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Starting a long-term bank relationship can help you get the best banking offers and make bookkeeping easy as your business grows. Chase Bank is a popular choice due to their many business products. This comparison takes a look at the three Chase business checking account options to find the best one for your business. The best business checking account depends on how many monthly transactions you have and your average daily cash balance.

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Find the best Chase business checking account option for your business. Photo by Chase

As a heads up, you will need to apply for a Chase business checking account at your local Chase branch. Although you must live near a branch, both sole proprietors and incorporated businesses can apply. Each account gives you free access to over 16,000 Chase ATMs and 4,900 branches.

You can also check out the best Chase checking accounts and best checking account bonuses if you’d like to see other options.

What’s the Best Chase Business Checking Account?

  • Easiest to waive the monthly service fee: Chase Total Business Checking®
  • Free payment protection and personal banking benefits: Chase Performance Business Checking®
  • Frequent in-branch services: Chase Platinum Business Checking℠

Chase Total Business Checking

The entry-level Chase Total Business Checking® account is the most budget-friendly option and ideal for the smallest businesses.

Complimentary monthly benefits include:

  • 100 transactions per month ($0.40 per excess item)
  • Unlimited electronic deposits
  • Up to $5,000 in cash deposits per statement cycle
  • Send or receive wire transfer funds
  • Chase Online Bill Pay
  • Chase QuickDeposit
  • Free Chase Check Monitoring (check protection and ACH debit block is unavailable)

You pay $0.40 for each debit and non-electronic deposit after reaching the 100 monthly transactions limit. Chase considers ATM, ACH, and QuickPay deposits as “electronic.”

The mid-tier Chase Performance Business Checking account gives you 250 monthly transactions and up to $20,000 in cash deposits. But the monthly fee is $30 if you cannot waive it while the Total Business Checking monthly fee is only $15 per month. Waiving the $15 fee can be as easy as keeping a minimum $1,500 balance.

Another on-demand fee you might pay is non-Chase ATM withdrawals. Only Chase ATMs withdrawals are free. Paying the per-item fee and other incidental fees might be worth it are less than $30 and you can waive the $15 monthly fee for Chase Total Business Checking®.

How to Waive the $15 Monthly Fee

The standard monthly for your Chase Total Business Checking® account is $15. Enrolling in paperless statements reduces the fee to $12.

Thankfully, there are two ways to waive the entire fee:

  • Maintain a $1,500 minimum daily balance
  • Link a Chase Private Client Checking or Chase Sapphire Checking personal account

Related: Chase Private Client vs Sapphire Banking

Chase Performance Business Checking

The information for the Chase Performance Business Checking® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

Applying for the mid-tier Chase Performance Business Checking® can be worth it when you have at least 250 debits and in-branch deposits per month. You also get a few free perks for less common fees such as wire transfers.

Monthly account benefits include:

  • 250 transactions per month ($0.40 per excess item)
  • Up to $20,000 in monthly cash deposits
  • Unlimited electronic deposits
  • All incoming wires are free
  • Up to two outgoing domestic wires at no cost per statement cycle
  • Positive Pay and Reverse Positive Pay Protection (Check protection and ACH debit block)
  • Free Chase Business Premier Savings accounts ($20 monthly savings)
  • Personal account benefits

Chase also won’t charge a fee at non-network ATMs. However, you still pay fees from the network provider. The enhanced monthly deposit limits, complimentary wire transfers and protection benefits are the main reasons to choose this account. Being able to get complimentary personal account benefits is nice too.

Regarding the Positive Pay and Reverse Positive Pay Protection benefits, these benefits are only available for this account and the upper-tier Platinum Business Checking account. Like the entry-level Total Business Checking, each excess item fee is $0.40.

How to Waive the $30 Monthly Fee

The monthly fee is $30 per month for Chase Performance Business Checking®. You can waive the monthly fee with a minimum $35,000 combined average daily balance in qualifying business deposit accounts. Waiving the fee is more difficult than with the Chase Total Business Checking. Paying the $30 fee can be worth it if you want the extra banking perks.

