Our Take
4.5
NerdWallet rating
The bottom line:
Chase Business Complete Checking℠ stands out with a $
300
sign-up bonus and access to Chase QuickAccept℠, which can be used to accept credit card payments on the go. But free in-person transactions are limited to just 20 per month, far less than what competitors allow.Chase Business Complete Banking®
Checking
Member FDIC
Monthly fee
$15.00 Waived with $2,000 minimum balance
Bonus
$300 Requirements to qualify
Learn more
at Chase, Member FDIC
Pros & Cons
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
How does Chase compare?
Chase Business Complete Banking® Member FDIC | Relay Business Checking Deposits are FDIC Insured | Bluevine Business Checking Deposits are FDIC Insured |
|---|---|---|
at Chase | at Relay | at Bluevine |
Monthly fee $15.00 Waived with $2,000 minimum balance | Monthly fee $0 | Monthly fee $0 |
APY N/A | APY N/A | APY 1.50% With $0 min. balance for APY |
Bonus $300 Requirements to qualify | Bonus $200 Requirements to qualify | Bonus $300 Requirements to qualify |
Full Review
Chase offers three business checking accounts:
Chase Business Complete Banking®
, Chase Performance Business Checking® and Chase Platinum Business Checking℠.This review and the corresponding star rating focus on
Chase Business Complete Banking®
, which caters most to small-business owners with a relatively low monthly fee ($ 15
), unlimited electronic deposits and a focus on digital tools.You can avoid the $
15
monthly service fee if you hit any one of the following criteria during your monthly statement period:- Maintain a daily minimum balance of $2,000.
- Spend a minimum of $2,000 on purchases using a Chase Ink Business Card.
- Deposit at least $2,000 into your account from Chase QuickAccept transactions or other eligible Chase Payment Solutions transactions.
- Link a Chase Private Client Checking account.
» MORE: Best banks for small business
Military service members and veterans can also have the monthly fee waived with a valid military ID or proof of military service.
Chase Business Complete Banking® is best for small-business owners who:
- Want a full-service business bank with business loans, business credit cards and merchant services.
- Deposit $5,000 or less in cash each month; make 20 or fewer in-person transactions per month.
- Can take advantage of integrated credit card processing services.
- Can meet one of the criteria required to waive the monthly fee.
Want to avoid a monthly fee altogether? Consider the U.S. Bank
Silver Business Package
, which is a rare business account at a brick-and-mortar bank with no monthly fee. Its branch network is much smaller than Chase’s — U.S. Bank has around 2,000 branches in 26 states, roughly half of what Chase has. But U.S. Bank won’t charge you a fee for using third-party ATMs, while Chase charges $3. (Third-party fees may apply).
Plus, U.S. Bank offers an even bigger sign-up bonus:
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.
Chase Business Complete Banking® at a glance
Monthly fee: | $15 (multiple ways to waive including maintaining a minimum daily balance of $2,000). |
Minimum opening deposit requirement: | $0 |
APY: | None |
Transactions: | Unlimited electronic deposits; 20 free teller and paper transactions per month. |
Bonus: | Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. |
How to open a Chase business checking account
You can open a Chase business checking account online if your business is a privately held sole proprietorship, corporation or LLC (with one member or manager). All other business entities must apply in person at a local branch. Chase operates more than 4,700 retail branches across 48 states.
While there is no minimum deposit required to open a Chase Business Complete Checking account, you must transfer money into your account within 60 days or the account will be closed.
After your account is funded and set up, you’ll be able to manage your business banking using Chase online, the Chase mobile app and by visiting Chase branches and ATMs.
What you need to open a Chase business account
What you need to open a business bank account at Chase includes:
- Two forms of identification, including a government-issued photo ID.
- Employer identification number (or Social Security number for single-member LLCs).
- Business documents, including assumed name or DBA certificate, articles of organization or incorporation, partnership agreement and business license, depending on your entity type.
- Business address and telephone number.
- Date of birth, Social Security number and personal address for anyone with 10% or more ownership in the company.
Chase sign-up bonus
You can earn a $
300
sign-up bonus if you deposit $2,000 or more within 30 days of opening your account, maintain that balance for 60 days and complete five qualifying transactions, including:- Debit card purchases.
- Chase QuickAccept deposits.
- Chase QuickDeposit.
- ACH credits.
- Credit and debit wires.
