Chase business account review: The only guide you need

Wise
05.26.19
8 minute read

If you’re considering getting a Chase small business checking account, you’ll want to know more about the different products available, and how they might serve you. The good news is that Chase has a few different options available to suit businesses of different types, from accounts aimed at smaller businesses and startups to those which focus on more established companies.

It’s helpful to know that the products on offer from Chase, and the terms and conditions applied to accounts, may vary depending on where you are in the country. There’s a handy function on the Chase website which allows you to enter your zip code and customize the information you see. For the purposes of this article, we have used a California zip code — but do check the details for your own state before you decide which account is best for you.

This comprehensive review walks through the Chase small business account options you might choose from, and also presents an alternative as a comparison — the Wise multi-currency borderless business account.

Chase business checking accounts

Chase for business offers business checking accounts, business credit cards, and a range of other business services. This article will focus on the business checking accounts you can choose from, including exploring the features, fees, and Chase business account requirements you need to know about.

Chase Total Business Checking

Chase breaks its products down to those suited to small, medium, and large businesses. The Chase Total Business Checking account is described as the ideal choice for small and growing businesses. You’ll get access to ATMs, online banking, and can reduce your monthly maintenance fee by signing up to paperless billing or hitting a fixed average balance over the month. There are, however, other transaction fees you should understand when you’re choosing an account — more on this later.

Chase Performance Business Checking

Medium sized businesses may benefit from the Chase Performance Business Checking account. This account has many of the perks of the Total Business Checking account, but with a higher monthly fee, which offers a higher number of free transactions per month. As with the other accounts, maintaining a minimum balance means your fee is waived.

Chase Platinum Business Checking

This is the account Chase recommend for larger businesses. Although this has the highest of the monthly service fees, you also get the highest number of free transactions. All incoming payments, and some outgoing wire payments are also covered by your fee — which could be waived if you hold above the minimum balance of $100,000 across your eligible accounts.

Of course, there are other options out there too. If none of the products available from Chase for business seem to fit your needs, read on to learn more about an alternative. The Transferwise borderless account is designed for businesses which need to reduce admin time, manage money across different currencies, and cut the costs of international payments.

How to choose the best bank account for your business

To find the right business account for you, you’ll need to invest some time thinking about which transactions you’ll make on a regular basis. By identifying the transactions which you’ll make often, you know which fees you need to check for any account that you’re interested in.

In most cases, business accounts come with a monthly maintenance fee, which covers some transaction costs, and may be reduced or waived if you meet certain conditions. For example, you might need to operate a personal account with the same bank, or maintain a minimum average balance, to qualify for cheaper monthly payments.

Have a look at the different monthly maintenance fee options, and also the number and type of transactions this buys you. Then you’ll be able to see if that account will offer good value for your business.

It’s helpful to know that not all transactions will be covered by the monthly fee you pay. More complex transactions — such as making or receiving international payments — may not be included in the fixed number of free transactions. This cost can mount up, especially if you’re making regular wire transfers to suppliers or employees overseas.

Whatever your specific business needs from an account, it can pay to look at a wide range of alternatives, alongside the products from traditional banks.

Check out the Wise borderless account for business, particularly if you need to manage your money across different currencies. You can hold your money in dozens of different currencies, and make convenient and cheap international payments too, using the mid-market rate and with just a small fee to pay.

Here’s how the Wise borderless account compares to business accounts from Chase:

Chase Wise
Monthly maintenance fee $12 - $95 Free
Minimum monthly average balance To waive the monthly maintenance fee, you must hold an average balance of between $1,500 and $100,000 depending on the account your choose No minimum balance
Transaction charges Accounts typically come with a fixed number of transactions covered by the maintenance fee. Each debit and non-electronic deposit above your account agreement will be charged at $0.40. Receiving both international and domestic wires is fee free. Receiving money in US, Australian or New Zealand dollars, euros, or British pounds — Free Sending money to an account held in a different currency — low upfront fee, no exchange rate markup Withdrawing money to an account without currency exchange — low upfront fee

What do I need to open a business account with Chase?

If you’re a sole proprietor, you can open your Chase business checking account online - for all other business types, you can start your application online, but will need to visit a branch before you can get up and running.

You’ll need to gather a few documents, depending on the type of company you run. These will include:

  • Personal identification such as a driver’s license or state ID
  • Your own personal information, and that of any joint owner of the business with more than a 10% stake
  • Other business documentation such as a DBA certificate, Articles of Organization, or Articles of Incorporation, depending on the business type you run

You can start your application online, answer a few questions about yourself and your business, and then follow the steps on screen to get your application arranged.²

Chase business account fees

Chase business account fees

Here’s a rundown of the charges you’ll need to look out for - a breakdown of each account in more detail follows.

