Chase Business Checking bonus has been increased to $500/$400, and you only need to deposit $10,000/$2,000 and complete five qualifying account activities! That’s still fairly easy, and if you don’t have enough cash, the $400 tier is a good choice. The offer expires on October 15.
To get the opening bonus, you need to deposit $10,000/$2,000 within 30 days and keep the money in the account for at least 60 days. You also need to complete 5 qualifying account activities within 90 days. The easiest way is to make five purchases with the linked debit card. Other qualifying activities include using QuickDepositSM (deposit checks by taking photos), ACH credits, wire transfers in or out, Chase Online Bill Pay, and Chase QuickAccept.
*Qualifying transactions include debit card purchases, Chase QuickDepositSM,3 ACH (credits) , wires (credits and debits) , Chase OnlineSM Bill Pay4 and Chase QuickAccept®. QuickAccept card payments are combined into one daily qualifying transaction.
Note that Zelle does not count, and ACH debits do not count either.
The following are not considered qualifying transactions: ACH (Debits) , Person to Person payments such as Zelle
This bonus is pretty good, and I’ve added it to the bank account opening bonus rankings.
If you have a lot of cash on hand, Chase Platinum Business Checking also has a $3,000 opening bonus right now. You need to deposit at least $300,000 in new external funds within 60 days after registering for the offer and keep at least $300,000 in the account for 180 days starting from registration. After you complete those requirements, Chase will issue the $3,000 bonus within 15 days. The offer expires on October 1.
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About Chase Business Checking
Most people are probably already familiar with Chase, so I won’t go into too much detail. Its business checking accounts also offer solid opening bonuses, which is why I’m covering them in a separate post. They are also FDIC-insured, so there’s no need to worry.
Account opening and bonuses
Opening bonus
See the beginning of the article.
Application documents
During the application, you’ll need to provide identification, a Tax Identification Number, and answer some business-related questions. If you already have a Chase account, you can log in and save the application.
Chase also clearly lists the documents non-U.S. citizens can use to open an account, so it’s not limited to U.S. citizens or green card holders. Non-Permanent Residents can use identification such as a Passport, Matricula, or U.S. Employment Authorization Card; the exact documents required will vary depending on the business type.
Account options
The three account types below can all meet the requirements, depending on the size of your business. In most cases, Complete Banking is enough, and it has the lowest monthly-fee waiver requirements. Complete has a $15 monthly fee, which can be waived if you meet any of the following conditions:
- Link an eligible Chase Private Client Checking, JPMorgan Classic Checking, or Private Client Checking Plus account;
- Meet Chase Military Banking requirements;
- Maintain at least a $2,000 Minimum Daily Ending Balance in the account;
- Receive at least $2,000 in qualifying deposits each month through Chase Payment Solutions, such as Chase QuickAccept, InstaMed, etc.;
- Link a Chase Ink Business credit card or Chase Sapphire Reserve for Business for the same business and complete at least $2,000 in qualifying purchases in each credit card billing cycle.
How to apply
Applying for a business checking account is a little stricter than applying for a typical business credit card, because the bank needs to understand your business type, income, transaction volume, and other details. However, Chase’s official materials now clearly list the identification documents that Permanent Residents and Non-Permanent Residents can use, so you do not need to be a U.S. citizen or a green card holder. Companies generally apply using the company’s EIN; if you are a Sole Proprietor, you can use an SSN, ITIN, or EIN. A Single Member LLC can also use an SSN or ITIN if eligible, and other entity types will require different business documents. Just provide the materials requested on the application page.
You can also check out our analysis and introduction to business credit cards for something similar; it’s basically the same idea.
