Item: U.S. Bank Silver Business Checking
Rating: 4.2

Our Take

4.2

NerdWallet rating

The bottom line:

U.S. Bank is one of the few brick-and-mortar banks to offer free business checking, and they’ve sweetened the pot with a hefty welcome offer. But a low cap on fee-free transactions could be a deal breaker for some businesses.

Full review

Silver Business Package

Checking

Member FDIC

Monthly fee

Bonus

$400 Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

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Pros & Cons

Pros

No monthly service fee for Silver Business Checking account.
Welcome bonus for new customers (terms apply).
No fees at U.S. Bank and MoneyPass ATMs.

Cons

Low cash deposit limits.
Limit of 125 fee-free transactions per month.
$1 fee for outgoing domestic ACH transfers.

How does U.S. Bank compare?

Silver Business Package Member FDIC	Bank of America® Business Advantage Fundamentals™ Banking Member FDIC	Basic Business Checking Member FDIC
NerdWallet rating Learn more at U.S. Bank	NerdWallet rating Learn more at Bank of America, N.A.	NerdWallet rating Learn more at Axos Bank®
Monthly fee $0	Monthly fee $16.00 $0 for the first 12 statement cycles.	Monthly fee $0
APY N/A	APY N/A	APY N/A
Bonus $400 Requirements to qualify	Bonus N/A	Bonus $400 Requirements to qualify

Full Review

Note: U.S. Bank offers three main business checking accounts: Silver Business Checking, Gold Business Checking and Platinum Business Checking. This review and the corresponding star rating focus on U.S. Bank’s Silver Business Checking.

Free business checking accounts are not the norm for brick-and-mortar banks — much less, free business accounts with the potential for a massive sign-up bonus. But that’s exactly what U.S. Bank business checking offers.

The U.S. Bank Silver Business Checking account has no monthly service fee, and new account holders can earn a welcome bonus of $

400

(terms apply). Plus, you can open the account online, making it a great option for business owners who want the convenience of an online business checking account but the customer support of a traditional bank.

Unfortunately, U.S. Bank’s business accounts also feature some common pitfalls of brick-and-mortar banks. Namely: low limits and lots of fees.

The Silver Business Checking account, for example, caps fee-free transactions at 125 per statement cycle. U.S. Bank counts every single transaction toward that limit, including mobile check deposits, ACH transfers and bill payments.

That’s not standard practice.

Chase Business Complete Banking®

, for example, includes unlimited electronic deposits, including ACH transfers, internal transfers and mobile deposits. The same goes for

Bank of America® Business Advantage Fundamentals™ Banking

. (Both of those accounts charge a monthly fee, though.)

🤓 Nerdy Tip

Don’t want to count your transactions? Most online business checking accounts offer unlimited transactions and have no monthly fee.

U.S. Bank business checking is best for small-business owners who:

Can meet the qualifications to earn the account welcome bonus (see below).
Want the convenience of mobile banking with a strong branch presence.
Make small or infrequent cash deposits.
Don’t anticipate high transaction volume.

Worried about transaction caps?

Bluevine Business Checking

is an online-only option with unlimited, fee-free transactions. As an added bonus, this no-fee account earns

1.50%

annual percentage yield (APY) on balances up to and including $250,000 (terms apply) — that’s far more than any U.S. Bank business checking account.

U.S. Bank sign-up bonus

Earn a welcome bonus of $

400

when you open a new U.S. Bank Silver Business Checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. The promotional bonus offer is valid through

01/15/2025

and requires you to meet the following requirements:

Deposit $5,000 in new money within 30 days of account opening, and then maintain that balance through 60 days from account opening.

Once you meet the eligibility requirements, the bonus is deposited to your U.S. Bank account within 30 days from the end of that calendar month, provided your account is open and has a positive balance

U.S. Bank business checking customers can also snag a bonus rate of up to

3.56%

APY from account opening date when they open a U.S. Bank

Platinum Business Money Market Account

(terms apply). Check out this account and other high-yield savings accounts.

