South State Bank Business Checking Review, Plus Top Alternatives

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. Sally has a master's degree in journalism from New York University and a bachelor's degree in English literature from Columbia University.
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Choosing a business bank account may not be the most glamorous part of being a small business owner but it’s an important step nonetheless. Do you want to earn interest on your deposits? What’s your average monthly balance likely to be? How many transactions do you make each month? Your answers to each of these questions will help determine your choice of business checking accounts. Fortunately, South State Bank has six checking accounts, so you have plenty of options.

Want to learn more? We’ll take you through the South State Bank business checking accounts, and we’ll share some alternative accounts for your consideration.

The 6 South State Bank Business Checking Accounts, Reviewed

Basic Business

Monthly fees and limits:

  • $50 minimum opening deposit
  • $0 monthly maintenance fee
  • No minimum balance requirement
  • 250 transaction limit
  • Transactions over 250 cost $0.35 each

Best for:

  • Small business owners looking for a fee-free account

Most banks that offer small business checking accounts offer something billed as a basic account. South State Bank’s Basic Business account fits the bill. Although there is a $50 minimum opening deposit, once you’ve opened the account you won’t need to worry about monthly fees or minimum balance requirements. That means it’s a solid starter account for business owners who don’t want to worry about monitoring their account balance or racking up fees. The 250-transaction limit gives you some flexibility, too.

Business Choice

Monthly fees and limits:

  • $50 minimum opening deposit
  • $1,500 average daily balance requirement, or $10,000 in combined deposits and loan balances
  • $10 monthly charge if minimum deposit requirements are not met
  • 500 transaction limit
  • Transactions over 500 cost $0.45 each

Best for:

  • Business owners looking for an account with a high transaction limit

Next up on our roundup of the South State Bank business checking accounts is the Business Choice account. This account also requires a $50 minimum deposit. Once you have an account, you’ll need to maintain an average daily balance of $1,500 (or $10,000 in combined deposits and loan balances) to waive the $10 monthly charge. The transaction limit on the account is 500 transactions. If you hit the limit, you’ll pay $0.45 per transaction. Have a high transaction volume? This account might suit your needs.

Commercial Analysis

Monthly fees and limits:

  • $50 minimum opening deposit
  • $15 monthly maintenance charge
  • $0.50 per deposit
  • $0.11 per item deposited
  • $0.19 per check paid
  • $0.15 per ACH debit
  • $0.20 per ACH credit
  • $1 per $1,000 cash deposited or exchanged

Best for:

  • Business owners who don’t need a flat fee structure

The South State Bank Commercial Analysis account has a slightly different pricing model. Rather than having a certain number of free transactions per month, the account prices each transaction. The good news is that if you have positive collected balances, you’ll receive an Earnings Credit that you can use to offset the monthly maintenance and transaction fees you’ve racked up.

south state bank business checking

Commercial Analysis Plus

Monthly fees and limits:

  • $50 minimum opening deposit
  • $40 monthly maintenance charge
  • $0.50 per deposit
  • $0.11 per item deposited
  • $0.19 per check paid
  • $0.15 per ACH debit
  • $0.20 per ACH credit
  • $1 per $1,000 cash deposited or exchanged

Best for:

  • Business owners who want to earn interest on their deposits

The Commercial Analysis Plus account from South State Bank is similar to the Commercial Analysis account but comes with the option of earning interest on your deposits. The transaction fee structure on the two accounts is the same, as is the option to offset fees with an Earnings Credit. What’s different is the interest feature, which helps account for the higher monthly maintenance charge on the Commercial Analysis Plus account.

Community Checking

Monthly fees and limits:

  • $50 minimum opening balance
  • 30 debit items free per month
  • $0.35 per debit items after 30
  • $500 minimum daily balance required to waive transaction fees
  • Deposits earn interest

Best for:

  • Small nonprofits in search of an interest checking account

The Community Checking account from South State Bank is designed with small nonprofits in mind. It’s a free account that pays interest on deposits. The monthly free transaction limit is low, at 30 debit items, after which you’ll pay $0.35 per debit. However, you can waive the transaction fees if you maintain a minimum daily balance of $500.

