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All the business banking services you need in one place
By
Erin Gobler
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Full Bio
Erin Gobler is personal finance coach and a writer with over decade of experience. She specializes in writing about investing, cryptocurrency, stocks, and more. Her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.
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Updated July 07, 2023
Fact checked by
Lars Peterson
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Fact checked byLars Peterson
Full Bio
With nearly 15 years of experience as a writer and editor in personal finance and small business, Lars Peterson has written and edited for The Balance, Wise Bread, US News, and Amex OPENForum, among others. His 20+ years as an editor and writer have included roles in book publishing, marketing, technical writing, travel, and personal finance. Lars Peterson joined Investopedia in 2023 after four years as an editor with The Balance.
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Our Take Consider using Chase’s business banking services if you want to work with a major financial institution that can provide all the accounts and lending you need in one place. It may also be the right pick if you want to earn rewards on your business credit card spending. Pros & Cons Pros Many types of accounts to choose from Competitive rewards on business credit card spending Physical branches in all lower 48 states No or low minimum deposits on checking and savings accounts Cons Fees charged for checking and savings accounts Low APY on savings accounts Good or excellent credit required for business credit cards Limits on fee-free deposits and teller transactions Company Overview Chase Bank has deep roots in the United States financial system. Its first predecessor was founded in 1799 with founders that include Alexander Hamilton and Aaron Burr. And the bank has existed in its current form—JPMorgan Chase & Co.—since the two companies merged in 2000. Today JPMorgan Chase is the largest commercial bank in the United States based on its assets. It has more than 4,700 branches across all of the lower 48 states. It provides a wide variety of personal, business, and commercial banking solutions. Table of Contents Chase Business Complete Banking® Review for 2024 Who Is Chase Best For? What Does Chase Offer? Other Financial Products Offered by Chase Chase Customer Service How to Bank With Chase Final Verdict FAQ Because of the comprehensive suite of services it offers, Chase Bank is a good option for business owners who want to do all of their banking and borrowing in one place. Chase is an especially good match for business owners who want to: If the ability to visit a local branch is important to you, check out Chase’s branch locations before opening an account. Chase has branches in all of the lower 48 states but may or may not have one in your city. As the largest bank in the country, it comes as no surprise that Chase offers comprehensive banking services for businesses. Its four primary business banking options are: Chase offers three different business checking accounts. The one that’s right for your business depends primarily on your monthly deposits and average daily balance. Chase’s business savings accounts allow you to earn interest on your savings while conveniently connecting your account to your business checking account. While each Chase savings account has a monthly fee, that fee can be waived by maintaining a minimum balance or by linking your savings account to an eligible Chase checking account. As of April 2024, Chase’s business savings accounts earn a standard APY of 0.01%. If your goal is to earn interest from the money in your savings account, consider opening a high-yield business savings account at a different financial institution. Chase offers business CDs with interest rates ranging from 0.02% to 5.00%, depending on the CD term and the amount you deposit. Chase’s business CDs have no monthly service fee and require a $1,000 minimum deposit to open. All of Chase’s CDs charge an early withdrawal fee if you remove your money before the CD reaches its maturity date. For CD terms of less than one year, you’ll pay $25 plus 1% of the amount you withdraw. For CD terms longer than one year, you’ll pay $25 plus 3% of the amount you withdraw. Finally, if you withdraw funds less than one week after opening the CD, there’s a minimum fee of seven days’ interest. Chase has a suite of popular business credit cards that allow you to manage your business’s cash flow while earning rewards. Chase offers a variety of other products and services for business owners. Chase’s business loans are a good choice for businesses with large financing needs thanks to their high borrowing limits, long repayment terms, and variety of loan types available. See our Chase Business Loan Review to learn more. Chase business customers can contact customer service via phone, online secure message, social media, and mail. Additionally, because Chase has more than 4,700 branches across all lower 48 states, many business owners can get in-person customer service. Chase has relatively highly rated customer satisfaction compared to other major banks. Chase ranked in the top five in J.D. Power’s 2022 U.S. Small Business Banking Satisfaction Study, beating out a dozen other major banks. And Chase ranked second in J.D. Power’s 2022 U.S. Small Business Credit Card Satisfaction Study. While Chase’s business customer service has plenty of positive attributes, the company has also been on the receiving end of some