The bottom line: US Bank might be ideal if you'd like to open a business checking account with a brick-and-mortar financial institution that offers 24/7 customer support. But if you prioritize low monthly service fees and unlimited monthly transactions, you might want to consider going through our best free checking accounts guide for options.
Pros and cons










Annual Percentage Yield (APY)




None





Minimum Deposit Amount




$100
















Annual Percentage Yield (APY)




None





Minimum Deposit Amount




$100













Pros

$100 minimum opening deposit

No monthly service fees

Overdraft protection available

May deposit up $2,500 or make 25 free cash transactions per month

125 free transactions per month

May qualify for a $300 cash bonus








Cons

$0.50 fee for each transaction that exceeds the 125 monthly limit

$2.50 out-of-network ATM fee

$20 incoming domestic wire transfer fee

$30 outgoing domestic wire transfer fee

$25 incoming international wire transfer fee

$50 outgoing international wire transfer fee

$12.50 fee if you utilize overdraft protection



















More Information

Over 2,000 branches in 26 US states

Free access to around 4,700 ATMs

125 transactions per month, then $0.50 per transaction

May deposit up $2,500 or make 25 free cash transactions per month (whichever occurs first)

$300 cash bonus: Use promo code "Q2BUS22" and open a new US Bank Silver, Gold, Gold with Interest, or Platinum Business Checking Account by 7/29/2022; Deposit at least $3,000 into the account during the first 30 days; Keep money in the account and make at least 5 qualifying transactions during the first 60 days to receive $300 bonus

Overdraft protection available: You may be able to link your business checking account to a line of credit

FDIC insured












The US Bank Silver Business Checking Package is the bank's strongest business checking account. It has zero monthly service fees, and you can also deposit $2,500 in cash or make 25 free cash transactions in your account each month (whichever happens first). 
This account might not be the best choice if you plan on making more than 125 transactions per month or you send frequent wire transfers. US Bank charges a fee for exceeding the account's monthly transaction limit or sending wire transfers domestically and internationally.










Annual Percentage Yield (APY)




0.00% to 0.005% APY





Minimum Deposit Amount




$100
















Annual Percentage Yield (APY)




0.00% to 0.005% APY





Minimum Deposit Amount




$100













Pros

$100 minimum opening deposit

Possible to waive monthly service fee

Overdraft protection available

May deposit up $10,000 or make 100 free cash transactions per month

300 free transactions per month

May qualify for a $300 cash bonus








Cons

$20 monthly service fee

$0.45 fee for each transaction that exceeds the 300 monthly limit

$2.50 out-of-network ATM fee

$20 incoming domestic wire transfer fee

$30 outgoing domestic wire transfer fee

$25 incoming international wire transfer fee

$50 outgoing international wire transfer fee

$12.50 fee if you utilize overdraft protection



















More Information

Over 2,000 branches in 26 US states

Free access to around 4,700 ATMs

300 transactions per month, then $0.45 per transaction

Earn 0.005% APY on account balances over $20,000

May deposit up $10,000 or make 100 free cash transactions per month (whichever occurs first)

$300 cash bonus: Use promo code "Q2BUS22" and open a new US Bank Silver, Gold, Gold with Interest, or Platinum Business Checking Account by 7/29/2022; Deposit at least $3,000 into the account during the first 30 days; Keep money in the account and make at least 5 qualifying transactions during the first 60 days to receive $300 bonus

To waive the $20 monthly service fee, keep an average collected balance of at least $10,000 in your checking account OR $20,000 combined average collected balance across business bank accounts OR $50,000 average collected balance across business bank accounts and outstanding credit balances

Overdraft protection available: You may be able to link your business checking account to a line of credit

Interest compounded daily, deposited monthly

FDIC insured












The US Bank Gold Business Checking Package is a step up from the US Bank Silver Business Checking Package. Each month, the Gold Business Checking Account allows you to make 300 free transactions, and deposit  $10,000 or make 100 free cash transactions.
With this account, you'll want to be mindful of the $20 monthly service fee. The monthly fee may only be waived if you keep a certain amount in your checking account or across US Bank business bank accounts.