Community Checking Plus

Monthly fees and limits:

  • $50 minimum opening balance
  • Unlimited monthly transactions
  • Unlimited check writing
  • $2,500 minimum daily balance required to waive monthly maintenance charge
  • $25 monthly maintenance charge if minimum balance requirement is not met
  • Tiered interest on deposits

Best for:

  • Larger nonprofits that can meet the $2,500 minimum balance requirement

As you might guess from the name, the Community Checking Plus account is similar to the Community Checking account. The difference is that the Community Checking Plus account is geared toward larger nonprofits. The minimum daily balance requirement is higher, at $2,500. But if you can meet that requirement, you’ll find you’re getting a lot in return. The account comes with unlimited monthly transactions, free unlimited check writing, and tiered interest. With tiered interest, rather than everyone earning the same APY no matter how much they have in their account, the more you deposit, the higher the APY on your deposits.

Top Alternatives to South State Bank Business Checking

Azlo Business Checking

Azlo Business Checking is a great alternative to one of the starter business checking accounts from South State Bank. That’s because it’s a free, online-only account that is easy to set up from home or from the office and has no monthly transaction limit. You won’t have to worry about monthly fees, minimum initial deposits, or transaction limits with Azlo, Plus, it integrates with business software such as Square and Stripe. The bad news is that you can’t deposit cash with the account, so if you tend to get paid in cash, you might want to steer clear of this account.

Chase Total

The Chase Total business checking account is another popular choice for business owners looking for an inexpensive business checking account. It even comes with a $200 welcome bonus. There is no minimum initial deposit requirement, but there is a $1,500 minimum balance requirement to waive the $15 monthly maintenance charge. The transaction limit on the account is 100 free transactions per month, after which you’ll pay $0.40 per transaction. Need a higher transaction limit? You might want to consider a different account.

Axos Business Interest

Axos Business Interest is a business checking account that lets you earn interest on your deposits. The minimum initial deposit is $100 for the account. As long as you can maintain an average balance of $5,000 you won’t have to pay the $10 monthly maintenance fee. The bad news is that the transaction limit on the account is just 50 free transactions per month. After you hit the limit, you’ll owe $0.50 per transaction. But if you don’t tend to transact very frequently and you’re looking for a tiered-interest checking account, you might want to consider Axos Business Interest.

Chase Performance

Next up on our list is Chase Performance. Like the Chase Total account, it comes with a $200 signup bonus. There is no minimum initial deposit requirement. There is, however, a monthly maintenance charge of $30 unless you can maintain a minimum balance of $35,000. You’ll get 250 free transactions per month, plus unlimited electronic deposits and incoming wires. The free cash deposit limit is $20,000 per statement cycle. If you’re running a midsize or larger business that can keep up with that minimum balance requirement, take a look at the Chase Performance account.

Chase Platinum

Last up is the Chase Platinum business account. Like the Chase Total and the Chase Performance, it comes with a $200 signup bonus. There is no minimum initial deposit, but there is a rather steep $95 monthly maintenance charge unless you can maintain an average balance of $100,000. The account comes with 500 free transactions per month, plus unlimited electronic deposits and incoming wires. The cash deposit limit is $25,000. That’s a generous cash deposit limit and a high transaction limit, but if you can’t meet the $100,000 average balance requirement, you’ll pay a monthly fee that’s as high as the annual fee on some rewards credit cards.

The Bottom Line

We’ve taken you through several business checking accounts, and if you’re feeling overwhelmed, we don’t blame you. Between the six South State Bank business checking accounts and the various top alternatives, it’s a lot to take in. If it makes it simpler for you, keep in mind that choosing a business checking account is about maximizing useful features and minimizing pesky fees.

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.

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. Sally has a master's degree in journalism from New York University and a bachelor's degree in English literature from Columbia University.

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