USAA, or the United Services Automobile Association, is a financial services company serving members of the Armed Forces.
If you’re a USAA member and a small business owner, you might be wondering where you can get a USAA business account. Unfortunately, USAA business checking isn’t an option because the financial services company doesn’t offer any business services beyond small business insurance.
Fortunately, there are other options available that can provide you with the help you need to build your business the right way.
Does USAA offer business accounts?
No. There are no USAA business accounts for checking, savings, or credit cards. We recommend separating personal and business finances for a number of reasons, including making tax season easier and lowering your personal liability. USAA offers checking and savings accounts for personal finances, but anyone who needs banking products for business will have to look elsewhere.
Luckily, there are several other options to choose from that we detail below.
How to choose the best USAA business account alternative
When looking for the best business checking account that offers similar perks to USAA, there are several features you should search for. First, you’ll want to decide whether or not you want to work with a financial institution that targets military personnel that gives service members additional rewards. If you do, we outline the best options below.
Then, consider which of the following features are necessary for your business account:
- Monthly service fee
- Free cash deposits and unlimited transactions
- Annual percentage yield (APY), or interest earned on your balance
- A minimum opening deposit or minimum balance requirement
- Overdraft protection
- ATM fee reimbursements and how many in-network ATMs there are near you for easy cash withdrawals and deposits
- Automatic bill pay
Other things to consider are whether the account gives you free debit cards for employees or has a mobile app for you to see your daily balance on the go. Once you have looked at each of these factors, it should be easier to decide which account would work best for your business.
USAA business checking alternatives
If you’re looking for a solid business checking account for your company, here are some of our top choices.
Best overall: American Express® Business Checking
Great for U.S. businesses and industries
.png)
American Express® Business Checking
American Express® Business Checking offers eligible businesses a free, fully digital account with no monthly maintenance fees. Amex is currently accepting applications from eligible U.S. businesses and they can apply for an American Express® Business Checking account online in as little as 10 minutes. If approved for an account, customers will be able to link an existing bank account, deposit funds, and begin making transactions. American Express National Bank. Member FDIC. *To earn the 30,000 Membership Rewards with qualifying activities the following criteria must be met: 1) Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts. 2) Maintain an average account balance of $5,000 for the next 60 days, AND 3) Make 5 or more qualifying transactions within 60 days of opening your account. Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions.
Minimum Balance
None
Monthly Cost
None
Monthly Free Transactions
Unlimited
Noteworthy Perks
- 30,000 MR with qualifying activities*
- High-Yield APY of 1.30% on balances of up to $500K
- No monthly minimum balance requirements
- No monthly account maintenance fees
- Convert Membership Rewards® points into deposits directly into your American Express® Business Checking account
Runner-up: Chase Business Complete Banking®
Great For Digital Banking
Chase Business Complete Banking®
Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. Associate Debit and Employee Deposit Cards available upon request
Minimum Balance
None
Monthly Cost
$15 with ways to waive
Monthly Free Transactions
Unlimited
Noteworthy Perks
$500 Sign Up Bonus
Best online bank: Axos Basic Business Checking
Business owners get up to $400 welcome bonus!*
Axos Basic Business Checking
Business owners get up to $400 welcome bonus!* Open a business checking account by September 30 and get up to $400 when you use promo code NEW400 on your application.* No initial deposit requirement. No minimum balance requirement. No monthly maintenance fees. Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month. Free domestic and international incoming wires. Cash deposits via MoneyPass and AllPoint networks. See disclosures here: https://www.axosbank.com/business/business-checking-accounts/basic-business-checking
Minimum Balance
None
Monthly Cost
$0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Great welcome bonus
Are there other military banks that offer business accounts?
As mentioned, there is no such thing as a USAA business account. However, if you are a member of the military and are looking for a business account bank targeting service members, you have choices. A bank that focuses on military members might provide more comprehensive services and financial products that can help your business stay on track.
The table below outlines your top options to choose from when looking for a military bank or credit union that has business accounts. You’ll want to confirm your eligibility directly with the financial institution.
Financial institution | The highlights | Who is eligible? | What to consider |
Navy Federal Credit Union | Has three business checking accounts to choose from, depending on your business status | Active duty service members, veterans, family members, and Department of Defense personnel | Low interest rate for the first two tiers |
Security Service Federal Credit Union | No monthly fee and higher interest than the competition | Military members or Department of Defense employees of specific branches, units, or military bases within the service areas | Limited branch locations |
Armed Forces Bank | Four tiers of business checking accounts to pick from, depending on your business status | Active duty and retired military members and civilians nationwide | Members only earn interest on the highest two business checking accounts |
Service Credit Union | 250 free monthly transactions with its free account | Active duty service members, veterans, family members, Department of Defense employees, employees of a group of select companies, or members of the American Consumer Council | Large balances required to waive monthly fee and earn interest |
Frequently asked questions
As we researched USAA Bank business checking and its alternatives, we came across several common questions among small business owners. Here are the top four, along with their answers.
Does USAA have small business checking?
No, it does not. But you can still get a free business checking account with loads of great features from one of our alternatives. Just remember that some banks may require that you meet certain requirements to skip the monthly maintenance fee.
Do I need a business bank account for an LLC?
You don’t legally need a business bank account if your company is structured as an LLC, but you do need to separate your personal and business finances because the business is a separate entity—and you can technically do that with a separate personal checking account.
However, it’s still a good idea to have a business checking account because it lends legitimacy to your business. It shows that the company is more than a hobby and can make it easier to work with lenders, suppliers, and clients.
Which bank is best for a business account?
There’s no single best business checking account for every business owner. However, there are some features that make some options better for more business owners than others. We’ve listed our top choices above for the best banks and recommend considering them for your small business.
Does USAA open business checking accounts?
Military members who use USAA services have many options for personal services like insurance, banking, and investing, however, USAA does not offer any business checking services.
How do you qualify for a business checking account?
As you start to research how to open a business bank account, you’ll want to make sure you qualify for one. Generally speaking, you don’t need to have your business operate as a particular business structure. You should be able to demonstrate that you have been responsible with your business cash flow and haven’t had a large number of overdrafts with past bank accounts.
Do you need an LLC to open a business checking account?
You don’t need to run an LLC or any other particular business structure to open a bank account.
The bottom line
If you’re looking for a USAA business account, you’ll be disappointed to know that the financial services company doesn’t offer many products or services to business owners. There are, however, plenty of alternatives to consider.
Our top choices offer small business owners the chance to get a fee-free checking experience with basic business checking services that can make your life a little easier.
As with any financial product, take the time to research your options and pick the one the best suits your needs. And remember, those needs can change over time as your business grows. So don’t be afraid to reevaluate in the future if you feel like you’ve outgrown your current checking account.
Compare the best business checking accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
Build your foundation with Nav Prime
Options for new businesses are often limited. The first years focus on building your profile and progressing.
Ben Luthi
Ben Luthi is a personal finance and travel writer who loves helping consumers and business owners make better financial decisions. His work has appeared in several publications and websites, including U.S. News & World Report, USA Today, Marketwatch, Yahoo! Finance, and more.