Chase Business Complete BankingSM and Capital One Spark Business Basic Checking are low fee, basic checking accounts available specifically for small businesses. Which is the better checking account for your small business?
In a nutshell:
Chase Business Complete BankingSM requires no minimum initial deposit and is available in a much larger market area.
Capital One Spark Business Basic Checking is in a smaller market area and does require a minimum initial deposit, but offers unlimited transactions and a very large ATM network.
In truth, either of these accounts is an excellent choice for any small business. You’ll need to analyze the specific details of the service levels each provides, to see which will better serve the needs of your business. And, that’s exactly what I’ve done for you in this head-to-head comparison analysis.
Chase Business Complete BankingSM vs. Capital One Spark Business Basic Checking summary
Chase Business Complete BankingSM and Capital One Spark Business Basic Checking are each designed to appeal to the same target market—small businesses. The differences between the two are indeed subtle, as they are probably about as close as two competing products can be.
The two deciding factors may come down to the following:
- Where you’re located, since each account is available in only a limited number of states.
- How many transactions your business makes each month.
The table below summarizes some of the differences between the two business checking accounts:
Features Chase Business Complete BankingSM Capital One Spark Business Basic Checking
Minimum opening balance $0 $250
Monthly fees $15 with ways to waive or $2,000 or more in new money within 30 days of coupon enrollment and maintain a $2,000 balance for 60 days $15, waived with a minimum 30- or 90-day average account balance of $2,000 or more
Transaction fees $0.30 per transaction over 100 per month Unlimited transactions, but $1 for every $1,000 deposited above $5,000 per month
Number of branches 5,000 in 28 states 755 in nine states
ATM network 16,000 39,000
Mobile banking Yes Yes
Best for Small and growing businesses with fewer than 100 transactions per month Small and growing businesses with unlimited transactions
About Chase Business Complete BankingSM
When you open a Chase Business Complete BankingSM account, you’ll have the built-in advantage of running your business banking through the largest bank in the United States. That has obvious advantages in that it’s a very large commercial bank, with operations across the country and around the world. It can be especially important if your business involves international sales.
Chase Business Complete BankingSM is a basic tier checking account for businesses that offers both online and a highly regarded mobile banking app. That means you can run your business banking from anywhere you are, even when you’re on the go. In today’s 24/7 business environment, that can prove to be a big advantage.
About Capital One Spark Business Basic Checking
The Capital One Spark Business Basic Checking account is a perfect checking account for a new or small business. It’s a core account for everyday banking activities, with low fees, and unlimited transactions.
One advantage of having a business checking account with Capital One is that, as a full-service bank, they provide business loans and lines of credit, including a series of business credit cards. In addition, they also offer merchant services, enabling you to accept credit cards, debit cards, gift cards, and even set up loyalty card payments.
Chase Business Complete BankingSM options
Minimum opening deposit
There’s good news here, especially for new and small businesses. Chase does not require a minimum deposit to open an account. You can literally open an account, then deposit money when you make your first sale.
This is not a common practice in business banking, where many banks have a minimum opening balance requirement. That’s the last thing you need if you’re just getting your business off the ground.
A large network of bank branches and ATMs
Chase has more than 4,700 branches in 28 states across the US, as well as a network of more than 16,000 ATMs. Your account will come with a debit card that gives you access to your money just about wherever you are.
Additional ATM cards are available for employees and signers to make both purchases and to access ATMs.
Chase’s customer service is available on a 24/7 basis, so you’ll never have to worry about being able to reach someone.
There is an access and security manager that enables you to delegate certain banking tasks to your employees. But, you can retain control and security over the accounts by determining exactly what additional users can see and do in the account.
The Chase mobile app
Chase offers one of the better mobile apps available in the banking universe. It has a rating of 4.8 stars from 2.9 million users on The App Store, and 4.4 stars from 1.6 million users on Google Play.
The mobile app is available for iOS devices, 12.0 and later, and is compatible with iPhone, iPad, and iPod touch. It’s also available for Android devices, 7.0 and up.
Chase Business Complete BankingSM fees
Chase Business Complete BankingSM features the following fees:
- Service fee – $15 per month, or $12 when you enroll in paperless statements; the fee is waived if you maintain a minimum daily balance of $1,500. The service fee is also waived for members of the US military and veterans.
- Transaction fees – The first 100 transactions are free; each additional transaction is charged $0.30. Electronic deposits are unlimited, and you can deposit cash up to $5,000 per statement cycle without an additional fee. There is no fee for domestic and international wire transfers.
- Out-of-network ATM fee – $3.00 per transaction.
Capital One Spark Business Basic Checking options
Minimum opening deposit
Capital One Spark Business Basic Checking has a very low minimum opening deposit at just $250. That’s not quite as good as the $0 minimum opening deposit for a Chase Business Complete BankingSM account, but it’s well below that of most banks for their business checking accounts.
A limited network of bank branches but a large ATM network
Capital One has 755 branches located in just eight states and the District of Columbia. These include Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington DC. What’s more, the Capital One Spark Business Basic Checking must be opened in person at a branch location.
