Navy Federal Business Checking: 2025 Review
This credit union offers interest-earning business checking with limited fees and extended customer service access.
Overview
The bottom line:
Navy Federal Credit Union earns top marks for its free business checking account, which offers unlimited fee-free electronic transactions and a modest APY. But all business owners must qualify for membership, which can be limiting.
Bank account details
Monthly fee
$0
APY
0.01%
With $0 min. balance for APY
Bonus
N/A
Pros & Cons
Pros
No monthly fees.
Unlimited fee-free electronic transactions and free incoming wires.
No dollar limit on cash deposits (other limits may apply).
24/7 customer service.
No fees to deposit cash at Navy Federal or Co-Op Network ATMs.
Cons
High opening deposit (up to $255).
$29 fee for overdrafts, insufficient funds.
Eligibility limited to veterans, military members, Department of Defense employees and their families.
Does not offer jointly owned accounts.
No spend controls on employee debit cards.
Bank account comparison
Compare to other bank accounts
4.2
NerdWallet rating
at Navy Federal Credit Union (Business), Federally insured by NCUA
5.0
NerdWallet rating
4.7
NerdWallet rating
4.5
NerdWallet rating
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
APY
0.01%
With $0 min. balance for APY APY
1.30%
With $0 min. balance for APY APY
N/A
APY
N/A
Need more options? Check our picks for best business bank accounts of 2025
Navy Federal Credit Union is one of the largest and best-known credit unions in the United States and even has a presence abroad. Navy Federal operates more than 350 branches worldwide — covering 30 states, Washington, D.C., and 11 countries.
Credit unions are membership-based organizations, and you must be eligible to join Navy Federal. Individuals can qualify if they're veterans, current or retired members of the U.S. armed forces, the National Guard, Department of Defense employees or are family members of those groups.
However, Navy Federal has another wrinkle for business owners: In-person business transactions can only be completed at full-service branch locations (not at drive-thru or expedited service locations, for instance). You can find details about services available by branch on the Navy Federal website.
Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking and Business Premium Checking. Each account earns interest and includes unlimited fee-free electronic transactions.
While this review includes information on all three accounts, the star rating indicated above is specific to Navy Federal's free business checking account.
Navy Federal business checking is best for:
✔️ Business owners who can meet the eligibility criteria.
✔️ Unlimited electronic transactions.
✔️ 24/7 phone customer service for members. (Business Solutions customer support is only available on weekdays, though.)
How does Navy Federal business checking compare?
If you want a higher interest rate but don't want to give up 24/7 customer support, consider American Express Business Checking free business checking account
If you want in-person banking but aren't near a full-service Navy Federal branch, consider U.S. Bank Business Essentials
Navy Federal business checking at a glance
| Business Checking | Business Plus Checking | Business Premium Checking | |
| Monthly fee: | $0. | $8. | $20 (waived with average daily balance of $5,000 and above). |
| Minimum opening deposit requirement: | $250 for sole proprietorships; $255 for all other entity types | $250 for sole proprietorships; $255 for all other entity types | $250 for sole proprietorships; $255 for all other entity types |
| APY: | 0.01%. | 0.01%. | Up to 0.45% (tiered APY based on account balance). |
| Transactions: | Unlimited fee-free electronic transactions. Up to 30 fee-free nonelectronic transactions per month, then 25 cents per item. | Unlimited fee-free electronic transactions. Up to 50 fee-free nonelectronic transactions per month, then 25 cents per item. | Unlimited fee-free electronic transactions. Up to 100 fee-free nonelectronic transactions per month, then 25 cents per item. |
| Bonus: | None. | None. | None. |
How to open a Navy Federal business account
To open a Navy Federal business account, all business owners must be individual members of Navy Federal Credit Union with accounts in good standing (see below for membership requirements).
What you need to open a Navy Federal business account
Business owners need to complete a business membership pre-application (available online via your personal Navy Federal digital banking account), provide the appropriate business documents and pay a $255 minimum opening deposit ($250 for sole proprietorships) to open a Navy Federal business checking account.
Click on your business entity type to see which documents are required.
Sole proprietorship
General partnership
Corporation, Limited Partnership or Limited Liability Company
Navy Federal membership requirements
Navy Federal business accounts are available to Navy Federal members only. You can apply for Navy Federal Credit Union membership online, over the phone or by visiting a branch location.
To qualify for membership, you must fall into one of the following categories:
- Active duty, retired or veteran members of the U.S. armed forces (Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard or Space Force).
- Department of Defense employees or retirees, as well as U.S. government employees assigned to Department of Defense installations or Department of Defense contractors assigned to U.S. government installations.
- Family or household members of either of these groups.
Where Navy Federal business checking stands out
Unlimited electronic transactions: It’s common for banks to limit the number of free transactions a business can conduct each month. Not with Navy Federal. The credit union offers unlimited fee-free electronic transactions on all of its business checking accounts
While free in-person transactions are limited to 30, 50 or 100, depending on your account, that’s on par with or better than some competitors. For example, Chase Business Complete Banking® caps free in-person and paper transactions at 20 per month and charges 40 cents to each additional transaction.
Navy Federal counts up to 12 checks for deposit at a branch location as one transaction and charges only 25 cents for excess transactions.
Customer service: Credit unions are known for their customer service, and Navy Federal is no different. Membership includes 24/7 phone customer service, or you can ask questions through secure message, live chat and social media. Business members can also contact a dedicated support line from 9 a.m. to 7 p.m. Eastern time Monday through Friday.
Where Navy Federal business checking falls short
Eligibility requirements: All credit unions require membership. And to do business banking with Navy Fed, all of your business's owners must be members in good standing. If any of your partners don't fit the criteria — veterans, current or former members of the military, Department of Defense employees or their family members — you’ll need to look elsewhere for a business checking account.
High minimum opening deposit requirement: Navy Federal requires a $255 minimum opening deposit on all of its business checking accounts ($250 for sole proprietorships). That’s high, especially considering there are several top-rated free business checking accounts that can be opened with $0. For example, Bluevine business checking