Chase Review

Monday, December 2nd

2024 Business Bank Account Reviews

Chase

• 3 tiers of business checking accounts
• 3 options for business savings accounts
• Fees waived for military members
• Broad range of related banking services, like payroll and credit cards
• Easily linked with personal Chase banking accounts
• Integrates with other platforms (like QuickBooks)
• "A” rated by the BBB
• In business for over 200 years

Chase, officially known as JPMorgan Chase Bank, is a leading national bank and one of the largest financial institutions in the US with over 66 million customers across its financial services and banking products. Chase is particularly well-known for its rewards programs (especially on credit cards) and mobile/online banking capabilities. And, with roots dating all the way back to 1799 (!) as The Manhattan Company, Chase is probably the longest-standing business banking option on our list.

Get help determining what you need

Not quite sure what your business needs in terms of banking? No worries. On the main Business page on the Chase website, just scroll down to where it says, "Let us help you find what you're looking for”. Choose the options in the dropdown boxes that fit your situation, like "I am looking for a checking or savings account to get my business started” or "I am looking for payment processing and merchant services to accept payments on my website”. From there, you'll be given personalized recommendations to consider.

Lots of options for checking/savings

But, since most businesses know they need at least a checking and savings account to start, let's see what Chase provides for both of those types of banking products:

• Business checking
• Business Complete Banking: $15 monthly service fee, but can be waived with a $2,000 minimum daily balance, deposits via Chase QuickAccept, or Chase Ink business card purchases. This tier comes with unlimited debit card and Chase ATM transactions and up to 20 teller/paper transactions per month. You get up to $5,000 in fee-free cash deposits per month. There's no minimum deposit required to open this account.
• Performance Business Checking: $30 monthly service fee unless you have a combined average beginning day balance of at least $35,000. This tier gives you 250 transactions per month at no charge, unlimited electronic deposits and incoming wires, $20,000 in cash deposits fee-free. You can also get your monthly service fees waived on your Business Premier Savings or personal Total Checking accounts if you have this type of checking account.
• Platinum Business Checking: you're going to need to be a much bigger business for this account tier, to the tune of a $100,000 combined average beginning day balance (or a combination of personal banking accounts, linked qualifying deposits and investments, totaling a $50,000 balance) to waive the $95 monthly service fee. This business checking account lets you have 500 transactions per month for no extra fee, unlimited electronic deposits and incoming wires, $25,000 in fee-free cash deposits, and access to Chase Payments Solutions.
• Business savings
• Business Total Savings: $10 monthly service fee unless you have at least $1,000 in the account or a linked Chase Business Complete Banking account. This tier includes up to $5,000 in cash deposits per month and/or up to 15 deposited items; extra transactions are $0.40 each.
• Business Premier Savings: $20 monthly service fee unless you have at least $25,000 in the account or a linked Performance or Platinum checking account. You've got up to $10,000 in cash deposits and/or up to 30 deposited items (and extras are also $0.40 each).
• Business Certificates of Deposit (CDs): $1,000 minimum deposit to open, with terms from 31 days to 10 years. You'll get higher interest rates if you link to a Chase Business Checking account.

Full spectrum of business-related financial services

There's a panorama of other business banking services you can access through a relationship with Chase. Those include business debit and credit cards, payment solutions for accepting credit cards, even retirement plans and foreign exchange capabilities. The only option we didn't see offered was the ability to have multiple accounts for cash flow management (without incurring monthly fees or having to meet the deposit/balance amounts for each sub-account).

Fee waivers for military members

Chase also has a strong commitment to members of the military. If this applies to you, we encourage you to reach out to Chase and see what they can offer with respect to setting up your business banking. You're likely to qualify for fee waivers and other perks that aren't available to regular personal/business clientele.

No problem for integrations and multiple user accounts

We had to dig a bit to find it, but we learned that Chase has no problem with most of the features that are must-haves for business banking. Through Access & Security Manager, you can create unique user profiles and set which accounts they can access and how (determining who can make payments), set daily transaction limits, or even require dual approvals for transactions. And, part of your setup will include connecting your business accounting software with your new Chase business bank account(s) - there wasn't a sample list of integratable platforms, but it's safe to assume that all of the big ones would be included. If you use a lesser-known service, though, you may want to reach out to Chase and confirm that it's included before you open your accounts here.

Great reputation for serving businesses

Of the big banks with a brick-and-mortar presence in our review, Chase has the strongest reputation for business banking. Not only does the company have an "A” rating from the Better Business Bureau (which stems from all of JPMorgan Chase's products, from mortgages to personal banking), but we also found lots of positive comments from long-term business account holders. For companies large and small, Chase seems to be doing a great job of helping them manage their money. While some people did gripe a bit about the minimums required for waiving monthly fees, that doesn't appear to be anything but an annoyance. We found one rant from a business owner whose Chase accounts were closed unexpectedly and without explanation, but due to privacy/security reasons, the details weren't displayed on the BBB site.

Best pick among big banks

With respect to business banking, Chase earns a high rating from us. They offer the spectrum of products and services you'd expect from a large financial institution, while earning the approval of numerous business clients. If you prefer working with a well-known bank with tons of branches you can visit in person if needed, Chase would be the one we'd recommend for your business bank accounts.