Chase Business Total Savings Account 2024 Review
A business savings account gives your business a place to set aside money for future projects while earning interest on that money.
Each bank may offer one or several business savings accounts. Each account is different.
Some pay high interest rates and charge few fees. Others charge many high-cost fees and pay virtually no interest at all.
Here’s what you should know about the Chase Business Total Savings account to understand if it’s a good fit for your business.
The Chase Business Total Savings account may be a good fit for current Chase Business Checking customers. Chase is one of the largest U.S. banks. It offers FDIC insurance on your business deposits up to applicable limits.
However, other businesses without a Chase relationship may want to look elsewhere for a business savings account. In particular, these businesses should look for an account that pays a competitive interest rate.
Chase Business Total Savings Account Pros & Cons
$10 Monthly Maintenance Fee
The Chase Business Total Savings account charges a $10 monthly service. The fee can be waived if you meet one of two specific requirements.
- Maintain a $1,000 average ledger balance for a statement period
- Link a Chase Business Complete Banking account
15 Free Monthly Deposits
Each month, you get up to 15 free deposit items. After that, you pay $0.40 for each additional deposit item.
$5,000 in Free Monthly Cash Deposits
Each statement period, your account gets $5,000 in free cash deposits. After that, you must pay $2.50 per $1,000 of cash deposited if you deposit by night drop, post verification, or immediate verification methods.
Cash deposited at an ATM has no charge according to the Business Deposit Express fee schedule.
Your business savings account will earn interest. Sadly, the interest rate is so low it might as well not exist. This is common for large banks. That said, you could earn a much more respectable interest rate with many online business savings accounts.
Other Account Fees to Consider
Business checking accounts are known to have a long list of fees. It should be no surprise business savings accounts may have fees, too. Here are some of the fees you want to watch out for with the Chase Business Total Savings account.
Other Service Fees - Chase Business Total Savings
|Out-of-network ATM fee (domestic)
|Out-of-network ATM fee (international)
|$5.00 per withdrawal or $3.00 per transfer or inquiry
|Domestic or international incoming wire transfer
|$15.00 per wire
|Domestic outgoing wire
|$35.00 for banker assisted or $25.00 for online wire
|International outgoing wire (USD)
|$50.00 for banker assisted or $40.00 for online
|International outgoing wire (foreign currency)
|$5.00 per transfer or $0 per transfer if the amount is $5,000 USD or more
You get access to Chase’s Autosave feature which allows you to create rules to automatically transfer money from checking to savings regularly. You can set a dollar amount or a portion of your deposits.
Chase Bank is an FDIC member. This means their business savings account qualifies for FDIC insurance up to applicable limits. Business accounts are insured separately from personal accounts if you do have your personal bank accounts at Chase as long as you aren’t a sole proprietorship.
How to Open
Opening a Chase Business Total Savings Account can be done in different ways depending on your business type.
Sole proprietorships, corporations, and LLCs managed by a single member or manager can be opened online. Other business types need to visit a Chase branch to open an account.
The list of information you need will vary based on your business type. Call Chase before you visit a branch to make sure you have all of the relevant documents ready. That said, here are some of the most commonly requested documents.
- Employer identification number
- Business license or registration information
- Doing business as certificate
- Articles of organization, incorporation, or other similar documents
- Partnership agreement or other similar documents
- Business owners’ and business managers’ personal information, including Social Security number and photo identification
How to Pick a Business Savings Account
Companies may have different priorities when looking for a business savings account. Here are a few factors you may want to consider before settling on the right account for your company.
Many businesses prioritize a savings account’s interest rate. After all, the money should grow while it’s set aside for a future purpose. Online business savings accounts tend to offer the best interest rates.
FDIC or NCUA insurance coverage
FDIC or NCUA insurance offers some protection for your business’s savings, up to the limits of each program.
If you have deposits over insurance limits, you should seriously consider the financial stability of the bank you put your funds in.
Monthly maintenance charges
Businesses should try to avoid monthly maintenance fees. Look for an account that does not charge these fees or one that provides an easy way to get them waived.
Minimum balance requirements
You may qualify for a maintenance charge waiver if you maintain a minimum balance in your account. Each bank calculates the balance requirement using its own method that you’ll want to understand to avoid unnecessary fees.
Transaction limits and excess transaction fees
Limits on withdrawals from savings accounts are normal. Some banks limit free deposits, too. If you exceed the free deposit limit in a month, you may have to pay an excess deposit fee.
Cash deposit limits and excess cash deposit fees
Business accounts often place limits on the amount of cash you can deposit for free each month. Each additional $100 of cash beyond the limit results in a small fee in most cases.
Physical bank locations and hours
If you choose a brick-and-mortar bank, branch locations could be important. Look for a branch with locations near your business with convenient hours to minimize special trips to the bank.
A business savings account may be an afterthought to other business banking products, such as checking accounts or loans. It may make more sense to prioritize these other banking products if you prefer convenience over optimizing the interest you earn.
Online Banks vs. Traditional Banks for Business Savings Accounts
Traditional banks almost always offer a business savings account, but how do those accounts typically stack up to an online business savings account? Most times, online business savings accounts come out ahead.
Since you’re setting aside money to save, it makes sense to want to earn as much interest as possible. Usually, online business savings accounts offer much higher interest rates than traditional banks.
This is possible because online banks don’t have to pay for physical branch locations. They pass along some of those cost savings in the form of higher interest rates. Online banks normally offer fewer fees at lower costs, too.
Compared to Other Chase Business Savings Accounts
The Chase Business Premier Savings account is another alternative you may want to consider. It has a $20 monthly service fee that can be waived with an average ledger balance of $25,000 or more or by having one of several specific linked Chase Business Checking accounts.
The account comes with 30 free monthly deposits and up to $10,000 of free cash deposits each month. You can also unlock relationship interest rates if your account is linked to a Chase Performance Business Checking or Chase Platinum Business Checking account.