How to Open a Business Checking Account With Chase

Chase Business Checking Accounts

Chase Bank offers a variety of checking account packages for small businesses. As one of the oldest banks in America, Chase has over 16,000 ATMs and more than 4,700 branches nationwide. Chase's user-friendly online banking and mobile app help rank this bank at the top of our list.

Chase offers perks like waived monthly fees and higher interest rates when you link multiple Chase accounts together.

Our Approach:

Selecting the best bank account for your business comes down to four things:

• The type of business you have
• The needs of your business
• Bank requirements
• Other perks

Chase Business Checking Accounts Summary:

• Chase Business Complete Banking℠: B est account for small businesses. This is an affordable checking account with$0 minimum deposit to open, $15 monthly fees, and several other benefits.
• Chase Performance Checking: Best account for medium-sized businesses. Monthly fees of $30 or $0 if you maintain an average daily balance of $35,000 across all qualifying accounts.
• Chase Platinum Checking Account: The best account for large businesses. Monthly fees of $95 or $0 if you maintain an average daily balance of $100,000 across all qualifying accounts

We recommend the Chase Complete Business Checking℠account, learn more.

PROS

• Access to over 16,000 Chase ATMs and more than 4,700 Chase branch locations
• Low fees when opening an account
• User-friendly online banking on Chase.com and mobile app
• Higher interest rates and other benefits if you link multiple accounts together
• Variety of packages tailored to different business sizes
• Easy access to business loans and credit cards
• Business debit card and business banking services are included

CONS

• Their savings account interest rates aren't as high as some of their competitors

How to Open a Chase Business Account:

1. Gather your business formation documents (LLC banking resolution, employer identification number (EIN), and Articles of Organization) and government-issued identification.
2. Visit a branch or apply online.
3. Instructions for online banking will be provided. If you visit a branch a business banker will assist you with opening the account.

Types of Chase Business Accounts

Chase offers multiple pricing tiers. The Chase Business Complete Checking account is a low-cost entry-level checking account designed for new and small businesses. In comparison, their top-tier "Platinum" plan is intended for established companies with more consistent cash flow.

Base Features:

• Access to Chase Online Banking and Chase Mobile Banking app
• Chase business debit card, Deposit options, and ATM for easy access to funds
• Domestic and international wire transfers
• Chase military banking for service members

Chase Business Complete Banking℠

The Chase Business Complete Checking account has a $0 minimum deposit to open, $15 monthly fees, and benefits that include:

• Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
• More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
• Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept(SM).
• Same-day deposits with QuickAccept(SM). Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
• Alerts to help you stay on top of your account activity.
• Easy account management through Chase Business online and the Chase Mobile® app.
• Unlimited electronic deposits, ACH and Chase Quick Deposit(SM).
• Convenient access to 16,000 ATMs and more than 4,700 branches.

We recommend the Chase Complete Business Checking℠account, learn more.

Chase Performance Checking

Chase Performance Business Checking costs $30/mo, or $0/mo if you maintain an average daily balance of $35,000 across all your qualifying business deposit accounts.

The Chase Performance account includes:

• 250 transactions per month
• Unlimited electronic deposits and incoming wire transfers
• Two free outgoing domestic wire transfers per month
• No additional charge for Positive Pay or Reverse Positive Pay

Cost:

• $30/mo (+ $25 minimum opening deposit)

Who should open a Chase Performance Account?

The relatively low monthly fee and standard transaction limit offered by Chase Performance Business Checking makes it a good choice for small and mid-sized businesses.

Chase Platinum Checking

Chase Platinum Business Checking costs $95/mo, or $0/mo if you maintain an average daily balance of at least $100,000 across all qualified business deposit or investment balances.

Chase Platinum also includes:

• 500 transactions per month
• $25,000 in cash deposits per month
• No fees for incoming wire transfers or four highest outgoing wire transfers each month

Cost:

• $95/mo (+ $25 minimum opening deposit)

Who Should open a Platinum Checking Account?

Chase Platinum is designed for large businesses with a high volume of monthly transactions.

Other Chase Business Bank Accounts

Chase offers two savings accounts; one for businesses with lower balances and one for businesses with higher balances. You can also open a certificate of deposit account for high-interest savings.

Chase Total Savings

The Chase Total Business Savings account costs $10/mo, waived if you:

• Keep an average balance of $1,000

This account also includes:

• 15 monthly deposits
• Maximum $5,000 in cash deposits per month
• 0.01% APY

Cost:

• $10/mo (+ $25 minimum opening deposit)

Who Should open a Chase Total Savings Account?

The Chase Total Savings account is designed for companies with low savings balances. If you anticipate putting aside less than $25,000, Chase Total Savings should be a good match for you.

Chase Premier Savings

The Chase Premier Business Savings account costs $20/mo, waived if you:

• Keep an average balance of $25,000

-OR-

• Link it with a Chase Performance Business Checking®, Chase Performance Business Checking® with Interest or Chase Platinum Business Checking account

Premier Savings also includes:

• 30 monthly deposits
• Maximum $10,000 in cash deposits per month
• 0.04% APY without a linked account; 0.06-0.13% APY with a linked account

Cost:

• $20/mo (+ $25 minimum opening deposit)

Who should open a Premier Savings Account?

Chase's Premier Savings tier is designed for big savers. If your business is putting in $25,000 or more at a time, then you could benefit from the Premier tier.

Chase Certificates of Deposit

Certificates of deposit are great for businesses looking to set some money aside for a specified length of time.

Chase's certificates of deposit include:

• No monthly fee
• Minimum opening deposit of $1,000
• A range of terms from 30 days to 10 years
• Fixed-rate of return
• FDIC insurance protection
• Standard interest rates range from 0.01% to 0.70% while relationship rates are 0.02% to 1.75%. Rates depend on the amount of money deposited, length of term, and if you link a checking account

Cost:

• $1,000 opening deposit, no monthly fee

Who should open a Chase certificate of deposit?

If your business is ready to put some money aside, a Chase certificate of deposit may be a good option for you.

Chase Review Ratings

Value - 4.5/5

With several accounts to choose from, Chase has a lot of value to offer businesses of various sizes. Their user-friendly online banking and mobile app, high-interest rates, and waived monthly fees are among the perks they offer.

Customer Service - 4.5/5

Based on our experience, Chase's customer service representatives are friendly, knowledgeable, and responsive. You can reach them via phone, email, and the secure message center. The only real downside is that unlike many other large banks, Chase doesn't offer an online chat feature.

Ease of Use - 5/5

The quality of Chase's website and mobile app sets them apart from other banks. Compared to their competitors, Chase offers quite well-designed user interfaces and excellent user-experience overall.

Included Features - 4/5

Chase offers a solid set of features in each of their business bank accounts, as well as special benefits for customers who choose to link multiple Chase accounts together. However, they don't offer interest rates as high as some online vendors.

Final Thoughts

Chase Business Banking might be right for you if you want good customer service, user-friendly mobile banking options, and access to 16,000 ATMs and more than 4,700 branches across the country.

Whether you're running a brand-new small business, an established corporation, or anything in between, Chase has a bank account that will suit your needs.

How to Open a Business Checking Account With Chase

Source: https://howtostartanllc.com/reviews/chase-business-bank-account-review

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