U.S. Bank business checking at a glance

	U.S. Bank Silver Business Checking	U.S. Bank Gold Business Checking	U.S. Bank Platinum Business Checking
Monthly fee:	$0.	$20 (multiple ways to waive).	$30; waived with $25,000 average collected balance.
Minimum opening deposit requirement:	$100.	$100.	$100.
APY:	None.	0.01% on balances of $20,000 or more.	None.
Transactions:	125 free transactions per statement cycle; 50 cents for each additional transaction.	350 free transactions per statement cycle; 45 cents for each additional transaction.	550 free transactions per statement cycle; 40 cents for each additional transaction.
Bonus:	$ 400 .	N/A	$900.

How to open a U.S. Bank business checking account

You can open a U.S. Bank business checking account online, over the phone or at one of the bank’s more than 2,900 branch locations. While U.S. Bank has a physical presence in 26 states (see below), accounts are available to businesses nationwide.

Arizona
Arkansas
California
Colorado
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
North Carolina
North Dakota
Ohio
Oregon
Tennessee
Texas
Utah
Washington
Wisconsin
Wyoming

All U.S. Bank business accounts require a $100 minimum opening deposit, which can be deposited via ACH or wire transfer, or by check at a branch, ATM or using mobile deposit.

What you need to open a U.S. Bank business account

To open a U.S. Bank business account, you’ll need to provide the following information:

Social Security number, home address and cell phone number.
Name, email and personal phone number for anyone with a 25% or more ownership stake in the company.
Business phone number, physical address and date your business was established.
Business tax ID (EIN, ITIN or SSN), industry designation and formation documents.

Where U.S. Bank business checking stands out

Free business checking account: Business owners don’t have to swallow monthly fees to enjoy the security of a large bank. U.S. Bank is one of the largest banks in the country; it’s also one of the only big banks to offer a free business checking account. Monthly fees aren’t the only costs to consider, though, so look at all account caps and charges before committing.

Massive welcome offer: U.S. Bank currently offers a strong business bank account promotion for business checking customers.

Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.

Brick-and-mortar locations: U.S. Bank has more than 2,000 branches across 26 states, which is ideal for business owners who prefer to bank in person. If this is a priority for you, research your nearest branch before opening an account. There are only a handful of branch locations in some states, like Florida and North Carolina.

Where U.S. Bank business checking falls short

Low transaction, cash deposit limits: It’s not uncommon for brick-and-mortar banks to have caps on the number of fee-free transactions and cash deposits allowed per month. But U.S. Bank’s limits are low even when compared with competitors.

The Silver Business Checking account, for example, includes 25 free cash deposit “units” per month. Each unit is equal to $100 but U.S. Bank rounds down ($.50/$50), so a single cash deposit of $150 or less is counted as one unit. But a single deposit totaling $2,500 equals 25 units.

Chase Business Complete Banking®

, on the other hand, allows up to $5,000 in free cash deposits — around 50 units — per month. And

Bank of America® Business Advantage Fundamentals™ Banking

account includes up to $7,500 in fee-free cash deposits. Granted, those accounts each have a $

monthly fee, but they also offer multiple ways to avoid the fee.

It’s the same story with transaction limits. U.S. Bank’s Silver Business Checking includes up to 125 transactions per month, with a 50 cent charge for each additional transaction. And almost everything counts toward that total: mobile deposits, ACH transfers, bill payments, in-person deposits and debit card purchases.

Other traditional banks offer more wiggle room. Chase and Bank of America, for example, don’t count electronic transactions toward your monthly total. And online business accounts typically have no transaction limit — or fees.

Overdraft fees: If your U.S. Bank business checking account dips into the red by more than $5, you’ll get hit with a $36 overdraft fee. Have multiple items that come through while your account is negative? You could get hit with that fee up to three times per day. Want more breathing room? Several other business accounts simply don’t allow you to overdraft, which eliminates the need for a fee but perhaps some flexibility too.