Chase vs Capital One Business Checking: Which Is Better for You?

Chase and Capital One are two of the best providers for businesses looking for full-service banking with physical branches. In our list of the best small business checking accounts, Chase is the top choice for full-service small business banking tools, whereas Capital One is the best option for businesses needing unlimited fee-free transactions.

While both are great options if you’re opening a business bank account, Chase’s biggest advantage is it’s available nationwide, while Capital One is limited to six states and Washington, D.C. However, Capital One provides more free monthly paper transactions and a lower fee for exceeding free cash deposit limits.

Here is a summary of what each is best for:

• Chase: Best overall with full-service small business banking tools
• Capital One: Best for unlimited everyday transactions

Chase vs Capital One Business Checking Quick Comparison

• Terms
• Features

	Business Complete Banking	Basic Business Checking
Required Opening Deposit	None	$250
Required Balance Minimum	None	None
Monthly Fee	$15;waivable if conditions are met*	$15; waivable if conditions are met**
Transaction Limit Before Fees	20, then 40 cents per transaction	Unlimited
Automated Clearing House (ACH) Fees	$25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee	None
Domestic Wire Transfer Fees	Up to $35 for outgoing wires, up to $15 for incoming wires	$25 for outgoing wires, up to $15 for incoming wires
International Wire Fees	Up to $50 for outgoing wires, up to $15 for incoming wires	$40 for outgoing foreign currency, $50 for outgoing United States dollars; $15 for incoming wires
ATM Fees	Free for Chase ATMs; $2.50 per transaction at any nonnetwork ATM***	Free at Capital One, Allpoint, and MoneyPass ATMs; no fee for nonnetwork ATMs***
Cash Deposit Fee	Up to $5,000 per month free, then $2.50 per $1,000 thereafter	Up to $5,000 per month free; $1 fee for every $1,000 thereafter
Annual Percentage Yield (APY)	N/A	N/A
Review	Read our Chase Business Checking review	Read our Capital One Business Checking review
Open an Account	Visit Chase	Visit Capital One

*Chase’s $15 monthly fee can be waived by satisfying any one of the following criteria each statement period: 1) maintaining a $2,000 minimum daily balance, having $2,000 in net purchases on the Chase Ink® Business Card or receiving $2,000 in deposits from Chase QuickAccept℠ or eligible Chase payment solutions; 2) linking a Chase Private Client Checking℠ account; or 3) providing qualifying proof of military status.

**Capital One’s monthly fee can be waived by maintaining an average daily balance of $2,000 over a 30 -or 90-day period, whichever is greater.

***Third-party operator fees may also apply.

	Business Complete Banking	Basic Business Checking
Debit Card	Free debit card, mailed within 10 business days of application approval	Free debit card, mailed within 5 to 7 business days of application approval
Physical Checks	Cost varies depending on the type of checks ordered	Cost varies depending on the type of checks ordered
Accounting Software Integrations	QuickBooks and FreshBooks	QuickBooks and Xero
Business Payment Integrations	Available through Chase Merchant Services	PayPal, Apple Pay, Google Pay, and Samsung Pay
Customer Service	Live customer support online or in bank branch locations	24/7 support by phone, or in branch locations during business hours
Invoicing Products	Available through Chase Merchant Services	None
Other Products Available	Business savings & certificates of deposit (CD), lending products, credit cards, merchant services, and collection services	Business savings, lending products, credit cards, and personal banking
Review	Read our Chase Business Checking review	Read our Capital One Business Checking review
Open an Account	Visit Chase	Visit Capital One

When To Use Each

When To Use an Alternative

• You want a fee-free business checking account: Both Chase and Capital One charge monthly maintenance fees that account holders can waive by meeting certain criteria. Businesses that want fee-free business checking accounts can look into U.S. Bank, a traditional bank that offers full-service banking in more than 2,000 branches across 26 states.
• You make $5,000–$7,500 worth of cash deposits per month: The cash deposit limit for both Chase and Capital One is $5,000. Bank of America offers a higher cash deposit limit of $7,500.
• You want to earn interest on checking balances: Neither Chase nor Capital One earns interest on checking balances. Businesses that want to earn competitive interest on checking accounts should look into Bluevine, which offers qualified accounts an APY of 2.0% on balances up to $100,000.

