Is There a USAA Business Checking Account?

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 no, USAA does not offer a business checking account. At present, the bank only offers personal checking, savings, certificates of deposits, and loans to individuals. 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.

Alternatives to USAA Business Checking Account 

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.

Online Business Checking 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 Business Checking

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 in 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.

Axos Bank Business Interest Checking

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 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.

Military Business Banking Alternatives

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.[1] (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).

Navy Federal Credit Union Business Checking

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:

  • Business Checking is NFCU’s introductory-level account, which is great for companies that only need 30 transactions or fewer per month, a maximum of two account signers, and want to avoid monthly service fees.
  • Business Checking Plus provides members with free unlimited monthly transactions, 50 free non-electronic transfers, and a low monthly service charge.
  • Premium Business Checking provides unlimited free electronic transfers, 100 free non-electronic transfers, and a monthly fee of $20 that’s waived if the account maintains an average daily balance of $5,000.

Security Service Federal Credit Union Business Checking

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 Business Banking

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:

  • Simple Business Checking is a low-cost account for sole proprietors who will not anticipate making many transactions per month. The account only requires a $50 deposit to open and includes 100 free item charges per month in addition to its entire online banking platform.
  • Business Checking is designed for mid-sized businesses that need more flexibility with incoming and outgoing transfers in exchange for a higher minimum balance and a small monthly fee (though that fee is waived with a $5,000 average monthly or $2,500 daily balance). There is a $100 opening balance requirement.
  • Business Interest Checking is similar to the business checking account we described above but offers you interest on balances and free bill pay. It also requires $100 to open but there is a $10 monthly service fee.
  • Analyzed Business Checking provides an extra level of support for moderate and larger businesses—it has a $0 opening balance requirement, unlimited bill pay for $10 a month, flexible item charges, and a monthly maintenance fee of $20.

Alternative Options From Major Banks

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 Total Business Checking

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. They do, however, have to visit a Chase branch location to open an account and receive these benefits. 

Chase’s business checking accounts also offers business credit, lending, and payroll support through its partners.

Bank of America Business Fundamentals Checking 

The Bank of America Business Fundamentals Checking account is a great place for your business to start and they offer benefits for veterans as well. The account isn’t specifically for veteran business owners but it does have its benefits.

Bank of America also introduced a program in 2018 to help veteran business owners get startup funding and loans.[2] You can read our full review of the Fundamentals Checking Account from BoA. This account is best for new businesses that are just starting out and need a business debit account and online banking. There’s a fee of $18 per month for this account but there are several fairly easy ways to waive the fee including spending $250 in net new purchases on your business debit or credit card.

Bottom Line on USAA Business Checking

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.

Frequently Asked Questions

Some answers to the most frequently asked questions about USAA business checking accounts:

Does USAA Offer Small Business Checking?

No, USAA does not offer a small business checking account.

Why Isn’t There a USAA Small Business Checking Option?

While USAA offers 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.

Article Sources:

  1. “Why Joining a Credit Union for Military Entrepreneurs is Smart Business
  2. “Bank of America supports U.S. military veteran entrepreneurs

Brian O'Connor

Brian O’Connor is a contributing writer for Fundera.

Brian writes about finance, business strategy, and digital marketing. He is the former director of digital strategy at Morgan Stanley, and has worked at Foreign Affairs magazine, Student Loan Hero, and as a partner of a small consulting firm, too. Combined, these experiences allow him to offer a unique perspective on the challenges small business owners face.

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