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Does USAA Offer Business Checking?

Mar 15, 2021

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USAA Bank does not offer a business checking account, leaving its members (and non-member business owners) to look elsewhere for business banking services. We rounded up some alternatives, including business checking accounts from other military financial institutions, as well as a handful of options from our list of best business checking accounts.

Does USAA Offer Business Checking?

LendingClub Tailored Checking
Learn more

at LendingClub Bank, Member FDIC

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100
Learn more

at LendingClub Bank, Member FDIC


Min. opening deposit

$100

Why we like it

Online business checking that includes Autobooks invoicing software, so customers can easily create and send invoices and accept payments from customers.

Account details: - $10 monthly service fee, waived with $500 average monthly balance. - Minimum opening deposit: $100. - Unlimited fee-free transactions. - Earn 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that. - No ATM fees at MoneyPass and SUM ATMs. Fees charged by out-of-network ATMs are automatically reimbursed each month.

Pros

  • Unlimited fee-free transactions; no overdraft fees.

  • Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.

  • Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).

  • Cash deposits via MoneyPass and SUM ATMs

  • Earn unlimited 1% cash back on debit card purchases.

Cons

  • $10 monthly fee.

  • $100 minimum opening deposit requirement.

  • Minimum $500 balance required to earn cash-back rewards and waive monthly fee.

Read Full Review
Chase Business Complete Banking℠
Learn more

at Chase, Member FDIC

Chase Business Complete Banking℠

4.5

NerdWallet rating 
Chase Business Complete Banking℠

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

at Chase, Member FDIC


Min. opening deposit

$0

Why we like it

The benefits of a large, national bank plus the convenience of innovative digital banking tools.

Account details: - $15 monthly service fee, waived if you maintain a minimum daily balance of $2,000, spend at least $2,000 on one of the Chase Ink business cards or deposit at least $2,000 from Chase QuickAccept℠ transactions. - Unlimited electronic transactions. Up to 20 fee-free in-person transactions. - Payment processing through the Chase mobile app with QuickAccept, no additional point-of-sale equipment needed. - Live customer service available by phone 24/7. - Open an account online or in person at one of the bank’s nearly 5,000 branch locations.

Pros

  • No minimum opening deposit.

  • Unlimited fee-free electronic transactions.

  • Integrated credit card processing.

  • Welcome bonus for new customers (terms apply).

  • No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.

Cons

  • $15 monthly fee.

  • Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).

  • Fee for using out-of-network ATMs.

Read Full Review

Navy Federal Credit Union Business Checking

5.0

NerdWallet rating 
Navy Federal Credit Union Business Checking

Monthly fee

$0

APY

0.01%

With $0 min. balance for APY

Min. opening deposit

$255

Min. opening deposit

$255

Why we like it

Navy Federal offers a free business checking account for members of the credit union. Membership is open to current and retired members of the armed forces and their families and household members. Department of Defense civilian personnel are also eligible.

Account details: - No monthly service fee. - Unlimited electronic transactions. Up to 30 fee-free non-electronic transactions, such as in-branch transfers, deposits and withdrawals. - Opening deposit required: $100 for sole proprietors; $105 for corporations, LLCs and other legal entities. - No ATM fees at Navy Federal and CO-OP network ATMs.

Pros

  • No monthly fees.

  • Unlimited fee-free electronic transactions.

  • No dollar limit on cash deposits (other limits may apply).

  • 24/7 customer service.

Cons

  • High opening deposit (up to $255).

  • $29 fee for overdrafts, insufficient funds.

  • Eligibility limited to military members, Department of Defense employees and their families.

Read Full Review
Service Credit Union Free Business Checking

Service Credit Union Free Business Checking

Not yet rated

Service Credit Union Free Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

Service Credit Union offers free business checking with live customer support 24/7. Membership is open to current and former military personnel, civilian Department of Defense employees and their families. Employees of a number of businesses, primarily in New Hampshire, are also eligible.

Account details: - No monthly service fee. - No minimum opening balance requirement. - Up to 250 fee-free transactions per month. Transactions include in-branch deposits and withdrawals. - No fees at Service Credit Union and CO-OP network ATMs. - Additional fee for online banking and bill pay, starting at $29.99 per month.

Bank of America Business Advantage Fundamentals™ Banking
Learn more

at Bank of America, N.A., Member FDIC

Bank of America Business Advantage Fundamentals™ Banking

4.0

NerdWallet rating 
Bank of America Business Advantage Fundamentals™ Banking

Monthly fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

at Bank of America, N.A., Member FDIC


Min. opening deposit

$0

Why we like it

Connect your Bank of America business checking account with services like ADP payroll services, QuickBooks Online and Expensify to more seamlessly manage your cash flow.

Account details: - $16 monthly service fee, waived if you maintain a combined average monthly balance of $5,000 or spend $250 per statement period using a linked Bank of America business debit or credit card. - Up to 200 fee-free transactions. Most electronic transactions do not count toward that limit, including mobile deposits, debit card transactions and ACH transfers. - No ATM fees at Bank of America’s roughly 17,000 ATMs, but there is a $2.50 charge to use out-of-network ATMs. - Open an account online, in person or over the phone.

Pros

  • Unlimited fee-free electronic transactions.

  • High cash deposit limits.

  • Business accounts can be opened entirely online.

Cons

  • No free business checking account option.

  • High incidental fees.

  • Fee for using out-of-network ATMs.

Read Full Review
nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

NBKC is based in the Kansas City area and has four branch locations there, but the bank’s free business checking account is built to be online.

Account details: - No monthly fee or opening deposit requirement. - Unlimited fee-free transactions. - No fees for overdrafts, stop payment requests or incoming wire transfers. - No ATM fees at MoneyPass ATMs. Up to $12 in out-of-network ATM fees reimbursed each month. - Free cash deposits via certain MoneyPass ATMs.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft or incidental fees.

  • Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.

  • Cash deposits via MoneyPass ATMs.

Cons

  • High fee ($45) for international wire transfers.

  • No weekend or after-hours customer support.

  • No third-party app integrations.

Read Full Review
Bluevine Business Checking
Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Min. opening deposit

$0
Learn more

at Bluevine, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

A free, interest-bearing business checking account with no overdraft fees. BlueVine does not have any brick-and-mortar locations.

Account details: - No monthly service fee or minimum deposit requirement. - Unlimited fee-free transactions. - No overdraft fees. - Earn 2.00% interest on balances up to $100,000. - No ATM fees at 38,000+ MoneyPass ATMs. - Cash deposits available at select GreenDot locations for a $4.95 fee.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • Earn 2.00% interest on account balances up to and including $100,000. Terms apply.

  • No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).

Cons

  • Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.

  • Fee for using out-of-network ATMs.

  • No joint accounts.

Read Full Review

Last updated on March 15, 2021

Methodology

We curated this list of USAA business checking alternatives by evaluating business checking offers from other military banks and credit unions. We also included picks from our best banks for small business roundup.