US Bank Business Account: 2024 Review

Q: What do you need to open a business bank account at U.S. Bank?

To open a U.S. Bank business account online, you may need: Your business’s federal Employer Identification Number (EIN) or tax ID number, or your Social Security number if you operate as a sole proprietor Articles of incorporation, articles of organization, or legal document that indicates when your company was formed, unless you are a sole proprietor Government-issued photo ID and Social Security number for anyone authorized to sign checks or make transactions on behalf of your company

Q: What are the requirements to open a U.S. Bank business account?

You’ll generally need to be 18 years of age or older and a legal resident of the United States with a Social Security number or Individual Taxpayer Identification Number to open a U.S. Bank business account. You will also need to make a deposit of $100 to open your business checking, savings, or money market deposit account.

Q: What are the benefits and drawbacks to a U.S. Bank business bank account?

U.S. Bank offers a variety of business deposit accounts, so it’s possible that one suits your needs as a business owner. However, unless you can maintain a minimum balance, you may be hit with monthly fees.

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Susan GuilloryUpdated January 2, 2024

Overview of US Bank Business Accounts

U.S. Bank is a financial institution with hundreds of locations across the United States. The bank offers a variety of services for U.S. business owners, including deposit accounts, credit cards, merchant services, and different types of financing for your small or medium-sized enterprise.Here’s an overview of some pros and cons of the services provided by U.S. Bank:

Pros and cons

Pros

FDIC-insured business deposit accounts
Offers interest-bearing business checking accounts
Options to waive monthly maintenance fees on checking, savings, and money market accounts

Cons

Some accounts charge monthly maintenance fees if you don’t qualify for a waiver
$100 minimum opening deposit required for checking, savings, and money market business bank accounts
Some business checking accounts don’t earn interest

US Bank Business Account Rates, Fees, Types, and More

U.S. Bank offers business checking and saving accounts, as well as certificates of deposit (CDs), lines of credit, credit cards, U.S. Small Business Administration (SBA) loans, and equipment financing, among other commercial products. Here’s some information about top U.S. Bank business-related products (accurate as of Jan. 2, 2024):

U.S. Bank Business Checking Accounts

Monthly maintenance fees

Silver business checking: $0/month.
Gold business checking: $20/month (waivable with certain average checking balanced or collected deposits).
Platinum business checking: $30/month (waivable with certain average checking balances or collected deposits).
Nonprofit checking: $0/month.
Premium business checking: $30/month (waiver not applicable).

Free transfers allowed per account type

Silver business checking: 125 free transactions per statement cycle.
Gold business checking: 300 free transactions per statement cycle.
Platinum business checking: 500 free transactions per statement cycle.
Nonprofit checking: 1,800 free transactions annually.
Premium business checking: Not applicable.

Annual percentage yield (APY)

Some U.S. Bank business checking accounts don’t earn interest. Here are the interest-bearing checking account options you can choose:

Gold business checking with interest: (0.01% APY)
Nonprofit checking: (0.005% APY)
Premium business checking with interest: (0.005% APY)

U.S. Bank Business Savings Accounts

APY

Basic business savings: 0.05% APY (variable and subject to change).
Business savings sweep: 0.01% APY (variable and subject to change).

Fees

Basic business savings: $5 monthly maintenance fee (waived with $500 minimum daily balance).
Business savings sweep: $50 one-time setup fee; $30 or $65 monthly maintenance fee depending on connected checking account; plus $5 savings account monthly maintenance fee.

U.S. Bank Business CDs

APY: 0.05% to 4.95% APY depending on account type and term length.
Fees: Early withdrawal penalties may apply if you withdraw funds before the CD term ends.
Minimum investment: $500 minimum opening deposit for standard CD; $1,000 minimum opening deposit for step up, trade up, and special CDs; $250,000.01 minimum opening deposit for jumbo CD specials.

