Chase Business Savings Accounts: Explore Your Options

Meredith Wood

Meredith Wood

Editor-in-Chief at Fundera
Meredith is Editor-in-Chief at Fundera. Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!, Amex OPEN Forum, Fox Business, SCORE, AllBusiness and more.
Meredith Wood

Latest posts by Meredith Wood (see all)

If you’re in the market for a high-yield business savings account (and you should be), the three Chase Business Savings accounts are some of the best on the market. These accounts are the perfect low-risk, interest-bearing homes for your business’s hard-earned cash.

Plus, they have a solution for any business—no matter its size.

Let’s review the three Chase Business Savings accounts so you can decide if they’re right for your business.

Why Your Business Should Save with Chase

First things first, why should you decide to save your business’s money with Chase? Before we dive into all of the business savings options they offer, let’s take a look at what makes Chase an ideal bank to work with for small businesses.

Overall, having a relationship with Chase can set up a small business for financial success—because Chase offers a variety of financial products tailored toward small business, having your financial home base with them in the form of your business savings account could really be a game changer.

From Chase business credit cards to Chase’s payroll solutions, Chase offers pretty much all things small business finance, all in one place.

Chase offers tons of small business financial products that work smoothly and efficiently in tandem so that you can focus on running your business. And starting with opening up a business savings account with Chase is the perfect baseline for getting your foot in the door to access all that this small business financial hub offers.

1. Chase Business Total Savings

Your first option for a Chase business savings account is the Chase Business Total Savings. If you’re just starting out with the savings game, and you’re working with a lower savings threshold as a result, this could be the perfect business savings account option for you.

This business savings account allows you to keep your savings working for you—they’ll remain semi-liquid even as they bear interest over time.

chase-business-savings-account

The Chase Business Total Savings account offers some pretty stellar features for businesses that plan to start out with a savings balance on the lower side. If you decide to save with this Chase account, you’ll gain access to:

  • An opening minimum deposit of only $25
  • A monthly service fee of only $10, which Chase will waive if you have a Chase Total Business Checking linked to the account
  • Federal Deposit Insurance Corporation insurance on your savings
  • The choice to link to your business checking account to fund overdraft protection

Especially in tandem with a Chase business checking account, the Chase Business Total Savings account is a low-cost, interest-bearing home for your business’s money.

2. Chase Business Premier Savings

Next up, the Chase Business Premier Savings is another savings option for businesses looking for a liquid, interest-bearing home for their money. In contrast to the Chase Business Total Savings account, however, the Business Premier Savings account is tailored for businesses with higher savings balances.

With the Business Premier Savings account, you can optimize your savings by achieving a sweet spot of liquidity and earning. Let’s take a look at what exactly this Chase business savings account offers:

  • A monthly service fee of just $20. Plus, Chase will waive this fee if you attach your Business Premier Savings account to one of the qualifying Chase business checking accounts.
  • Higher relationship rates—which means you’ll access a higher annual percentage yield if you attach your Business Premier Savings account to a Chase business checking account.
  • Federal Deposit Insurance Corporation insurance on your savings.
  • The choice to link to your business checking account to fund overdraft protection.
  • Automatic savings transfers—you can have a portion of your checking balance sent to your savings at regular intervals.

All in all, if you’ve got a large stash of savings that you want to stow away for your business’s future, the Chase Business Premier Savings account provides a convenient and high-earning home for your business savings.

3. Chase Business Certificates of Deposit

Your last Chase business savings option is the Chase Business Certificates of Deposit. The Chase Business Certificate of Deposit is the highest-interest, least liquid option of the three savings accounts that Chase offers.

If you have a large sum of money that you don’t plan on needing for a certain amount of time, then these certificates of deposit are your best bet for earning big. That said, if you need to access your savings before your predetermined term is up, then you’ll be saddled with early withdrawal fees, which will seriously dip into any earnings you see thanks to the higher annual percentage yields this savings option boasts.

chase-business-savings-account

Nonetheless, if you’re confident that you won’t need to access your savings for a certain amount of time, then a Chase Business Certificate of Deposit will give you the most bang for your buck. When you save your money in the form of a certificate of deposit with Chase, you’ll gain access to the following perks:

  • The highest APY you’ll be able to access of all of your Chase savings options
  • A minimum balance of $1,000, which is particularly low for CDs
  • Term lengths that range anywhere from 30 days to 10 years, allowing for flexible, high-earning savings
  • Federal Deposit Insurance Corporation insurance on your certificate of deposit’s worth

If you aren’t planning on touching your savings for a certain amount of time, then a Chase Business Certificate of Deposit will offer you the most lucrative home for your business’s money.

What Will You Need to Open a Chase Business Savings Account?

Do one of these Chase business savings accounts sound like the perfect place to stash your cash?

We thought that might be the case.

Your next step will be to start up your account, and whether this is your business’s first savings account, or you’re switching your savings over from another account, you’ll need to take some steps to get started.

What exactly do you need to open one of the  Chase Business Savings Accounts? Let’s take a look:

  1. First thing’s first, you need to find the appropriate paperwork before applying to open your Chase business checking account. Depending on your business entity, there are specific forms to fill out. Find the documents for sole proprietorships, partnerships, LLCs, and corporations on the Chase website.
  2. Next up, it’s time to apply to open your account. Once you’ve got all of your paperwork compiled, call or visit your nearest Chase bank to set up an appointment to open your account. Keep in mind that for unincorporated companies, Chase requires that your secretary be present at the appointment to open the account.
  3. Now that you’ve opened your account, it’s time to enroll in Chase Online for Business and to download Chase’s app for smartphones. With these services, you can set up Chase QuickDeposit to deposit checks on-the-go and activate Access Manager for employees to view and transact online.
  4. After setting up those services, the next step is to transfer all of your automatic payments and deposits to your new Chase business account. Contact your payroll provider and your merchant services processor to ensure that they’re working with your new account rather than your previous one if you’re switching over rather than starting from scratch.
  5. Last but not least, after you’ve performed all of the previous steps, it’s time to say goodbye to your old account if you’re switching over from elsewhere. But be sure to wait until all outstanding checks and transactions have cleared before you do so.

And that’s it! After you’ve taken care of these five simple steps, you’ll be all set and saving with Chase.

Are You Ready to Save with a Chase Business Savings Account?

There you have it—all the pertinent information for deciding which Chase business savings account is right for you, plus all of the steps to take in order to act on that decision. With all of it laid out in front of you, it’s easy to make a decision—and saving with Chase is one of the best decisions you can make for your business.

Whether you’re looking for your business’s first savings account, or you’re searching for a high-balance, high-earning nest egg to put away, Chase has something for you. And the steps toward taking advantage of Chase’s business savings account options couldn’t be more straightforward. Just follow 1 through 5, and your business’s money will be stored away, bearing interest, and earning for your future.

So, if one of these three options sounds like the perfect home for your business, why wait? Start saving your money—and earning for saving your money—with one of the most small business friendly banks today.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Meredith Wood

Meredith Wood

Editor-in-Chief at Fundera
Meredith is Editor-in-Chief at Fundera. Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!, Amex OPEN Forum, Fox Business, SCORE, AllBusiness and more.
Meredith Wood

Latest posts by Meredith Wood (see all)

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