It may not be making headlines right now, but it’s still important to get a good deal on your business checking account. If you shop around, you can find a business checking account with the same great perks you’ve come to expect from your personal account. You can even find accounts that pay interest on part or all of your balance. Where do you find such a great deal? Your local credit union, of course. Credit unions are best known for their consumer services, no question, but a number of them offer great business services, too.
Business checking at your credit union: the basics
Free personal checking accounts are nearly ubiquitous at credit unions across the country. Free business checking accounts, by contrast, are a little harder to come by. They cost more for credit unions to maintain because businesses make a lot more transactions than consumers. You may have to pay a monthly fee for your account or a small per-transaction fee after you reach a certain transaction threshold. A business interest checking account can help you offset these costs.
Business checking with interest: NerdWallet’s picks
Below are NerdWallet’s picks for business interest checking at credit unions across the country. Many of these accounts come with extra perks too, like free online banking and bill pay, extra debit cards for your employees, or even debit rewards. Don’t want a monthly fee? We’ve also listed some free alternatives. Free business checking accounts rarely pay interest, but they might be a better fit if you can’t maintain a high balance in your account. Read on for the full scoop.
American Airlines Federal Credit Union (Fort Worth, TX)
American Airlines Federal Credit Union has branches near major airports across the country. Their Primary Business Checking account has no minimum balance requirement and comes with up to 4 free Visa CheckCards. Your first 100 deposited and first 100 paid checks are free. The account also comes with free online statements, and free online banking and bill pay. American Airlines Federal Credit Union membership is open to anyone who works in the air transportation industry in the United States, and their families. Please see their Eligibility page for complete details.
Heartland Credit Union (Madison, WI)
Heartland Credit Union has branches in Madison, Verona, Dodgeville, Lancaster, Platteville and Janesville. Their Business Checking account pays interest on balances of $10,000 or more. Regardless of how much money you keep in your account, you can write up to 15 free checks per month. However, all check fees are waived when you maintain a month-end balance of $5,000 or more, and all account fees are waived if you have a $5,000 minimum balance and a member business loan. Anyone who lives, works or owns property in an eligible county in Wisconsin, Iowa or Illinois is eligible for Heartland Credit Union membership. Affiliates of select organizations and family of eligible members may also join. Please see Heartland Credit Union’s Who Can Join page for complete details.
Hutchinson Credit Union (Hutchinson, KS)
Hutchinson Credit Union has branches in Hutchinson, Haven, Newton and Wichita. Their Business Basic Checking account has a low minimum balance requirement of $300 and earns dividends on balances of $1,000 or more. You can write up to 35 checks per month at no charge. You also get free online banking with QuickBooks integration, bill pay, a free first box of checks and up to $200 per month in free coin counting at Hutchinson Credit Union’s coin machines. Membership is open to anyone who lives, works, worships or receives a paycheck in an eligible county in Kansas. Family of eligible members and affiliates of select organizations may also join. Please see Hutchinson Credit Union’s membership application page for complete details.
Greylock Federal Credit Union (Pittsfield, MA)
Greylock Federal Credit Union has branches in Adams, Pittsfield, Great Barrington, Lanesborough, Lee, North Adams and Williamstown. Their High-Yield Business Checking account earns dividends on any balance and has no transaction charges. It does have a higher monthly maintenance fee, however. If you don’t make enough transactions each month to make the monthly fee worthwhile, consider their Business Checking Plus account, their most popular account, or their Basic Business Checking account, which has no minimum balance requirement or monthly fee. Greylock Federal Credit Union membership is open to anyone who lives, works, worships, attends school or regularly conducts business in Berkshire County. Family and housemates of eligible members may also join. Please see their Who Can Join page for details.
Space Coast Credit Union (Melbourne, FL)
Space Coast Credit Union has locations in Jacksonville, Deland, Melbourne, Vero Beach, Miramar, Ft. Lauderdale, Miami and surrounding cities on Florida’s east coast. Their Business Interest Checking account comes with free multiple user access to online banking and bill pay, a free debit card, and up to 250 transactions per month at no charge. There’s no monthly fee when you meet the minimum balance requirement. If you aren’t able to do that, we recommend signing up for their free business checking account instead, which has the same perks but doesn’t earn interest. Membership is open to anyone who lives or works in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie or Volusia counties.
Freedom Federal Credit Union (Bel Air, MD)
Freedom Federal Credit Union has branches in Bel Air, Forest Hill, Havre de Grace and Edgewood. Their Business Dividend Checking account earns interest regardless of your balance, and comes with 225 free deposit items and 75 free checks. If you can’t make the minimum balance requirement, consider their Business 100 Checking account, which is free but doesn’t earn dividends. Nonprofits can take advantage of Freedom Federal Credit Union’s Non-Profit Checking account, which is free and earns dividends. Nice! All accounts come with a rewards debit card, too, which earns 1 CU Rewards point per dollar spent. Membership is open to anyone who lives, works, volunteers, worships or attends school in Hartford County. Immediate family and housemates of eligible members may also join.
Harborstone Credit Union (Tacoma, WA)
Harborstone Credit Union has locations in Tacoma, Bonney Lake, Fife, Gig Harbor, Lacey, Puyallup, Spanaway, McChord Air Force Base and Lakewood. Their Business Interest Checking account has no charge for the first 150 checks written or deposited, earns interest on your entire balance, and also comes with free online banking. If you’re able to maintain a high minimum balance, consider their Business Analysis Checking account, which pays even higher dividends. Harborstone Credit Union also has a free business checking account that doesn’t earn dividends. Membership is open to anyone who lives, works or worships in Washington State.
People’s Credit Union (Middletown, RI)
People’s Credit Union has branches in Middletown, Bristol, Newport, North Kingstown, Portsmouth and Wakefield. Their Business Interest Checking account earns interest regardless of your average daily balance. There’s no monthly service charge on balances of $1,000 or more. You also get an unlimited number of transactions, no charge for deposits, plus free home banking and online bill pay. If you can’t meet the minimum balance requirement, you can also sign up for People’s Credit Union’s free business checking account, which doesn’t pay interest. Membership is open to everyone.
Need more information?
For more expert tips on picking the right checking account for your business, take a look at our business checking FAQ. And, if you know a great business checking account that we didn’t include, be sure to let us know.
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