The news is much better on the ATM front. Capital One participates in the Allpoint ATM Network that offers fee-free access at over 39,000 locations nationwide.
Capital One’s customer service is available Monday through Friday, from 8:00 A.M. to 8:00 P.M., EST.
Capital One also offers its ProDeposit feature. If you make a deposit before 11 P.M., it will be considered a deposit made on that business day. However, the service does require a monthly service fee of $50. Use is restricted to a maximum of $250 in checks deposited over a rolling 20 business days.
The Capital One mobile app
Capital One also offers one of the better mobile apps available in the banking industry. It has a rating of 4.8 stars from 2.4 million users on The App Store, and 4.6 stars from one million users on Google Play.
The mobile app is available for iOS devices, 12.0 and later, and is compatible with iPhone, iPad, and iPod touch. It’s also available for Android devices, 6.0 and up.
Capital One Spark Business Basic checking fees
Capital One Spark Business Checking features the following fees:
- Service fee – $15 per month, waived with a minimum 30- or 90-day average monthly ledger account balance of $2,000 or more. This is an advantage over checking accounts that impose a minimum daily balance, since a single day below the minimum will invalidate the waiver. Capital One Spark Business Checking avoids the low balance problem by using the average balance instead.
- Transaction fees – The account comes with no fees on an unlimited number of transactions, which includes deposits, withdrawals, and transfers associated with your account. However, they do charge a fee of $1 per $1,000 deposited in excess of $5,000 per month.
- Domestic wire fees – $15 incoming, $25 outgoing.
- Foreign wire fees – $15 incoming, $40 outgoing if in foreign currency, $50 outgoing if the transfer is in US dollars.
- Out-of-network ATM fee – $2 per transaction.
Chase Business Complete BankingSM vs. Capital One Spark Business Basic Checking pros
Chase Business Complete BankingSM pros:
- There is no minimum opening deposit required.
- The first 100 transactions in your account are fee-free.
- You’ll be running your business checking accounts with the largest bank in the US.
- Chase offers a wide range of business banking services, including business loans and merchant services.
- There are no fees charged to members of the US military and veterans.
Capital One Spark Business Basic Checking pros:
- Unlimited transactions.
- Monthly service fee waiver works on average monthly ledger balance over 30 or 90 days, which means you won’t have to worry about an occasional low balance disqualifying your fee waiver.
- Very large nationwide ATM network, with access to more than 39,000 no-fee ATMs.
- Offers merchant services, including acceptance of credit and debit cards, gift cards, and loyalty card payments.
Chase Business Complete BankingSM vs. Capital One Spark Business Basic Checking cons
Chase Business Complete BankingSM cons:
- You must go to a branch to open an account—it cannot be done online.
- $15 monthly service fee if your average daily balance is below $1,500.
- Branches are available in only 28 states, which can be inconvenient for business banking.
- Designed for small businesses, so you’ll need to change accounts as your business grows.
Capital One Spark Business Basic Checking cons:
- Available only in eight states and the District of Columbia.
- You must open an account in person at a local branch, limiting the service area.
- A fee of $1 per $1,000 is charged for any deposits in excess of $5,000 per month.
- $15 monthly service fee waived, but you’ll need to maintain an average monthly ledger balance of at least $2,000 for 30 or 90 days.
- Customer service is limited to Monday through Friday, from 8:00 A.M. to 8:00 P.M. Eastern Time. This can be a problem if your business operates on weekends and holidays.
Why choose Chase Business Complete BankingSM?
With no minimum opening balance requirement and up to 100 fee-free transactions per month, Chase is an excellent choice for new and small businesses. It enables you to open and maintain your account with a minimum amount of cash while saving you money on transaction fees. And, if you happen to be a member of the military or a veteran, Chase waives their fees.
If you open a business, you’ll naturally want to grow over time. As a large commercial banking operation, Chase has the size and service level to accommodate your growth. You can add more banking services as your business grows, and eventually even transition to a dedicated checking account for a larger business if that works to your advantage.
There’s one other benefit to working with Chase that shouldn’t be overlooked. As the largest bank in the United States, having them as your bank serves as something of a validation. After all, if J.P. Morgan Chase does business with you, it sends a positive signal to current and prospective clients alike.
Why choose Capital One Spark Business Basic Checking?
Capital One Spark Business Checking is an excellent choice for a small and growing business, since they offer unlimited fee-free transactions. And, though the minimum initial deposit of $250 is higher than Chase Business Complete BankingSM, you’ll get the benefit of the monthly service fee waiver based on a minimum average balance, rather than a minimum daily balance.
Capital One Spark Business Checking will also be a good choice if you do business across the country, since you’ll have access to more than 39,000 ATM machines from coast-to-coast.
But, which you choose will depend on where you’re located—since neither bank is available in all states—and how many transactions you do each month. If your business is doing no more than 100 transactions, you may prefer Chase Business Complete BankingSM. But, if you’re doing more than 100 transactions, and don’t want to be charged extra fees, Capital One Spark Business Basic Checking is the hands-down winner.