If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
The U.S. Bank Silver Business Checking account could be a great fit for people who don't want to pay any monthly fees. It offers a low deposit requirement and a number of free transactions each month, but it does have a few drawbacks. Read our full review to discover if the U.S. Bank Silver Business Checking account could be the right business checking account for you.
U.S. Bank Silver Business Checking
On U.S. Bank's Secure Website.
On U.S. Bank's Secure Website.
The U.S. Bank Silver Business Checking account is a good fit for small business owners who aren't ready to pay for a business checking account. Its feature list may not be as robust as some of its competitors, but it comes with all the tools you need to manage your funds as well as a decent number of free monthly transactions.
Here are some of our top picks for other business checking accounts that offer a good mix of features and customer support.
Offer |
![]() |
![]() |
---|---|---|
Account |
Axos Basic Business Checking
On Axos Bank's Secure Website. |
Bluevine Business Checking
On Bluevine's Secure Website. |
Rating |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY | 0% | up to 4.25% Rate info Bluevine Premier customers will earn 4.25% APY; Premier subscriptions cost $95 per month. Bluevine Standard customers will earn 2.0% interest on total balances up to and including $250,000 only if they spend $500 or more on their debit card or receive $2,500 or more in customer payments each month. No interest earned on balances over $250,000. |
Min. to earn APY | — | $0 |
Next Steps |
* Axos Basic Business Checking
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "NEW400," an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 12/31/2023 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:
Small Business Checking bonus up to $400: You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.
Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.
There is no such thing as a business checking account that is perfect for everyone, and the U.S. Bank Silver Business Checking account isn't an exception. So, here's a list of the pros and cons of the account to help decide if it's right for you.
No monthly fees: Unlike many small business bank accounts, the U.S. Bank Silver Business Checking account doesn't have any monthly fees. Many competitor banks have monthly maintenance fees that can be avoided when account holders meet certain requirements, but the U.S. Bank Silver Business Checking account has none whatsoever.
125 free transactions: The U.S. Bank Silver Business Checking account allows 125 total free transactions per month, and as many as 25 of them (or $2,500) can be cash deposits into the account. In a nutshell, the U.S. Bank Silver Business Checking account is designed so that businesses without high transaction volume can have a free checking account.
Discount on checks: Account owners get 50% off of their first order of checks, up to a maximum discount of $50.
Low minimum deposit requirement: The U.S. Bank Silver Business Checking account has a low $100 minimum opening deposit requirement, which is extremely low compared to some other popular business checking accounts.
Transaction limitations: For many small businesses, the limit of 125 total transactions and 25 cash deposits isn't a big deal, but for others, it could be a deal breaker. After reaching the monthly limit of 125 transactions, any additional transactions (deposits, debits, checks, etc.) will be assessed a $0.50 fee for each transaction. As you can imagine, for businesses who need to use their debit cards frequently or need to deposit cash several times a day, this can add up quickly.
Doesn't pay interest: To be fair, most small business checking accounts don't pay interest. But there are some that do, and the U.S. Bank Silver Business Checking account isn't one of them.
In addition to discussing these pros and cons, it's also important to mention that U.S. Bank offers three different U.S. Bank business checking accounts. The U.S. Bank Gold Business Checking account has significantly higher free transaction limits, and has a $20 monthly fee that can be waived when certain criteria are met. The U.S. Bank Platinum Business Checking account offers even more free transactions and is designed for high-volume, high-balance business customers. It has a $30 monthly fee that can be waived with certain balance or deposit criteria.
There are several ways for customers to contact US Bank's business banking support. In addition to in-person customer service at the more than 2,200 branches in 26 states, customers can also call the bank's Business Service Center at 800-872-2657 from 8 a.m. to 8 p.m. CT on weekdays, and from 8 a.m. to 6:30 p.m. CT on Saturdays.
The Silver Business Checking account is designed to have a low-fee, straightforward pricing structure. It has no monthly maintenance fees, 125 free transactions per statement cycle, and up to $2,500 of cash deposits or 25 cash transactions per statement cycle, whichever comes first. For each additional transaction beyond 125, there is a $0.50 fee, and there's also a $0.33 fee per "unit" of additional cash deposits (in most cases, each unit represents a $100 cash deposit).
Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
---|---|---|---|---|---|
U.S. Bank Silver Business Checking | $0 | $0 (in-network), $2.50 (out-of-network) | $36.00, but overdraft protection available | $35 | $36 (returned item fee) |
Many of our competitors have reviewed the U.S. Bank Silver Business Checking Account. The only other star-based review we found gives the bank 4.0 out of five stars, and reviews highlight the no monthly maintenance fee and shared access for employees as positive factors, with the fees for exceeding transaction and deposit limits cited as negatives.
U.S. Bank is a large, branch-based financial institution, so the available options for accessing and depositing money are a strength.
There are several ways you can add money to your U.S. Bank Silver Business Checking account. In addition to depositing cash in a U.S. Bank branch or through an ATM, you can deposit checks to the account, transfer money from internal or external bank accounts, or wire money. U.S. Bank also offers a range of card payment solutions for businesses, which can direct money from customer transactions to your account.
You can withdraw cash in person or from an ATM with the U.S. Bank Silver Business Checking account. You can write checks, and you can move money between linked internal and external accounts.
You can apply for a U.S. Bank Silver Business Checking Account entirely online, and there's some information you should gather first. You'll need your personal information, such as your Social Security number, your business' tax ID, and personal information of all individuals who own more than 25% of the business (if applicable).
When opening an account, you'll need to deposit at least $100. This can be done in person at a U.S. Bank branch, at one of the bank's ATMs, or by using mobile check deposit on the U.S. Bank mobile app. You can also wire money into the account or link an existing bank account you have to transfer money online. Branch and ATM access are also commonly mentioned as a benefit.
The U.S. Bank Silver Business Checking account could be a great fit if you're looking for a no-fee checking account for your small business. However, be sure that you can live with the monthly transaction limit, as the cost of excess transactions could add up quickly.
If this isn't the right checking account for you, check out our full list of the Best Business Checking Accounts.
At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.
Resources
The U.S. Bank Silver Business Checking account is designed for newer or smaller businesses that don't maintain high account balances and/or don't need to make more than 125 transactions per month in their accounts. There are two other tiers of business checking accounts offered by U.S. Bank that could better meet the needs of larger businesses.
The U.S. Bank Gold Business Checking account is the mid-tier product offered by the bank, offering 300 free transactions per statement cycle and a $20 monthly fee after meeting certain requirements. The U.S. Bank Platinum Business Checking account offers 500 free transactions per month and is designed for businesses that maintain higher balances and need to use their accounts often.
One of the most obvious things to look for is no monthly maintenance fee, or at least an easy way to get it waived. You also want to make sure your account allows you to make enough transactions to support your business, as many business checking accounts have transaction limits.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.