U.S. Bank Business Checking Accounts, Reviewed for Your Small Business

Choosing the right bank for your business is more than just deciding where to make deposits. A centralized checking account is essential for making company purchases, payments, and deposits, so you’ll want to find the best business checking account to manage your finances. Particularly if this is the first bank account connected to your business, it’s really important to find a bank that meets your current needs and will support your growth later on.

U.S. Bank is a popular option for small business owners, especially in the Midwest and West, because their financial product offerings tend to have low fees and straightforward terms. U.S. Bank can be a solution for business owners in need of a checking account with low costs. You can use the U.S. Bank locator to find out if one of the 3,000 branches in 26 states is near you.  

Why a Business Checking Account?

A business checking account is essential for managing your business’s finances, and as important for daily operations and payments. You’ll need a business checking account to make deposits, pay employees, and pay for company expenses. A checking account is also a requisite for opening a credit account or applying for a loan. In order to apply for a U.S. Bank small business loan, you will need to have a U.S. Bank checking account to get started.

Selecting the Best Checking Account for Your Business

Depending on how you plan to use your business checking account, you might prioritize specific features, for example a low monthly fee or online banking functionality. The packages should be easy to compare if you take time to assess your business finances to determine how much flexibility you need when it comes to spending and making cash deposits.

It’s also a good idea to factor in:

Monthly Transactions

If you’re making a lot of transactions each month for your business, then finding a checking account with a high transaction limit, or no limit, will make sure you don’t end up paying fees for using your card.

Note: A U.S. Bank “transaction” isn’t just when you swipe your card—your U.S. Bank business checking account monthly transactions include all deposits, checks, credit, and debit uses. Keep this in mind when considering how many free monthly transactions a package has.

Account Balance and Deposit

Most checking accounts require a minimum balance or upfront deposit. U.S. Bank actually offers a free checking solution for business, and you should be able to find a package that fits with how much capital you have each month.

U.S. Bank Business Checking Packages

Once you’ve decided that a checking account is the best route for taking care of your business spending, it’s time to figure out which business checking account meets your everyday needs. There are a few key features you’re probably looking for that come standard with the following U.S. Bank Business Checking accounts.

Convenience and accessibility features:

• Online and mobile banking and bill pay
• Remote check deposit
• Check fraud prevention

If you have a current business line of credit with U.S. Bank, or open one later, there is no annual fee for the first year of Business Reserve Line Overdraft Protection. All packages come with an offer of 50% off the first check order up to $50 or $100, depending on the account.

U.S. Bank Silver Business Package

The most basic business checking account U.S. Bank offers can be a low-cost, simple solution for new or smaller businesses that don’t need to make frequent deposits. The U.S. Bank Silver Business Package has no monthly fee, maintenance fees, or balance minimum—this is as close to free business checking as you can get. The catch is the transaction limits and deposit maximum—you’ll have to be smart about deposits and spending—but the restrictions are worth it if low cost is your top priority.

Monthly fees and limits:

• No monthly maintenance fee
• 150 transactions per month
• $0.50 fee per excess transaction
• 25 free cash deposit units* per month

Best for:

• Business owners making less than 150 transactions each month
• Business accounts with a low average checking balance
• Business owners making infrequent deposits each month

U.S. Bank Gold Business Package

A free checking account might be ideal, but you might need the flexibility of more transactions and cash deposits. The U.S. Bank Gold Business Package offers a low-cost solution for businesses with significant cash flow and frequent transactions. Unlike the Silver Package, there is a monthly fee, which can be waived if you meet a minimum collected checking balance.

Monthly fees and limits:

• Monthly maintenance fee is $20
• 300 transactions per month
• $0.45 fee per excess transaction
• 100 free cash deposit units* per month

Best for:

• Business owners with a high transaction volume (up to 300) each month
• Business accounts with a high checking balance—the monthly fee is waived for collected business checking balance of $10,000
• Business owners making moderate deposits each month

U.S. Bank Platinum Business Package

This high-balance checking account package offers the highest limits for transactions and deposits, and the lowest excess-transaction cost. If your business is growing rapidly, has high monthly cash flow, and a high average balance, the U.S. Bank Platinum Business Package might be the right fit for your spending needs. Like the Gold Package, the monthly fee can be waived if you meet a minimum average balance.

Monthly fees and limits:

• Monthly maintenance fee is $25
• 500 transactions per month
• $0.40 fee per excess transaction
• 200 cash deposit units* per month

Best for:

• Business owners making a large volume of transactions (up to 500) each month
• Business accounts with a high checking balance—the monthly fee is waived for collected business checking balance of $25,000
• Business owners making frequent deposits each month 

*Deposit units are calculated by dividing the dollar amount of each cash deposit transaction by 100 and rounding the resulting value to the nearest whole number.

Premium Business Checking

The Premium Business Checking account is for large businesses with high deposit balances and frequent transaction. The rates and fees are based on individual analysis, and you get an “earnings credit allowance based on average collected balances, which can help reduce or offset fees.” Monthly fees, transaction and deposit limits, and fee waiver are determined individually for Premium accounts, so contact a bank representative to learn more about the details of this package.

How U.S. Bank’s Business Checking Accounts Differ

Anyone could point out the difference in monthly limits and fees between these packages, but it’s not obvious what those costs and restrictions mean for the day-to-day operation of your business. Likewise, the potential benefits aren’t always easy to calculate. These key factors can help you figure out which package makes the most sense for your business finances.

Fees and Interest

Most business checking accounts have monthly maintenance fees, but free checking options are available. That said, the U.S. Bank Silver is free, and the other U.S. Bank checking account offerings have low, flat-rate monthly fees. It’s a good idea to figure out ahead of time how much an account would cost to maintain before signing up, so you can plan ahead for those payments.

Likewise, the penalty fees for excess transactions or deposits are worth noting before signing up for a plan with low limits. The U.S. Bank Gold and Premium accounts can collect interest depending on the account, so if you have a high checking balance, you should check what your rate would be.

Account Balance

U.S. Bank’s free checking solution, the Silver Package, has no account balance minimum. The Gold, Platinum, and Premium all have monthly maintenance fees, which can be avoided or waived if you have an average checking balance above $10,000 for Gold and $25,000 for Platinum.

Prioritize Your Business Checking Needs

The differences in U.S. Bank business accounts might seem subtle, so to get the most benefit out of your checking package, you need to consider how you’ll be using the account. Because these checking packages are all fairly low cost, it’s worth making sure that you’re allocating for all the transactions and cash deposits that you’ll need to make—while being realistic about monthly payments.

If you’re looking for a free checking solution for your business, the U.S. Bank Silver account is a great starting place, and you can graduate to higher transaction limits or interest-accruing accounts when you’re ready. The U.S. Bank Gold and Platinum Packages both allow for more spending flexibility and cash flow, and the potential for waived monthly fees make them both attractive for business owners with higher balances. For larger businesses, the U.S. Bank Premium offering is an option for business owners seeking a tailored enterprise solution for their checking account.

The major distinctions between these business checking plans are free transaction and deposit limits, so the best plan for your business depends entirely on your monthly account activity and transactions. The bottom line is understanding what you need out of a checking account for operations to run smoothly each month, and deciding from there which plan fits your current finances.

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