Review
Updated
Fact Checked
Ashley Maready
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.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 29, 2024
U.S. Bank Silver Business Checking
Member FDIC.
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.
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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.
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= Best
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= Excellent
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= Fair = Poor- No monthly fees
- 125 free monthly transactions
- Discounted checks
- Low minimum deposit
- Large branch and ATM network
- Card payment processing and cash management services available
- Not interest-bearing
- Can be costly for businesses with high transaction volumes
- Transaction limits
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.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
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.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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Full U.S. Bank Silver Business Checking account review
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.
Top perks
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.
What could be improved
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.
Fees
| 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) |
Data source: U.S. Bank.
How to access your money
U.S. Bank is a large, branch-based financial institution, so the available options for accessing and depositing money are a strength.
Deposit options
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.
Withdrawal options
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.
U.S. Bank Silver Business Checking is right for you if:
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.
Keep reading about U.S. Bank
- U.S. Bank Review
- U.S. Bank Safe Debit Account
- U.S. Bank CD Rates
- U.S. Bank Standard Savings Account
- U.S. Bank Smartly® Checking
- U.S. Bank Promotions
Our checking account methodology
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.
FAQs
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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.
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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.
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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.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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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.
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