Does USAA Offer Business Bank Accounts?
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Here are some great alternatives to USAA for business bank accounts. This list includes several of our picks for the best business checking accounts, along with savings and money market accounts where you can stash your rainy-day funds.
Product | Monthly fee | APY | Bonus | Min. opening deposit | Learn more |
---|---|---|---|---|---|
American Express® Business Checking NerdWallet Rating Learn more at American Express National Bank | $0 | 1.30% With $0 min. balance for APY | N/A | $0 | Learn more at American Express National Bank |
Bluevine Business Checking NerdWallet Rating Learn more at Bluevine | $0 | 2.00% With $0 min. balance for APY | $300 Requirements to qualify | $0 | Learn more at Bluevine |
Chase Business Complete Banking® NerdWallet Rating Learn more at Chase | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | $0 | Learn more at Chase |
Bank of America® Business Advantage Fundamentals™ Banking NerdWallet Rating Learn more at Bank of America, N.A. | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | $100 | Learn more at Bank of America, N.A. |
Business Checking NerdWallet Rating | $0 | 0.01% With $0 min. balance for APY | N/A | $255 | |
Live Oak Bank Business Savings NerdWallet Rating Learn more at Live Oak Bank | $0 | 3.90% With $0.01 min. balance for APY | $400 Requirements to qualify | $0 | Learn more at Live Oak Bank |
nbkc bank Business Money Market Account NerdWallet Rating Learn more at nbkc bank | $0 | 2.75% With $0.01 min. balance for APY | N/A | N/A | Learn more at nbkc bank |
NerdWallet's editorial picks: Best alternatives to USAA for business bank accounts
Why trust NerdWallet
American Express® Business Checking
The American Express® Business Checking account charges no monthly fees, pays a competitive 1.3% APY and offers 24/7 customer support. It’s best for businesses that don’t use cash often, though — while account holders can access fee-free ATMs via the MoneyPass network, they can’t deposit cash.
No monthly fees or minimum opening deposit.
No excess transaction fee.
Earn 1.30% APY on balances up to $500,000.
24/7 customer support.
No fees at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Can’t deposit cash.
No outgoing international wire transfers.
Bluevine Business Checking
The Bluevine Business Checking account offers a competitive APY, too: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.The free online account also includes unlimited transaction and free ATM access through the MoneyPass network. Bluevine customers also have access to the MoneyPass ATM network and can deposit cash for a fee at Allpoint+ ATMs.
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 $250,000. Terms apply.
Access up to $3 million in FDIC insurance with Insured Cash Sweep.
No fees at MoneyPass ATMs.
Free incoming wires and low outgoing wire transfer fees.
Fee for cash deposits.
Fee for using out-of-network ATMs.
Does not offer jointly-owned accounts.
Chase Business Complete Banking®
Chase Business Complete Banking offers the benefits of a large brick-and-mortar bank — like access to in-person business bankers, an ATM network and 24/7 customer service — plus digital tools, like the ability to take payments on the go via Chase QuickAccept. While you’ll face a $15 monthly fee, it can be waived with a minimum account balance of $2,000 or proof of military service.
No minimum opening deposit.
Unlimited fee-free electronic transactions.
Integrated credit card processing.
No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
24/7 customer support.
No fees at 16,000 Chase ATMs and access to around 4,700 branches.
$15 monthly fee.
Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
Fee for using out-of-network ATMs.
Bank of America® Business Advantage Fundamentals™ Banking
Bank of America Business Checking is another solid choice for business owners who prefer brick-and-mortar banking. Its $16 monthly fee kicks in after the first 12 statement cycles, but it can be waived if you spend $250 or more per month on your business debit card. (The minimum spend increases to $500 starting Nov. 1, 2024.) What differentiates it from Chase is a higher cash deposit limit — $7,500 per month before you’ll pay a fee.
Fee-free electronic transactions.
High cash deposit limits.
Business accounts can be opened entirely online.
No fees at 16,000 Bank of America ATMs and access to around 3,900 branches.
$16 monthly fee (after the first 12 statement cycles).
$100 minimum opening deposit.
Fee for using out-of-network ATMs.
Navy Federal Credit Union Business Checking
Navy Federal Credit Union offers membership to veterans, current and retired military members, and their families and household members. Department of Defense civilian personnel are also eligible. If all the owners of your business qualify, you can take advantage of this account — with no monthly fee, 24/7 customer service and no monthly limit on cash deposits.
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.
High minimum opening deposit (up to $255).
$29 fee for overdrafts, insufficient funds.
Eligibility limited to veterans, military members, Department of Defense employees and their families.
Live Oak Bank Business Savings
Live Oak Bank Business Savings is a savings account, not a checking account. But it can be a useful tool for businesses that have extra cash on hand and want to earn interest. That’s because this account earns 3.9% APY — one of the highest rates on the market — with no monthly maintenance fees and no minimum balance requirements.
Note that this account does not accept cash deposits or offer ATM access; you’ll need to handle those day-to-day transactions with a checking account.
Industry-leading APY.
No minimum balance to earn interest.
No monthly fee or minimum deposit.
Access up to $10 million in FDIC insurance with Insured Cash Sweep.
No ATM or debit card access.
No weekend customer support.
nbkc bank Business Money Market Account
The NBKC Bank Business Money Market Account has no monthly fees and no minimum opening deposit requirement. While this isn’t a checking account either — it’s best used as a savings vehicle, like a savings account, given that it earns 2.75% APY — it does include checks and a debit card, which makes accessing your funds easier.
Like the NBKC business checking account, the bank’s money market account charges no transaction fees, no overdraft or nonsufficient funds fees, no stop payment or returned item fees and no fees for incoming domestic wires. Essentially the only fees you’ll pay are for sending domestic wires ($5 each) and sending or receiving international wires ($45 each).
Earns 2.75% APY.
No minimum balance to earn interest.
No monthly fee or minimum deposit.
Includes checks and an ATM card.
High fee ($45) for international wire transfers.
No weekend or after-hours customer support.
How to choose a non-USAA business account
If you want to keep banking with military-serving institutions, then Navy Federal Credit Union is a natural next step. But make sure your chosen account meets all your business needs.
Ask the following questions as you search for business banking services:
Do you want access to a branch? This will help you sort through your options quickly. If you want to be able to walk into a local branch, focus your search on national banks, like Chase and Bank of America; local and regional banks, like Huntington and PNC; and business accounts at credit unions, including those that serve members of the military.
How often does your business deal with cash and checks? If your business relies on these services, a brick-and-mortar bank is probably the best fit whether you want branch access or not. Online business checking accounts don’t always let you deposit cash or write your own checks. Those that do may not make it easy — for instance, you might have to order a check and have it sent to your supplier. They may also charge fees for cash deposits and limit the amount you can deposit each day or month.
What fees are you OK with? The downside of traditional banks is that many charge monthly fees unless you maintain a certain average balance. They’re also more likely to charge overdraft fees. In general, most free business checking accounts are with online banks and neobanks.
Do you want to earn interest? A handful of business checking accounts pay APYs on your balance — some as high as 2% or more. And some business accounts also offer cash back on debit card transactions. But there’s another way to earn interest, too: Put your business’s emergency fund in a business savings account. In general, NerdWallet recommends keeping such a fund at a separate business bank from your primary account to minimize any potential business interruptions.
What integrations do you need? Your business checking account should integrate with your accounting software, at least. Some accounts also offer built-in expense tracking and tax planning tools, which can be especially helpful for freelancers managing their own business finances.
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.