Chase vs Capital One Business Checking Account

Both Chase and Capital One offer tiered checking accounts that can scale as businesses grow. Chase’s lowest tier checking account is called Chase Business Complete Banking while Capital One’s lowest tier checking account is called Capital One Basic Business Checking. Chase doesn’t have an opening deposit requirement, whereas Capital One has an opening deposit requirement of $250.

Chase also offers new customers a welcome bonus of either $300 or $500.

To earn a $300 bonus:

• Step 1: Open a new Chase Business Checking account online or in branch and present the $300 bonus offer (which you can receive by entering your email address on Chase’s website).
• Step 2: Deposit a total of at least $2,000 in new money within 30 days.
• Step 3: Maintain at least a $2,000 balance for 60 days from the offer enrollment.
• Step 4: Complete 5 qualifying transactions within 90 days of enrollment.

To earn a $500 bonus:

• Step 1: Open a new Chase Business Checking account online or in branch and present the $500 bonus offer (which you can receive by entering your email address on Chase’s website).
• Step 2: Deposit a total of at least $15,000 in new money within 30 days.
• Step 3: Maintain at least a $15,000 balance for 60 days from the offer enrollment.
• Step 4: Complete 5 qualifying transactions within 90 days of enrollment.

Account holders are only eligible for the bonus once every two years from their last enrollment date. They can only receive one bonus per account.

Chase vs Capital One Business Checking Account Overview

Although our list of the best business checking accounts named Chase the best choice for full-service business banking solutions, Capital One offers many similar services. It has business savings, certificates of deposit (CDs), Small Business Administration (SBA) loans, lines of credit, real estate term loans, business installment loans, specialized lending, vehicle and equipment loans, and Escrow accounts. Chase’s additional products include savings accounts, CDs, business lines of credit, small business loans, and commercial real estate financing.

Chase edges Capital One out because its physical branches have a wider reach. It has 4,700 branches in all U.S. states except Alaska and Hawaii. Capital One only has 755 branches, which are spread across Washington D.C., Louisiana, Maryland, New Jersey, New York, Texas, and Virginia. Visiting a physical branch is required when opening an account with Capital One.

Chase users can make ATM withdrawals fee-free at any of Chase’s 16,000 ATMs. Capital One users, meanwhile, can make fee-free transactions at more than 70,000 Capital One, Allpoint, and MoneyPass ATMs nationwide. Chase charges a $2.50 non-network fee on top of third-party operator fees. Capital One doesn’t charge a fee for non-network ATM withdrawals, although customers may have to pay third-party operator fees.

Chase vs Capital One Business Checking Account Costs

Chase and Capital One both charge a monthly maintenance fee of $15. The monthly maintenance fee at Capital One can be waived by maintaining an average daily balance of $2,000 within a 30- or 90-day period, whichever is greater.

One advantage Chase holds over Capital One is that Chase allows account holders to waive the monthly fee without maintaining an average balance. Accounts can waive the monthly fee by meeting one or more of the following criteria within a statement period:

• Maintain a $2,000 average daily balance
• Have $2,000 in net purchases on Chase Ink Business Cards
• Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions
• Link a Chase Private Client Checking account
• Provide qualifying proof of military status

Chase Business Complete Banking allows 20 fee-free transactions, and every subsequent transaction after the limit costs 40 cents. Under Capital One Basic Business Checking, there’s no transaction limit. Both accounts allow $5,000 worth of fee-free cash deposits per month. After exceeding the limit, Chase users must pay $2.50 per $1,000 cash deposited while Capital One users pay $1 for the same amount.

Chase vs Capital One Business Checking Account Sample Scenario

A business that makes frequent cash deposits and paper transactions can save money by choosing Capital One. Chase charges 40 cents per paper transaction after the limit of 20, while Capital One has no limits. Although both providers have the same fee-free cash deposit limit of $5,000, Capital One only charges $1 for every $1,000 after the limit, which is more than half of what Chase charges.

Bottom Line

Chase and Capital One offer similar services, but Capital One tends to charge lower fees. Capital One charges no fees for transactions or nonnetwork ATM withdrawals and only charges $1 per $1,000 deposited in cash. However, Capital One’s limited locations put it at a significant disadvantage. Businesses operating outside of Washington D.C., Louisiana, Maryland, New Jersey, New York, Texas, and Virginia would be better served by Chase.