What are the Best USAA Business Checking Account Alternatives?

What are the Best USAA Business Checking Account Alternatives?

What are the Best USAA Business Checking Account Alternatives?

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: Small Business Checking by Bank of America

Runner-Up: Chase Business Complete Banking℠

Best Online Bank: Axos Basic Business Checking

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 institutionThe highlightsWho is eligible?What to consider
Navy Federal Credit UnionHas three business checking accounts to choose from, depending on your business statusActive duty service members, veterans, family members, and Department of Defense personnelLow interest rate for the first two tiers
Security Service Federal Credit UnionNo monthly fee and higher interest than the competitionMilitary members or Department of Defense employees of specific branches, units, or military bases within the service areasLimited branch locations
Armed Forces BankFour tiers of business checking accounts to pick from, depending on your business statusActive duty and retired military members and civilians nationwideMembers only earn interest on the highest two business checking accounts
Service Credit Union250 free monthly transactions with its free accountActive duty service members, veterans, family members, Department of Defense employees, employees of a group of select companies, or members of the American Consumer CouncilLarge 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. 

This article was originally written on September 19, 2019 and updated on May 13, 2022.

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4 responses to “What are the Best USAA Business Checking Account Alternatives?

  1. When you started with Bank of America I knew this article was biased then coming in with Chase as a runner up. No way! There is no comparison of USAA’s dedication to service members to the apathetic service offered at BoA. Chase will empty your business account with their many monthly fees. If you have access to USAA and want business checking then research a Navy Federal Business account. If you don’t have access check with your local or state-run federal credit union as they will have much better terms than companies listed in this article.

  2. Great info but it’s been tricky trying to find a business bank account in which one partner lives in the UK would have access to it

  3. It’s like no research was done. These must be banks where Nav is receiving a kickback for including a link. If you’re a USAA member that means you’re somehow affiliated with the armed forces. That being the case Navy Federal Credit Union would be the best choice as they offer business checking, savings, and money market accounts with no monthly account fees. These recommendations were garbage.