Fee or limit type Chase business account costs
Included monthly transactions 100 - 500 eligible transactions Transactions above the amount included in your account package will be charged at $0.40, or more for more complex transactions
Included monthly currency deposits $5,000 - $25,000
Minimum average monthly balance to waive monthly maintenance fee $1,500 - $100,000
Monthly maintenance fee $15 - $95 Maintenance fee may be waived if you meet certain conditions, including holding a minimum balance throughout the statement period
Other transaction charges International wire payments made in dollars will cost $40-$50 depending on how you arrange the transfer. International transfers in foreign currencies cost $5 for amounts under the equivalent of $5,000. There is no fee for larger transfers of over $5,000.³

There’s one more important thing, you should always consider when thinking about fees. When it comes to adding up the charges of your international transfer, you’ll also want to take into account the rate at which your money is converted at. Wise offers its customers the mid-market rate, also called the interbank rate. This is the rate banks use to trade among themselves. Getting a better rate can make a big difference in transfer costs, if you’re making international payments regularly, so comparing rates is essential.

Breakdown of Chase business accounts

As with all financial products, you’ll need to look at the small print of any account you’re interested in to check if it is right for you.

Terms and costs may vary depending on your state, so do take the time to do your own research in case the conditions are different where you live. For this article we have used the terms offered in California.

Chase Total Business Checking

This account is the recommended option for small businesses, and entrepreneurs just starting out. You can make up to 100 eligible transactions per statement cycle for free, and will pay $0.40 for transactions above than number. Note that not all transactions types will be covered by this offer, so it is worth checking the terms and conditions carefully before you decide if this account will work for your business.

The account offers unlimited electronic deposits, made using an ATM, ACH or Chase Quick Deposit.

Fee or limit type Chase Total Business Checking Account⁴
Included monthly transactions 100
Included monthly currency deposits Unlimited electronic deposits + $5,000 cash deposits per cycle
Minimum average monthly balance to waive monthly maintenance fee $1,500
Monthly maintenance fee $15 – reduced to $12 for paperless billing Maintenance fee may be waived if you maintain the minimum balance or have an eligible linked personal account with Chase

Chase Performance Business Checking

This account builds on many of the features of the Total Business Checking account, with more monthly transactions and a higher allowable cash deposit per month. You’ll also get free incoming wire transfers, and 2 domestic wire transfers per month fee free.

There are a few other options you can choose with this account too, including interest bearing features, and personal account perks if you choose to manage your personal finances with Chase, too.

Fee or limit type Chase Performance Business Checking Account⁵
Included monthly transactions 250
Included monthly currency deposits Unlimited electronic deposits + $20,000 cash deposits per cycle
Minimum average monthly balance to waive monthly maintenance fee $35,000
Monthly maintenance fee $30 Maintenance fee may be waived if you maintain the minimum balance in qualifying business accounts with Chase

Chase Platinum Business Checking

Chase recommends this account for larger, well established businesses - and the features and fees reflect the needs of these companies. As well as a higher number of free transactions, all incoming wires and the 4 most expensive outgoing transfers are covered under the terms of this account.

You may also get favorable terms if you choose to open a personal account with Chase.

Fee or limit type Chase Platinum Business Checking Account⁶
Included monthly transactions 500
Included monthly currency deposits Unlimited electronic deposits + $25,000 cash deposits per cycle
Minimum average monthly balance to waive monthly maintenance fee $100,000
Monthly maintenance fee $95 Maintenance fee may be waived if you maintain the minimum balance in qualifying business deposit and investment accounts with Chase

An alternative to Chase business checking accounts — Wise Business

The choice of business accounts can feel a little overwhelming. However, if you’re in the process of getting one for your business, time spent researching your options now is a good investment. The right financial products for your business can make a big difference — not only will you save money, but you can also save time, allowing you to focus more on growing your company, and less on admin.

One good option to consider is the Wise borderless account for business. This smart new type of account offers convenience for business owners who are looking to grow their company — especially if you’ll be working with customers, suppliers and employees based overseas.

The borderless account gives you the option to hold and manage your money in dozens of different currencies. You can send and receive international payments using the mid-market exchange rate, and for just a small transparent fee. This is often much cheaper than the same transaction with a traditional bank.

To save time, you can also integrate your Wise multi-currency borderless account with Xero, automate payments and workflow with the Wise API, and make batch payments to suppliers or employees to reduce admin. You can also create and send your invoices by using our downloadable free invoice templates, and use our balance sheet template, profit and loss statement template, cash flow statement template or an independent contractor agreement template.

Choosing a business bank account with the right combination of convenience, functionality, and cost for your company is important. Take some time to think carefully about what services you really need, and don’t forget to look at traditional options alongside alternatives designed for global businesses, like the Wise borderless account. With a bit of research, you’ll find the right match for your business needs.


Sources:

  1. https://www.chase.com/business/checking 8 May 2019
  2. https://secure07c.chase.com/web/oao/application/business?productCode=010&subProductCode=344&zipCode=&eCouponCode=#/origination/gettingStarted/gettingStarted/initiate;cfgCode=010344;channel=null;sourceCode=null;params=010,344,,no,no,,, 8 May 2019
  3. https://www.chase.com/content/dam/chasecom/en/checking/documents/biz-how-your-transaction-will-work.pdf 24 May 2019
  4. https://www.chase.com/business/checking/total-business-checking 8 May 2019
  5. https://www.chase.com/business/checking/performance-business-checking 8 May 2019
  6. https://www.chase.com/business/checking/platinum-business-checking 8 may 2019

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

Wise is the smart, new way to send money abroad.

Find out more

Tips, news and updates for your location