Chase vs. Capital One Business Checking Account: Which Is Better?

Meredith Turits

Contributing Writer at Fundera
Meredith is a writer and editor. Drawing on her background in small business and startups, she writes on business, finance, and entrepreneurship. Her writing has also appeared in the New Republic, Rolling Stone, Vanity Fair, ELLE, The Paris Review Daily, and more.
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Choosing a bank account for your business might seem like just another thing you have to do when you’re starting or growing your business, but the decision is actually much bigger. By choosing the right bank and account, whether it’s Chase vs. Capital One business checking, you could end up saving yourself money in fees down the line. And in small business, every little bit counts.

We’ll go through Chase vs. Capital One business checking accounts to help you determine which is better for your business. You’ll have to take into account a few different considerations for how you conduct business and what you want out of a business checking account.

How to Decide on a Business Checking Account

There are a few things you’ll want to ask yourself before you decide between Chase vs. Capital One business checking—or any business checking account at all. That’s because the features that different business bank accounts offer accommodate different types of companies: for instance, whether you handle a lot of cash, or make a ton of transactions, or need domestic wires. All of these things can accrue fees if you exceed the number that a bank gives you for free with a certain account.

So, with that in mind, you’ll want to know the following about your business:

  • Do you make a lot of transactions, or do you mostly just want somewhere to stash your money until you need it?
  • Do you handle a lot of actual cash, or are you more frequently getting paid by checks or direct deposit bill pay?
  • Do you take advantage of wire transfers? Are they incoming or outgoing?
  • Are you comfortable with paying a monthly fee? Do you have other active accounts—or plan to open them—to help you waive the fee with combined balances?
  • Are you able to keep a minimum balance in your account, or are your cash margins pretty thin?

There are plenty of questions you can ask yourself, of course, but these will provide a strong basis for you to be able to evaluate the Chase vs. Capital One business checking account options, and find out which is best for you.

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What “Tier” Do You Need?

As you’ve probably noticed by now, most business checking accounts come in a “tiered” format. In other words, there are entry levels that offer certain features, and as you go up the ladder, more features get added (like an increased number of free transactions, or free cash deposits, for instance).

One other thing that does change not exactly for the better is annual fees. You’ll be paying for those extra features in the higher tiered accounts. That said, there’s still the opportunity to waive fees with the right balances. That’s why it’s important to not only know what you want out of an account, but how your business deals with cash reserves.

As we’re going through the list of Chase vs. Capital One business bank accounts, you’ll notice that Chase has three tiers while Capital One has two.

Chase vs. Capital One Business Checking: Basic Accounts

We’ll start with the basic accounts for Chase business checking and Capital One business checking. These accounts are both excellent entry-level accounts for business owners starting to ramp up their businesses and kick things off.

Chase Total Business Checking

The Chase Total Business Checking account is the first stop on Chase’s small business banking ladder.

Features include:

  • $200 signup bonus
  • $0 minimum first deposit
  • 100 free transactions per month, $0.40 per transaction thereafter
  • $5,000 in free cash deposits each month
  • $12 monthly fee ($15 if you want paper statements), which can be waived with a $1,500 minimum balance or with active qualifying accounts at Chase
  • Online and mobile banking including bill pay

Capital One Spark Business Checking

Capital One’s Spark Business Checking is part of the Spark business suite you may already know if you have a Capital One business credit card.

Features include:

  • $1 minimum first deposit
  • Unlimited transactions each month
  • $5,000 in free cash deposits and a nominal fee ($1 per every $1,000) after that
  • $15 monthly fee, which can be waived with a $2,000 balance
  • Online and mobile banking including bill pay

How Chase vs. Capital One Basic Business Checking Stack Up

There’s one major standout perk for each of these accounts. For Chase, you’re able to score a $200 welcome bonus for opening an account and completing a few qualifying transactions. That’s nothing to sneeze at, and can be a nice way to kickstart your business banking balance. For Capital One, you get unlimited transactions each month with even this basic account, which isn’t always easy to find. As they share many other features, these two differing points could be a deciding factor for you.

Chase vs. Capital One Business Checking: Upgraded Accounts

Let’s go a tier up now. These accounts are a good fit for business owners who are dealing with quite a bit more cash than others, and who likely already have a solid foundation of recurring revenue. You certainly can use these as starter accounts, just be certain that you can meet the qualifications to waive the monthly fee if you don’t want to pay it.

Chase Performance Business Checking

The Chase Performance Business Checking account is a nice step up from Total Checking, especially if you perform wire transfers, since those fees can add up. The minimum balance is a big step up—$35,000 from $1,500—so keep this in mind.

