Our Take
4.2
The bottom line:
Business Checking
Pros & Cons
Pros
- Free, interest-bearing business checking account.
- Unlimited fee-free electronic transactions.
- No dollar limit on cash deposits (other limits may apply).
- Extended access to customer service representatives, as well as additional small-business resources.
Cons
- Eligibility limited to military members, Department of Defense employees and their families.
- High opening deposit ($250 to $255 depending on business type).
How does Navy Federal Credit Union compare?
Bluevine Business Checking Deposits are FDIC Insured | Basic Business Checking Member FDIC | Silver Business Package Member FDIC |
---|---|---|
at Bluevine | at Axos Bank® | at U.S. Bank |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 2.00% With $0 min. balance for APY | APY N/A | APY N/A |
Bonus N/A | Bonus $400 Requirements to qualify | Bonus $800 Requirements to qualify |
Full Review
Navy Federal business checking is best for small-business owners who:
- Are 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.
- Want a free, interest-earning business checking account — or don’t mind one with a modest monthly fee.
- Conduct most of their banking transactions electronically, rather than in person with a teller.
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
What you need to open a Navy Federal business account
- Federal Tax ID Number (TIN) letter.
- Valid business license, permit or DBA certificate.
- Federal Tax ID Number (TIN) letter.
- Valid business license, permit or Fictitious Name/DBA certificate.
- Beneficial Owner Form: Provide basic details (including a Social Security number or passport number) for any business owner with 25% or more ownership in your business, as well as controlling officers.
- Federal Tax ID Number (TIN) letter.
- Fictitious Name/DBA certificate.
- Beneficial Owner Form: Provide basic details (including a Social Security number or passport number) for any business owner with 25% or more ownership in your business, as well as controlling officers.
- Good Standing Certificate dated within 60 days of application date.
Navy Federal membership requirements
- 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
Where Navy Federal business checking falls short
Methodology
![One blue credit card on a flat surface with coins on both sides.](https://assets.nerdwallet.com/blog/wp-content/uploads/2023/12/creditcard-coins-desktop.png)