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:
BlueVine Business Checking
For a business bank account that can be opened very quickly and easily online, BlueVine business checking is a top option. BlueVine business checking offers unlimited transactions, two free checkbooks, a free business debit card, mobile and online banking—and all without monthly service fees.
In addition, this account has no NSF fees, no minimum opening deposit requirement, no minimum balance requirement, no ACH fees, and no incoming wire fees. The only fees you’ll pay are for outgoing wires—$15. That said, the BlueVine business checking account also gives you the opportunity to earn interest on your account—1% on any balance over $1,000.
So, even if you don’t have a $1,000 balance to start, you can start earning interest the minute your balance reaches that threshold, and there is no penalty or fee for having an account balance under $1,000. Moreover, this bank account gives you access to over 38,000 fee-free ATMs around the U.S., as well as over 90,000 Green Dot locations—where you can deposit cash—something that’s not always an option for online-based business checking accounts.
Finally, you can manage all of your account online—pay vendors and bills, make transfers to and from other accounts, schedule one-time and recurring payments, and more.
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. 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. (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 Business Complete 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 Business Complete 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.
Bank of America Business Advantage Fundamentals Checking
The Bank of America Business Advantage 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. You can read our full review of the Advantage Fundamentals Checking Account from BoA.
This account is best for new businesses that are just starting out and need a business debit card and online banking. There’s a fee of $16 per month for this account but there are a few fairly easy ways to waive the fee including spending $250 in net new purchases on your business debit 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:
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.