Theresa Stevens is a personal finance writer based in Boston, MA. As a former financial advisor, she has first-hand experience helping people solve their money challenges. When she's not writing, you'll find her trying out a new karaoke spot or plann.
Theresa Stevens ContributorTheresa Stevens is a personal finance writer based in Boston, MA. As a former financial advisor, she has first-hand experience helping people solve their money challenges. When she's not writing, you'll find her trying out a new karaoke spot or plann.
Written By Theresa Stevens ContributorTheresa Stevens is a personal finance writer based in Boston, MA. As a former financial advisor, she has first-hand experience helping people solve their money challenges. When she's not writing, you'll find her trying out a new karaoke spot or plann.
Theresa Stevens ContributorTheresa Stevens is a personal finance writer based in Boston, MA. As a former financial advisor, she has first-hand experience helping people solve their money challenges. When she's not writing, you'll find her trying out a new karaoke spot or plann.
Contributor Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Updated: Jan 4, 2024, 7:24am
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Navy Federal offers three business checking accounts to assist new, growing and mature companies—Navy Federal Credit Union Business Checking, Navy Federal Credit Union Business Plus Checking and Navy Federal Credit Union Business Premium Checking.
All three business checking accounts have no or low monthly service fees and unlimited free electronic transactions, making them a worthy choice for owners of growing businesses. However, these accounts aren’t available to everyone: You must be a Navy Federal Credit Union member, and membership is limited to military service members, retirees, veterans, Department of Defense employees and their families.
This Navy Federal Credit Union business checking review focuses on the institution’s business checking products. All account details and annual percentage yields (APYs) are current as of May 30, 2023.
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Navy Federal Credit Union Business Checking is a straightforward bank account with everything a small business owner needs to get up and running. There are no monthly service fees, and you receive unlimited free electronic transactions. Your first 30 non-electronic transactions are free; this includes processed checks and in-branch transfers, deposits and withdrawals. Once you reach that limit, you’ll pay $0.25 per transaction.
The Business Checking account offers an insignificant 0.01% APY. To open a business checking account, you must become a Navy Federal Credit Union member and deposit a minimum of $250 for sole proprietorships and $255 for all other business entities, such as LLCs, partnerships and corporations. You can add up to two signers to your account.
The Navy Federal Credit Union Business Plus Checking account is a great option for growing businesses with moderate transaction volume. Electronic transactions are free and unlimited. Your first 50 non-electronic transactions each month are also free. Once you exceed the limit, non-electronic transactions cost $0.25 each.
Business Plus requires an $8 monthly service fee and likewise offers 0.01% APY. If you want to share access to the account, you have the option to add unlimited additional signers. You can move money into your account by initiating an ACH transfer or depositing a check using the mobile app or visiting a Navy Federal branch or ATM. You also have the option to transfer funds into your account using a Visa or Mastercard issued by an external financial institution.
Mature businesses with a large volume of transactions may opt for the Navy Federal Credit Union Business Premium Checking account. This account includes unlimited free electronic transactions and 100 free non-electronic transactions per month. Additional non-electronic transfers cost $0.25 per apiece. Similar to Business Plus Checking, you can add an unlimited number of signers to your account.
Navy Federal charges a $20 monthly service fee for this account, but the credit union will waive it if you maintain an average daily balance of $5,000 or more. The account offers three different APYs, depending on your account balance. The balance tiers and APYs are:
Check out our complete list of the best business checking accounts.
In addition to personal and business checking accounts, Navy Federal Credit Union offers:
Navy Federal offers personal and business savings accounts to help individuals and business owners save toward their goals and earn interest. The Navy Federal Credit Union Basic Savings Account included with your membership offers 0.25% APY. This rate is higher than rates at many traditional savings accounts, but it’s far lower than the rates available from the best high-yield savings accounts.
The credit union also offers several credit card options, including secured cards for customers looking to establish or repair their credit and rewards cards for those seeking cash back on everyday purchases. Navy Federal also provides a variety of loans—many of which have exclusive discounts for service members.
Navy Federal members can access digital banking services via the credit union’s website and mobile app. The integrated Bill Pay feature lets you easily send money to others and pay bills. You can deposit up to $50,000 worth of checks per business day with the mobile app.
All business checking accounts come with Navy Federal’s GO BIZ Debit Card, which features contactless payment functionality. You can add your business checking account debit card to your mobile wallet to make purchases without using your physical card. If you want to monitor your account activity, you can sign up for email or text alerts.
Navy Federal’s business checking account fees are relatively low across the board, though some have higher costs than others. Here are some common fees for Navy Federal’s business checking accounts.
Monthly service fee $20; waive it if you maintain an average daily balance of $5,000 or more Monthly transactions fees (electronic) Monthly transaction fees (non-electronic) The first 30 transactions are free, then $0.25 each The first 50 transactions are free, then $0.25 each The first 100 transactions are free, then $0.25 each In-network ATM fees Out-of-network ATM fees $1 per transaction $1 per transaction $1 per transaction Returned payment fees Point-of-sale overdraft fees Foreign transaction fees 1% of the transaction amount 1% of the transaction amount 1% of the transaction amount See More See LessNavy Federal Credit Union is a highly rated credit union serving more than 12 million members and operating over 350 branches worldwide. In addition to its business checking accounts, Navy Federal offers a wide variety of products and services that rival the offerings at many larger banks.
Some of the best features of Navy Federal’s business checking accounts include unlimited electronic transactions and modest monthly fees. One drawback is the relatively high opening deposit for business checking accounts.
Navy Federal’s rates are competitive with offerings at other military banks and credit unions. It generally offers better APYs than big national banks, but its rates aren’t competitive with what you’ll find at the best online banks. Also, Navy Federal has stricter eligibility requirements than many other credit unions.
Bank of America business checking accounts come in two forms: the Bank of America Business Advantage Fundamentals™ Banking and the Bank of America Business Advantage Relationship Banking. BofA charges monthly service fees of $16 and $29.95, respectively. These monthly costs are higher than Navy Federal’s, but the bank will waive the fee on both accounts if specific requirements are met.
One area where Bank of America shines is its integration offerings. Zelle for business is built into your account for fast and secure transfers, and you can easily connect Quickbooks to your account to save time on manual data entry.
U.S. Bank has three main business checking account packages: U.S. Bank Business Checking,the U.S. Bank Gold Business Checking Account Package and the U.S. Bank Platinum Business Checking Account Package. U.S. Bank also has a business checking account for nonprofits and a premium analyzed business account.
U.S. Bank charges for both electronic and non-electronic transactions after you reach a monthly limit. However, U.S. Bank’s limits on non-electronic transactions are higher than Navy Federal’s. U.S. Bank also requires a lower minimum deposit of just $100 for business checking accounts. That said, with only about 13,000 U.S. Bank and partner ATMs nationwide, this institution has a smaller ATM network than Navy Federal.
Novo Bank is an online-only banking platform that provides business checking accounts and other banking services through its partner bank, Middlesex Federal Savings. What Novo lacks in physical locations, it makes up for in lack of fees and balance requirements.
Novo Business Checking Account has no monthly service fees or minimum balance requirements. Novo doesn’t have its own ATM network but reimburses you for all ATM fees at the end of each month, including fees incurred at international ATMs. Novo’s business checking account is free, simple and without membership restrictions. However, you won’t be able to bank in-person banking or make cash deposits.
