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If you’re a small business owner (or a would-be entrepreneur who’s ready to get your company off the ground), there are tons of business bank accounts out there for you to choose from. When deciding which one is right for your business, you might be inclined to see what your personal bank offers for your business. And if you’re a USAA member, your first thought might be to look into USAA business checking as one of your front-runners. But does USAA offer business checking accounts?
We hate to be the bearer of bad news, but there is no such thing as a USAA business checking account. At present, the bank only offers personal checking, savings, certificates of deposits, and loans to individuals. So, if you wanted to go with USAA business checking for your business, you’re going to have to look elsewhere for now.
The good news is that most of USAA’s perks can be found at other banks that do offer business banking products. There are even business bank accounts that operate online primarily, a function you’re likely familiar with already if you’re a USAA member. But no matter which bank you choose, you can’t go wrong with these USAA business checking alternatives.
Whether you’re already a personal banking customer who’s interested in exploring a USAA business checking account, or you’ve simply heard enough about USAA to want to find out more, there’s plenty to learn about this unique bank’s history.
The United States Automobile Association, now known as USAA, first set up shop in 1922 to help 25 army officers obtain auto insurance after being rejected by conventional lenders (those lenders perceived them as high-risk because of their service). Since then, USAA has grown into a Fortune 500 banking institution that focuses on serving military members and their families. The bank also offers investing, financial planning, and life insurance policies to the public—even if the member, or their family, didn’t serve in the armed forces.
USAA’s reputation for being a stable, customer-centric company has helped it gain customers steadily since its humble beginnings. And even though there’s no USAA business checking account right now, there seems to be plenty of demand from current and prospective clients.
For now, at least, entrepreneurs will have to look elsewhere to find an account that could have a similar feel to what a USAA business checking account might look like.
Though they offer a broad range of personal banking products, USAA does not offer business products. This could have something to do with their history working peer-to-peer among veterans.
In 2018, USAA, in collaboration with StreetShares, launched a pilot program for small business loans that has since ended. USAA ran the pilot program in part due to the high volume of requests from customers about the possibility of small business funding. It’s still unclear whether or not the pilot may become an actual part of USAA’s offerings or whether they might expand to any other business products.
Thankfully, there are a ton of great, existing alternatives to a USAA business checking account out there for small business owners. Whether that means opting for an online business checking account with heaps of tech-forward features, or a financial institution designed to support military members, you’ll have tons of viable options for your business banking needs. Here’s a breakdown of some of the best USAA business checking account alternatives.
One of the best things about USAA is the ability to do all of your banking online (except for depositing cash, which requires access to a USAA ATM). But don’t worry about the lack of a USAA business checking option—and the potential for its stellar online banking capabilities. There are several online business checking accounts out there that provide a similar, if not better, online banking experience.
Here are some standout online business checking accounts for you to consider:
Azlo is a relative newcomer to the online business banking scene. But don’t let its freshness fool you: This bank offers one of the most streamlined online banking experiences available anywhere—and by that, we’re including internet banking services from brick-and-mortar banks, too.
If you’ve tried to open a business checking account online, only to find that nearly every bank requires you to visit a local branch to finalize your application, then Azlo is the bank for you. You complete the process entirely online, and once you join, the bank’s mobile banking platform serves as the conduit for all of Azlo’s feature-packed services—such as Stripe and Square integrations, unlimited bank transfers, digital invoicing, and fee-free incoming wire transfers.
One caveat, however, is that Azlo doesn’t offer paper checks as part of its account. Nor does it support cash deposits, which you’ll find across pretty much any online-only bank.
Open an Azlo Account Now
Axos (formerly Bank of Internet) has been in business since 1999, making it one of the first internet-only banks in existence. Not only is Axos a longstanding online-only bank, it also offers nifty perks for their customers, such as interest-bearing business checking accounts.
Plus, Axos Business Interest Checking offers 60 free remote deposits and 50 free items per month, as well as a debit card for cash withdrawals at other banks. And unlike Azlo, Axos provides its customers with physical checks, rather than relying on wire transfers to let people pay their bills.
Open an Axos Account Now
USAA’s focus on service members and their families is a major selling point for most of their clients, so it may be disappointing to learn that they don’t offer business products to complement their personal banking accounts.
Even though USAA business checking isn’t available, other banks and credit unions for military members do offer business accounts. Each option could be a great place for current and former military members (and their families, when applicable) to build a banking relationship.
In particular, the SBA (Small Business Association) touts military credit unions for being excellent partners for service members who are starting their own businesses—not just for the competitive checking and savings products they offer, but for their lending and credit card offers as well. (As a reminder, here’s a breakdown of the world of credit unions for small business banking, and how credit unions differ from conventional banks).
Like many credit unions, Navy Federal Credit Union has specific requirements for membership. To qualify, you must be an active military officer, a veteran, or work in the Department of Defense. Navy Federal Credit Union offers its members three tiers of business checking: Business Checking, Business Plus Checking, and Premium Business Checking—each of which are interest-bearing and come with a bunch of features:
As an alternative to NFC, look into Security Service Federal Credit Union business checking, which is just one of several accounts available (including savings accounts and CDs) to its clients. This checking account comes with no monthly service charge, no minimum balance requirement, free online banking and bill pay, and a debit card for transactions at SSFCU ATMs and elsewhere.
Armed Forces Bank is a bit unlike the other two military-focused financial institutions we’ve mentioned above, insofar as it isn’t a credit union. But, for all intents and purposes, it offers the same basic banking products as NFCU, SSFCU, and others—with the same focus on military members that the two credit unions above have, as well.
Armed Forces Bank has four business checking accounts, each of which are designed to accommodate your business during every stage of its growth:
Many brick-and-mortar banks offer business banking accounts to military members and veteran-owned small businesses as well. Typically, these banks provide an array of tools and resources to help entrepreneurs with service histories to get their businesses off the ground. Better yet, a few offer signup bonuses on banking accounts, discounted interest rates on loans, and other perks to help make it easier for entrepreneurs to thrive after (or while) they’re serving the country.
Chase, in particular, provides an array of checking accounts—and, for a limited time, they’re offering signup bonuses for new customers through our site.
Chase doesn’t offer specific business checking accounts for active and veteran service members, but it does provide them with special benefits for doing business with the bank. Military members can open a Chase Total Business Checking account and get their fees waived, receive a Chase QuickDeposit scanner for free, and conduct their banking online. Chase’s business checking accounts also offers business credit, lending, and payroll support through its partners.
Open a Chase Total Account Now
Chase Performance Business Checking may not offer the suite of great perks for service members that Total Business Checking provides, but it’s still a great option for businesses that need a bit more from their bank. Chase’s Performance Business Checking account is an appealing account for mid-sized businesses that need at least 250 free transactions, $20,000 worth of fee-free cash deposits, and up to two outgoing domestic wires per month.
Open a Chase Performance Account Now
The other two Chase accounts we’ve highlighted are designed for companies that are either in their early stages or don’t need a ton of perks from their banking relationship quite yet. Chase Platinum Business Checking, however, is designed for large companies that need more support in order to keep their daily finances humming.
This account provides for a large number of monthly transactions, deposits, and wire transfers. Plus, with a high enough daily average balance, you can have the $95 monthly fee waived, meaning that you’ll get a slew of great perks at no cost to you.
Open a Chase Platinum Account Now
Even though there’s no USAA business checking account available at the moment, there are a ton of other options that provide similar customer service, online-focused, or veteran-centric experience. Depending on the reasons why you love USAA, you’re guaranteed to find a business checking account at another bank that’s right for you.