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Is USAA Business Checking the Right Pick for Your Company?

Brian O'Connor

Contributing Writer at Fundera
Brian writes about finance, business strategy, and digital marketing. He has worked at Morgan Stanley, 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.

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 the choosing. 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.

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. Some are even primarily online in nature, 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.

Why You Would Want a USAA Business Checking Account (If It Existed)

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 could look like—if it were an option.

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USAA Business Checking Account Alternatives

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 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 integration, unlimited 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.

Bank of Internet Business Interest Checking

The Bank of Internet has been in business since 1999, making it one of the first internet-only banks in existence. Not only is BofI a longstanding online-only bank, it also offers nifty perks for their customers, such as interest-bearing business checking accounts.

Plus, BofI 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, BofI 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’s disheartening to know 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 (US 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 they differ from conventional banks).

Navy Federal Credit Union Business Checking

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 items per month in addition to its entire online banking platform.
  • Armed Forces Bank Business Checking and Business Interest Checking are designed for midsize businesses that need more flexibility with incoming and outgoing transfers in exchange for a higher minimum balance and a small monthly fee. (But that fee is waived with a $5,000 average monthly or $2,500 daily balance). The latter of the two accounts also offers interest on your checking balance.
  • 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.

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Veteran-Owned Business Accounts at 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. Chase also offers business credit, lending, and payroll support through its partners.

Chase Performance Business Checking

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. Performance Business Checking 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.

Chase Platinum Business Checking

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.

No USAA Business Checking Account, No Problem

Even though there’s no USAA business checking account available at the moment, there are a ton of other options that provide a 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.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian O'Connor

Contributing Writer at Fundera
Brian writes about finance, business strategy, and digital marketing. He has worked at Morgan Stanley, 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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