Features include:

  • $200 signup bonus
  • $0 minimum first deposit
  • 250 free transactions per month with unlimited online deposits
  • No fees for incoming wire transfers, plus 2 outgoing domestic wire transfers per month
  • $5,000 in free cash deposits each month
  • $30 monthly fee, which can be waived with a $35,000 minimum balance or with active qualifying accounts at Chase
  • Online and mobile banking including bill pay

Capital One Spark Business Unlimited Checking

You still have that same great foundation of unlimited transactions in Capital One’s second-tier account. And, if you have other accounts in the Spark suite, you may be able to waive fees, since this account also bumps its minimum account balance to $25,000.

Features include:

  • Unlimited transactions each month
  • No fees for cash deposits
  • No fees for incoming domestic wires, plus 5 free outgoing domestic wires
  • $35 monthly fee, which can be waived with a $25,000 balance or two other active accounts in the Spark suite
  • Online and mobile banking including bill pay

How Chase vs. Capital One Upgraded Business Checking Stack Up

If outgoing wire transfers are important to your business, then you’ll find a big advantage with Capital One, which gives you three more free outgoing transfers than Chase. You’ll also quite like the unlimited transactions offered here. But if you’re worried about keeping a minimum balance, Chase does offer a lower monthly fee (even if the balance to maintain is higher). And, again, there’s that signup bonus to enjoy.

One More Chase Option: Top-Tier Business Checking

There’s one more account option for you as a business owner, which is Chase’s top-tier account. Capital One doesn’t provide an account with similar features, which is important to keep in mind.

Chase Platinum Business Checking

The Chase Platinum Business Checking account is made for a business bursting at the seams with growth. A $100,000 minimum balance is going to be tough to maintain for the majority of business owners, but if you keep that much cash in reserve, you might as well get the features that come along with that kind of cash on hand.

Features include:

  • $200 signup bonus
  • $0 minimum first deposit
  • 500 free transactions per month with unlimited online deposits
  • No fees for incoming wire transfers, plus fees waived on your 4 most expensive outgoing domestic wire transfers per month
  • $25,000 in free cash deposits each month
  • $95 monthly fee, which can be waived with a $100,000 minimum balance or with active qualifying accounts or investments at Chase
  • Online and mobile banking including bill pay

When You’d Want to Choose Chase’s Top-Tier Business Checking Account

Obviously, Chase Platinum Business Checking is on a slightly different level than some of the other accounts we’ve been talking about. Here, you’d be handling big money, and have a lot of liquidity—which is necessary to waive that $95 monthly fee. Not every small business can attain that, and that’s why this account isn’t for every small business.

That said, if you’re handling a ton of cash that’s coming in, Chase Platinum could actually be a good bet for you, since you don’t get charged up to $25,000 worth of cash deposits. You’ll have 500 transactions for free, too. And, with expensive outgoing wire transfers, an account like this could pay for itself.

But if your instinct is that this is just a little too much for your business, it probably is. Luckily, if you choose an account in the Chase network, you can always upgrade if you find your needs end up matching what Platinum provides.

Don’t Forget Savings, Too

Both Chase and Capital One also offer savings accounts with different but distinct advantages. Since we’re currently just talking about business checking accounts, we’ll spare you the intimate details. Still, if your business is in a position to start socking away a little bit of money, these are worthy accounts to consider, since they’ll yield interest on your balances, but still enable you to access your money if you need it.

If that sounds interesting to you and you want to dive deeper on these two banks, take a look at the best business savings accounts where you’ll find two options from Capital One and two options from Chase. Once you’ve figured out which business checking account you’re choosing, you’ll likely be able to count the balance of your savings account at the same bank toward your full banked balance, which means less work to get rid of monthly fees.

Choosing a Chase vs. Capital One Business Checking Account

The good news is that you can’t really go wrong choosing a business bank account from either Chase or Capital One. Both accounts have fantastic foundational offerings for small business owners as well as upgrade picks if your business grows.

One final consideration you may want to have on your radar as you choose Chase vs. Capital One is what your business needs in the future. Both banks offer really strong business credit cards, business loan products, and other business banking accounts. Consolidating your services at one bank can help down the line—you sometimes are able to get preferred service and personal banking, and even up your chances for bank loan approval.

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 Turits

Contributing Writer at Fundera
Meredith is a writer and editor. Drawing on her background in small business and startups, she writes on business, finance, and entrepreneurship. Her writing has also appeared in the New Republic, Rolling Stone, Vanity Fair, ELLE, The Paris Review Daily, and more.

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