One incentive to keep all of your business cash (and waive this checking fee) at Chase is linking a mid-tier Chase Business Premier Savings℠. This account usually costs $20 per month unless you have a $25,000 combined average daily balance between your Chase Business deposit accounts.

Chase Platinum Business Checking

The largest businesses and those with a minimum $100,000 cash balance should choose Chase Platinum Business Checking℠. This account is the highest-level Chase Business checking account.

Here’s why might choose this account:

  • 500 monthly transactions ($0.40 per excess item)
  • $25,000 in cash deposits per statement cycle
  • Unlimited electronic deposits
  • All income wires are free
  • Four most expensive outgoing wires are free each statement cycle
  • Counter checks, cashier’s checks, and money orders are free
  • Positive Pay and Reverse Positive Pay Protection
  • Chase Business Premier Savings monthly service fee waiver ($20 savings)

Complimentary personal account benefits are available. The minimum balance is lower to qualify for Chase Private Client benefits. You normally need $150,000 in combined qualifying personal account balances.

Having frequent non-electronic transactions can easily make this your best option to avoid the $0.40 extra item fee. If you have several incidental fees like wires and cashier’s checks, consider this account as well.

How to Waive the $95 Monthly Fee

This account has a hefty $95 monthly fee. Chase waives the fee when your qualifying business deposit and investment accounts have an average daily balance of at least $100,000.

Choosing the Best Checking Account

Knowing your number of monthly debits and in-branch deposits is the quickest way to compare your potential monthly fees. Every 10 extra items are $4 in monthly fees ($0.40 cents per transaction). One hundred excess items means that you’re paying $40, your monthly service fee, and any other incidentals.

The Chase Total Business Checking® can be the best overall option if you mostly do electronic deposits. Also, keeping a minimum $1,500 daily account balance is an easy way to waive the monthly service fee. According to Chase, this is also their most popular account.

But, what if you visit the local Chase branch regularly or need less common features like wire transfers or cashier’s checks? Choosing one of the other Chase accounts may charge a higher monthly service fee but can save you money long-term in “hidden fees.”

Regardless of which account you choose, you can have an easier time qualifying for a Chase business credit card. Note though that having a Chase business checking or savings account doesn’t guarantee approval. But, it’s harder to qualify for a credit card under the current conditions than before the global health crisis.

Summary

The best Chase business checking account is the one that lets you easily waive the monthly fee. You should also factor incidental fees like excess items, wire transfers, and cashier’s checks into your comparison. A complimentary personal or business savings account can also make an upper-level account be a good match.

FAQs

Who can open a Chase business checking account?

Sole proprietors, partnerships, corporations, and LLCs can open a Chase business checking account. It’s also possible for unincorporated associations and organizations to apply. You must apply at a local Chase branch.

U.S. citizens, permanent residents, and non-U.S. citizens can apply for an account. Each applicant needs two forms of identification. One must be an official government-issued I.D. such as a passport or a state-issued driver’s license.

Your business filing status (i.e., sole proprietor or LLC) and state of residence determine what additional documentation you will need. Visiting the Chase website lets you find the necessary documents.

Which Chase business checking account is best?

The best Chase business checking account for most small businesses and freelancers is Chase Total Business Checking®. You get unlimited electronic deposits and up to 100 monthly transactions. It’s easy to waive the $15 monthly service fee by having a minimum $1,500 daily account balance or linking a Chase Sapphire Checking or Chase Private Client account.

Does Chase have a free business checking account?

Chase doesn’t offer a fully-free business checking account. However, they offer three business checking options that each give you the opportunity to waive the monthly service fee.

Here are the current ways to waive the monthly service fee for each account:

Some online-only business checking accounts exist and are naturally fee-free. However, you lack local branch access which makes handling cash deposits difficult.

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Josh Patoka
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