Chase Ink® card - $2,000 in deposits from merchant services transactions - Link a Chase Private Client Checking℠ account | Must maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts OR have a linked Chase savings account | Must maintain a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances OR have a linked Chase savings account |
| Transaction fees per month | 20 teller/paper transactions; $0.40 each after | 250 teller/paper transactions; $0.40 each after | 500 teller/paper transactions; $0.40 each after |
| Overdraft fee | $34 | $34 | $34 |
Chase QuickAccept fees
Here are the payment processing fees for activating the Chase QuickAccept feature:
- Key entry transactions: 3.5% of the charge + 10 cents per authorized accepted payments when card information is inputted through the QuickAccept section of the Chase Mobile app
- Card reader transactions: 2.6% of the charge + 10 cents per authorized transactions made through swiping magnetic strip-enabled cards, inserting dipping EMV-enabled cards, or tapping NFC-enabled (contactless) cards.
Keep in mind, card readers are sold separately and ordered through the Chase mobile app.
Bottom line
Select named the Chase Complete Checking Account the best overall business checking account on our list of five best business checking accounts because of the ability to control your account from the mobile app and the option to take out multiple debit cards for owners and employees. Chase QuickAccept is also a major perk with this account, especially for merchants and businesses that accept payments outside of a brick-and-mortar store.
The next two Chase Business checking accounts, Chase Performance Business and Chase Platinum Business, are designed for businesses that handle larger volumes of cash, check and in-person transactions per month.
For an interest-yielding checking account option, small business owners should consider the Bluevine Checking Account, which earns 1% interest on balances up to $100,000.
Our methodology
To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
- Fees
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff's alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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