U.S. Bank Business Money Market Accounts

APY

Premium business money market account: 0.01% APY.
Preferred business money market account: 0.05%, 0.25%, or 1.15% APY depending on account balance.
Platinum business money market account: 0.05% to 1.15% APY depending on account balance, and some balances may be eligible for 4.60% bonus APY.

Monthly maintenance fees

Premium business money market account: $30/month (waiver not applicable).
Preferred business money market account: $10/month (waived with $1,000 minimum daily balance).
Platinum business money market account: $15/month (waived with $10,000 minimum daily balance).

U.S. Bank Business Credit Cards

U.S. Bank offers several business credit cards, but here are some points to keep in mind:

Credit card annual percentage rates (APRs) can exceed 20% on average
Some credit cards charge annual fees
Carrying a balance on your credit card can hurt your credit score

U.S. Bank Business Loans

U.S. Bank offers the following small business loans:

U.S. Bank Business Lines of Credit

U.S. Bank also offers the following business financing options:

US Bank Business Accounts: Overall Rating

U.S. Bank is one of the largest commercial banks in the United States in terms of consolidated assets. It offers a variety of business deposit accounts and financing options. U.S. Bank may be right for you if you’re looking for fast business loans. U.S. Bank may not be right for you if you’re looking for high-yield business savings accounts.

Alternatives to US Bank Business Account

As you begin researching the best business bank account for your needs, be sure to check out other banks and their checking options, including options like Truist Bank.

What Types of Business Accounts Does US Bank Offer?

As mentioned earlier, here are some of the business accounts offered by U.S. Bank:

Business checking accounts
Business savings accounts
Business money market accounts
Business CDs
Business credit cards
Business lines of credit
Small business loans

Why Choose U.S. Bank?

U.S. Bank offers a plethora of banking options for diverse business needs. With numerous locations in over two dozen states, it may also provide convenience if you need to visit a branch.

Important to Keep in Mind

U.S. Bank may waive your monthly maintenance fees on certain business deposit accounts if you meet a designated minimum daily balance. Although U.S. Bank offers interest-bearing business checking accounts, you may need to consider alternatives if you’re looking for better rates.

Opening a US Bank Business Account

At U.S. Bank, it’s easy to open an online business bank account in just a few minutes. Be sure to gather what you need before you get started, but know that you can save your application to complete at a later time.

U.S. Bank Business Account Requirements

To open an account with U.S. Bank, you’ll generally need to be 18 years of age or older and a legal resident of the United States with a Social Security number or Individual Taxpayer Identification Number. You will also need to make a deposit of $100 to open your account.

The Application Process

You can open a U.S. Bank business account online in most cases (some deposit accounts, such as CDs, may require an appointment). To open a deposit account online, you may need the following information:

Your business’s federal Employer Identification Number (EIN) or tax ID number, or your Social Security number if you operate as a sole proprietor
Articles of incorporation, articles of organization, or legal document that indicates when your company was formed, unless you are a sole proprietor
Government-issued photo ID and Social Security number for anyone authorized to sign checks or make transactions on behalf of your company

During the U.S. Bank business account application process, you’ll generally be asked questions about your business, its business structure, and contact information. Once your business bank account application is approved and you’ve made your initial $100 deposit, the account will be opened.

The Takeaway

U.S. Bank may be a good fit for established small business owners who are able to leave funds in their account (to avoid those pesky monthly fees). It could also be one option for businesses who have specific financial needs — like assistance with investment strategies or access to longer-term investments, like CDs.If you need funding to grow your business, Lantern by SoFi can help. Just fill out a simple form and find the right financing for your business.Lantern can help you find fast funding for your small or medium-sized enterprise.

Frequently Asked Questions

What do you need to open a business bank account at U.S. Bank?

What are the requirements to open a U.S. Bank business account?

What are the benefits and drawbacks to a U.S. Bank business bank account?

About the Author

Susan GuillorySu Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

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