Our Take
4.2
NerdWallet rating
The bottom line:
U.S. Bank is one of the few brick-and-mortar banks to offer free business checking, and they’ve sweetened the pot with a hefty welcome offer. But a low cap on fee-free transactions could be a deal breaker for some businesses.
Silver Business Package
Checking
Member FDIC
Monthly fee
$0
Bonus
$400 Requirements to qualify
Learn more
at U.S. Bank, Member FDIC
Pros & Cons
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
- Supports Zelle for Business.
- Unlimited debit cards.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- Low limit on fee-free cash deposits compared to other brick-and-mortar banks.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
How does U.S. Bank compare?
Silver Business Package Member FDIC | Basic Business Checking Member FDIC | |
|---|---|---|
at U.S. Bank | at Bank of America, N.A. | at Axos Bank® |
Monthly fee $0 | Monthly fee $16.00 $0 for the first 12 statement cycles. | Monthly fee $0 |
APY N/A | APY N/A | APY N/A |
Bonus $400 Requirements to qualify | Bonus N/A | Bonus $400 Requirements to qualify |
Full Review
Note: U.S. Bank offers three main business checking accounts: Silver Business Checking, Gold Business Checking and Platinum Business Checking. This review and the corresponding star rating focus on U.S. Bank’s Silver Business Checking.
Free business checking accounts are not the norm for brick-and-mortar banks — much less, free business accounts with the potential for a big sign-up bonus.
But that’s what U.S. Bank business checking offers. The U.S. Bank Silver Business Checking account has no monthly service fee, and new account holders can earn a welcome bonus of $
400
(terms apply). Unfortunately, U.S. Bank's fee-free transaction limits are low. The Silver Business Checking account caps fee-free transactions at 125 per statement cycle. U.S. Bank counts every single transaction toward that limit, including mobile check deposits, ACH transfers and bill payments.
That’s not standard practice.
Chase Business Complete Banking®
, for example, offers unlimited electronic deposits, including ACH transfers, internal transfers and mobile deposits. The same goes for Bank of America® Business Advantage Fundamentals™ Banking
. (Both of those accounts charge a monthly fee, though.)🤓 Nerdy Tip
Don’t want to count your transactions? Most online business checking accounts offer unlimited transactions and have no monthly fee.U.S. Bank business checking is best for small-business owners who:
- Can meet the qualifications to earn the account welcome bonus (see below).
- Want the convenience of mobile banking with a strong branch presence.
- Make relatively small cash deposits.
- Don’t anticipate high transaction volume.
Worried about transaction caps?
Bluevine Business Checking
is an online-only option with unlimited, fee-free transactions. As an added bonus, this no-fee account earns 1.50%
annual percentage yield (APY) on balances up to and including $250,000 (terms apply) — that’s far more than any U.S. Bank business checking account.U.S. Bank sign-up bonus
Earn a welcome bonus of $
400
when you open a new U.S. Bank Silver Business Checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. The promotional bonus offer is valid through 01/15/2025
and requires you to meet the following requirements:- Deposit $5,000 in new money within 30 days of account opening, and then maintain that balance through 60 days from account opening.
Once you meet the eligibility requirements, the bonus is deposited to your U.S. Bank account within 30 days from the end of that calendar month, provided your account is open and has a positive balance
U.S. Bank business checking customers can also snag a bonus rate of up to
3.56%
APY from account opening date when they open a U.S. Bank Platinum Business Money Market Account
(terms apply). Check out this account and other high-yield savings accounts.U.S. Bank business checking at a glance
U.S. Bank Silver Business Checking | U.S. Bank Gold Business Checking | U.S. Bank Platinum Business Checking | |
Monthly fee: | $0. | $20 (multiple ways to waive). | $30; waived with $25,000 average collected balance. |
Minimum opening deposit requirement: | $100. | $100. | $100. |
APY: | None. | 0.01% on balances of $20,000 or more. | None. |
Transactions: | 125 free transactions per statement cycle; 50 cents for each additional transaction. | 350 free transactions per statement cycle; 45 cents for each additional transaction. | 550 free transactions per statement cycle; 40 cents for each additional transaction. |
Bonus: | $ 400 . | N/A | $900. |
How to open a U.S. Bank business checking account
You can open a U.S. Bank business checking account online, over the phone or at one of the bank’s more than 2,900 branch locations. While U.S. Bank has a physical presence in 26 states (see below), accounts are available to businesses nationwide.
- Arizona
- Arkansas
- California
- Colorado
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Minnesota
- Missouri
- Montana
- Nebraska
- Nevada
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oregon
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
- Wyoming
All U.S. Bank business accounts require a $100 minimum opening deposit, which can be deposited via ACH or wire transfer, or by check at a branch, ATM or using mobile deposit.
What you need to open a U.S. Bank business account
To open a U.S. Bank business account, you’ll need to provide the following information:
- Social Security number, home address and cell phone number.
- Name, email and personal phone number for anyone with a 25% or more ownership stake in the company.
- Business phone number, physical address and date your business was established.
- Business tax ID (EIN, ITIN or SSN), industry designation and formation documents.
Where U.S. Bank business checking stands out
Free business checking account: Business owners don’t have to accept monthly fees to enjoy the security of a large bank. U.S. Bank is one of the largest banks in the country; it’s also one of the only big banks to offer a free business checking account. Monthly fees aren’t the only costs to consider, though, so look at all account caps and charges before committing.
Competitive welcome offer: U.S. Bank currently offers a strong business bank account promotion for business checking customers.
Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.
Brick-and-mortar locations: U.S. Bank has more than 2,000 branches across 26 states, which is ideal for business owners who prefer to bank in person. If this is a priority for you, research your nearest branch before opening an account. There are only a handful of branch locations in some states, like Florida and North Carolina.
Where U.S. Bank business checking falls short
Low transaction, cash deposit limits: It’s not uncommon for brick-and-mortar banks to have caps on the number of fee-free transactions and cash deposits allowed per month. But U.S. Bank’s limits are low even when compared with competitors.
The Silver Business Checking account, for example, includes 25 free cash deposit “units” per month. Each unit is equal to $100 but U.S. Bank rounds down ($.50/$50), so a single cash deposit of $150 or less is counted as one unit. But a single deposit totaling $2,500 equals 25 units.
Chase Business Complete Banking®
, on the other hand, allows up to $5,000 in free cash deposits — around 50 units — per month. And Bank of America® Business Advantage Fundamentals™ Banking
account also includes up to $5,000 in cash deposits. Granted, those accounts each have a $15
-$16
monthly fee, but they also offer multiple ways to avoid it.It’s the same story with transaction limits. U.S. Bank’s Silver Business Checking includes up to 125 transactions per month, with a 50 cent charge for each additional transaction. And almost everything counts toward that total: mobile deposits, ACH transfers, bill payments, in-person deposits and debit card purchases.
Other traditional banks offer more wiggle room. Chase and Bank of America, for example, don’t count electronic transactions toward your monthly total. And online business accounts typically have no transaction limit — or fees.
Overdraft fees: If your U.S. Bank business checking account dips into the red by more than $5, you’ll get hit with a $36 overdraft fee up to three times per day. Want more breathing room? Many online business checking accounts don't allow you to overdraft at all — which eliminates the need for a fee but perhaps some flexibility too.
Learn more
at U.S. Bank, Member FDIC
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