Does USAA Offer Business Bank Accounts?

NerdWallet's editorial picks: Best alternatives to USAA for business bank accounts

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.

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.

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.

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.

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.

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 4% 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.

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).

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.

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