regulatory action. In 2020, Chase was fined $250 million for failure to maintain adequate internal controls and audits. And in 2021, the Securities and Exchange Commission (SEC) fined J.P. Morgan—the company’s broker-dealer subsidiary—$125 million for widespread failure to maintain and preserve certain written communications, therefore violating securities laws. Chase makes it easy to set up business banking and you can do it entirely online. You can open any business account, including checking accounts, savings accounts, or credit cards, via an online application. Depending on the information you provide. You may have your application approved immediately and be able to get started with your business banking. Online applications are available for the following business structures: You can also set up your Chase business banking accounts by visiting a Chase branch. A customer service representative can help you get your accounts set up. Chase Bank is a good option for businesses that want to do all of their business banking in one place and to have the comprehensive features, services, and in-person access that a major U.S. bank can offer. Thanks to Chase’s popular business credit cards, this bank may be an attractive solution for businesses that want to take advantage of the opportunity to earn rewards from business spending. While Chase does offer a large suite of business products and services, it may not be right for everyone. Smaller businesses may prefer a more flexible checking account that doesn’t have as high of a balance requirement to waive the fee. Additionally, businesses that want to earn any significant return on their savings will probably find that Chase isn’t the right option for them (at least not its savings account). Chase doesn’t disclose a minimum credit score to open a business checking or savings account. However, you could be denied an account based on your past banking or credit history. To open a Chase business credit card, you’ll usually need either good or excellent credit. Yes, Chase charges a monthly fee for all of its business checking and savings accounts. However, you can have your fee waived by maintaining a certain average monthly balance. You can also have the fee on a savings account waived by maintaining a Chase business checking account. To open a Chase business bank account, you’ll need to provide the following information: Depending on the information you provide, you could have your account approved instantly. You may also have your account opened immediately if you apply in person at a local Chase bank branch. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Chase. "About Us." Board of Governors of the Federal Reserve. ”Large Commercial Banks.” Chase. “Get Chase Business Complete Checking.” Chase. “Business Savings Accounts.” Chase. "Business Deposit Rates." Chase. “Business Certificates of Deposit.” Chase. “Business CD Interest Rates.” Chase. “Business Credit Cards.” Chase. “Contact Chase Business Customer Service.” J.D. Power. “Stressed Small Business Owners Looking for Banks to Help Weather Tough Economy, J.D. Power Finds.” J.D. Power. “Inflation Puts Strains on Small Business Credit Card Customer Satisfaction, J.D. Power Finds.” Office of the Comptroller of the Currency. “OCC Assesses $250 Million Civil Money Penalty Against JPMorgan Chase Bank, N.A.” Securities and Exchange Commission. “JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges.” Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/Chase-Business-logo-1d74e27f90d841b49122bb2a6c881991.jpg "Chase Business Complete Banking® Review for 2024 (3)"){kind=logo}
Who Is Chase Best For?
What Does Chase Offer?
Business Checking
Chase Business Complete Banking® Chase Performance Business Banking Chase Platinum Business Banking Monthly service fee $15 $30 $95 Minimum balance to waive monthly fee $2,000 $35,000 $100,000 Fee-free monthly deposits $5,000 $20,000 $25,000 Other important account features Unlimited debit card and Chase ATM transactions; up to 20 teller and paper transactions; monthly service fee waived on Business Total Savings 250 free transactions per month; unlimited electronic deposits and incoming wires; accept credit and debit cards in person or online; monthly service fee waived on Business Premier Savings 500 free transactions per month; accept credit and debit cards in person or online; monthly service fee waived on Business Premier Savings CPC relationship status and fee waiver for $50,000 balance Business Savings
Chase Business Total Savings Chase Business Premier Savings Monthly fee $10 $20 How to waive monthly fee $1,000 average balance, or link to a Chase Business Complete Banking account $25,000 average balance, or link to a Chase Performance Business Checking or Chase Platinum Business Checking Minimum deposit to open $25 $25 Free transactions per month ($0.40 for each subsequent transaction 15 30 Free monthly cash deposits $5,000 $10,000 Business Certificates of Deposit
CD Term APY 1 month 2 months 0.02% 3 months 3.00% 6 months 4.00% - 5.00% 9 months 0.02% - 0.05% 12 months 3.00% - 3.75% 15 months 18 months 21 months 0.02% - 0.05% 24 months 2.00% 30 months 1.50% 36 months 2.00% 42 months 48 months 60 months 84 months 120 months 1.50% Business Credit Cards
Other Financial Products Offered by Chase
Chase Customer Service
How to Bank With Chase
Final Verdict
What Credit Score Is Required for a Chase Business Account?
Does Chase Charge a Fee for a Business Account?
What Do You Need to Open a Business Account at Chase?
How Long Does It Take for Chase to Approve a Business Account?
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