Navy Federal Business Checking: 2021 Review

This credit union offers interest-earning business checking with limited fees and extended customer service access.
Randa KrissJun 1, 2021

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Our Take


NerdWallet rating 

The bottom line: Navy Federal Credit Union's business checking accounts all earn interest, offer unlimited fee-free electronic transactions and have no monthly cap on cash deposits. But accounts are only available to Navy Federal members.

Navy Federal Credit Union Business Checking

Navy Federal Credit Union Business Checking

Monthly Fee




With $0 minimum balance

Pros & Cons


  • Three business checking options, including one free account.
  • All accounts earn interest and offer unlimited fee-free electronic transactions.
  • Fee-free access to over 30,000 ATMs and 343 branch locations worldwide.
  • No monthly account limits on cash deposits.
  • No fees for incoming wire transfers.
  • Extended access to customer service representatives, as well as additional small-business resources.


  • Specific eligibility criteria to join the credit union.
  • Complex application process.
  • Basic and limited digital tools.
  • No waived incidental fees.

How does Navy Federal Credit Union compare?

NerdWallet rating 
NerdWallet rating 
Monthly Fee


Waived with $2,000 minimum balance

Monthly Fee


Waived with $5,000 minimum balance





With $5,000 minimum balance



Requirements to qualify



Full Review

Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking and Business Premium Checking.

While this review includes information on all three accounts, the star rating indicated above is specific to Navy Federal's free Business Checking account.

*You must maintain a minimum daily balance of $1,500 to earn interest on this account.

Account options: Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking and Business Premium Checking. All three of these business accounts earn interest, include unlimited fee-free electronic transactions and place no cap on the amount of cash you can deposit for free per month (though individual ATMs may limit the number of bills you can deposit in a single transaction). Navy Federal business checking also offers a range of customer service options, as well as additional educational and financial resources for small-business owners.

Location availability: Navy Federal Credit Union has 343 branches worldwide — covering 30 U.S. states, plus Washington, D.C., and 11 countries. It’s important to note that business inquiries and transactions are available at full-service branch locations only. You can find a breakdown of services available by branch on the Navy Federal website.

Account eligibility: To be eligible for a Navy Federal business checking account, all business owners must be individual members of Navy Federal Credit Union with accounts in good standing. To qualify for membership at Navy Federal, you must fall into one of the following categories:

You can apply for Navy Federal Credit Union membership online, over the phone or by visiting a branch location.

How to apply: To open an account, visit a Navy Federal branch to complete and submit your application — or, start your application online and work with a business banking representative over the phone to complete your application.


NerdWallet's business checking reviews look at multiple factors, including monthly fee, APY, ATM access, transaction limits, cash deposit allowance, customer service, additional features and incidental fees, such as overdraft, NSF and stop payment charges.