- Chase Online Bill Pay.
Where Chase Business Complete Banking® stands out
Unlimited electronic deposits: You have access to unlimited electronic deposits, which include deposited items, ACH transfers, ATM transactions, debit card purchases, internal transfers and Chase QuickDeposit (mobile deposit). This provides a high level of flexibility with online payments, similar to what you’ll find with many online-based business checking accounts.
Sign-up bonus: You can earn $
300
when you sign up for Chase Business Complete Banking®
, provided you deposit $2,000 within 30 days, maintain that balance for 60 days and complete five qualifying activities such as debit card purchases or mobile check deposits. As far as business bank account promotions go, this one is hard to beat.Solid online tools with a big brick-and-mortar footprint: Chase has thousands of locations in 48 states plus Washington, D.C., meaning it’s unlikely you’ll ever be far from a branch or an ATM. If you want to be able to get in-person support, Chase is a great option.
And if you prefer digital banking, Chase’s mobile and online features are sophisticated. It offers online bill pay, fraud protection, text banking, account alerts and Chase QuickPay with Zelle. You can also set up multiple users on your account, download account activity to financial software and have access to collection and cash-flow services.
Integrated credit card processing: Among the Chase business checking accounts, Business Complete is the only one that lets you use Chase QuickAccept to accept credit card payments with the Chase mobile app. This integrated credit card processing service is pay-as-you-go and connects with a mobile card reader to tap, swipe or dip transactions.
Processed payments will be deposited into your checking account without the need for a separate app, allowing you to manage banking and sales transactions seamlessly. You’ll pay 2.6% plus 10 cents for tapped, dipped or swiped transactions and 3.5% plus 10 cents for keyed transactions.
» MORE: Compare point-of-sale systems
Where Chase Business Complete Banking® falls short
Monthly fee:
Chase Business Complete Banking®
’s $15 monthly fee is a hard pill to swallow. Consider a free business checking account if you can’t reliably maintain a $2,000 daily balance or hit one of the other criteria needed to waive the monthly fee.As discussed above, the U.S. Bank
Silver Business Package
has no monthly fee, though it only offers up to $2,500 in free cash deposits. Most online business checking accounts have no monthly fee or transaction limits at all.No ongoing rewards: Like many other business accounts from traditional brick-and-mortar banks, Chase doesn’t offer perks that put more money in your pocket beyond its welcome bonus. Those kinds of rewards are more a hallmark of online-only accounts.
If you’re not considering Chase because of its in-person access, you might find an online account whose ongoing benefits surpass Chase’s sign-up bonus. For instance,
Bluevine Business Checking
pays 1.5
% APY on checking account balances up to $250,000. LendingClub Tailored Checking
offers 1.5
% APY on balances up to $100,000 and also 1% cash back on debit card purchases.Limited fee-free cash deposits: The
Chase Business Complete Banking®
account only includes up to $5,000 in cash deposits per month without fees. After that $5,000, you’ll pay $2.50 per $1,000 deposited. If your business operates mainly in cash, this low threshold may be problematic, especially if you are continuously having to pay the $2.50 excess fee.Bank of America® Business Advantage Fundamentals™ Banking
includes up to $7,500 in fee-free cash deposits per month, which gives businesses a lot more leeway on cash deposits. This account has a comparable monthly fee ($16
) but only after the first 12 statement cycles. The fee is waived if you spend $250 in net-new qualifying purchases on your Bank of America business debit card ($500 starting Nov. 1, 2024) or if you maintain a combined average monthly balance of at least $5,000.If you need to deposit more cash, consider the
nbkc Business Account
, which has no monthly limits on cash deposits. The bank has only four branches in the Kansas City area, but you can use around 90,000 MoneyPass and Allpoint ATMs nationwide to deposit and withdraw cash. Limited fee-free transactions: This Chase business checking account offers unlimited electronic deposits, but only 20 fee-free physical transactions are allowed per month (each additional transaction costs 40 cents). Consider one of our other picks for the best business bank accounts if you regularly use paper checks or rely on in-person transactions.
Capital One Business Basic Checking®
, for example, has the same monthly fee as Chase Business Complete Banking®
but the Capital One account includes unlimited in-person and electronic transactions for no extra charge.Learn more
at Chase, Member FDIC
Methodology
NerdWallet evaluates business bank accounts on more than 20 data points, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
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