Annual Percentage Yield (APY)




None





Minimum Deposit Amount




$100
















Annual Percentage Yield (APY)




None





Minimum Deposit Amount




$100













Pros

$100 minimum opening deposit

Possible to waive monthly service fee

Overdraft protection available

May deposit up $20,000 or make 200 free cash transactions per month

500 free transactions per month

May qualify for a $300 cash bonus








Cons

$30 monthly service fee

$0.40 fee for each transaction that exceeds the 500 monthly limit

$2.50 out-of-network ATM fee

$20 incoming domestic wire transfer fee

$30 outgoing domestic wire transfer fee

$25 incoming international wire transfer fee

$50 outgoing international wire transfer fee

$12.50 fee if you utilize overdraft protection



















More Information

Over 2,000 branches in 26 US states

Free access to around 4,700 ATMs

500 transactions per month, then $0.40 per transaction

May deposit up $20,000 or make 200 free cash transactions per month (whichever occurs first)

$300 cash bonus: Use promo code "Q2BUS22" and open a new US Bank Silver, Gold, Gold with Interest, or Platinum Business Checking Account by 7/29/2022; Deposit at least $3,000 into the account during the first 30 days; Keep money in the account and make at least 5 qualifying transactions during the first 60 days to receive $300 bonus

To waive the $30 monthly service fee, keep an average collected balance of at least $25,000 in your checking account OR $75,000 combined average collected balance across business bank accounts and outstanding credit balances

Overdraft protection available: You may be able to link your business checking account to a line of credit

FDIC insured












The US Bank US Bank Platinum Business Checking Package might be a decent choice if you regularly make up to 500 transactions per month and maintain a high account balance. Otherwise, you might have to deal with monthly service fees or excess transaction fees.
How US Bank works
US Bank has more than 2,000 branches across 26 states. Locations are available Mexico
North Carolina
North Dakota
Ohio
Oregon
South Carolina
South bank offers ATMs across 40 states and is part of the MoneyPass ATM Network, which provides access to over 37,000 ATMs.
If you have questions about bank products or services, visit the FAQ page on the bank's website. Customer service representatives are also available over the phone 24/7.
The bank's mobile app received 4.7 out of 5 stars in the Google Play Store. In the Apple Store, it has 4.8 out of 5 stars.
US Bank is FDIC insured. Up to $250,000 is protected in an individual account, and $500,000 is secure in a joint bank account. 
US Bank trustworthiness and BBB rating
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. The BBB gave US Bank an A+ rating.
A good BBB rating doesn't necessarily mean that your relationship with a business will be perfect. If you have friends or family that have used US Bank, chat with them about their perspectives. You may also read online customer reviews.
US Bank has been involved in a few public controversies.
In 2020, US Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn't follow bankruptcy regulation and had service errors that impacted borrowers.
The government also required US Bank to pay $200 million in a settlement that said the bank approved FHA loans for home insurance even when the borrowers didn't qualify.
US Bank vs. Axos
We've compared the US Bank Silver Business Checking Package to another free business checking account: the Axos Basic Business Checking Account.
You'll favor the Axos Bank Basic Business Checking Account if you plan to make more than 125 transactions per month.
The Axos Bank Basic Business Checking Account also might be a better option for avoiding ATM fees and domestic wire transfer fees. The Axos checking account lets you make two free domestic wire transfers per month and provides unlimited domestic ATM fee reimbursements.
Both banks offer cash bonuses when you open a business checking account right now. At US Bank, you can get a $300 bonus on a US Bank Silver, Gold, Gold with Interest, or Platinum Business Checking Account by depositing $3,000 into an account during the first 30 days and making five qualifying transactions during the first 60 days of an account opening. 
Axos Bank has a $200 bonus for new businesses incorporated after June 2020 and a $100 bonus for any business. The requirements for the two bank account bonuses are the same — you must open a new business bank account and deposit at least $2,500 in the first 60 days of an account opening.
US Bank vs. NBKC 
US Bank and NBKC both have free business


checking accounts

that are available throughout the US. See how the two banks compare.
NBKC will likely be more appealing if you're searching for a hassle-free business checking account. The NBKC Business Checking Account stands out because there's no limit on monthly transactions, and you may open an account with $0.
If you would like to earn a cash bonus when opening a business checking account, you might lean more toward US Bank. NBKC doesn't have any business checking account bonuses right now.
Frequently asked questions
What's needed to open a US Bank business checking account?
If you plan to open a business checking account at any financial institution, you'll need to bring a US ID, your social security number, and business documentation. You may also need an


employer identification number

(EIN) or tax ID.
Is US Bank a good small business bank?
US Bank has a solid free business checking account, and it could be an appealing option if you prefer brick-and-mortar banks to


online banks

.
The bank's free business checking account has a monthly transaction limit, so you'll want to consider how often you'll use an account before opening it. If you think you'll exceed the 125 monthly transaction limit, US Bank has additional business checking accounts, but there are monthly service fees on these accounts unless you qualify to waive the fee.










Sophia Acevedo, CEPF


Junior Banking Reporter











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