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.
USAA business checking alternatives
If you’re looking for a solid business checking account for your company, here are some of our top choices.
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Best overall: Bank of America Business Fundamentals Checking
Bank of America offers two business checking products, but the Business Fundamentals Checking account may be the better choice for most business owners.
The account includes a $14 monthly maintenance fee, but you can get it waived if you meet one of the following requirements:
- Spend $250 in net new purchases on a business debit or credit card each month.
- Maintain an average monthly balance of $5,000 or more.
- Maintain a minimum daily balance of $3,000.
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts.
- Qualify and enroll in the Preferred Rewards for Business program.
There’s no fee on the first 200 transactions each month, then a $0.45 fee per transaction after that. The excess transaction fee doesn’t apply, however, to ACH, debit card transactions, bill pay debits or checks deposited through the Remote Deposit Online feature.
Services provided by the account include:
- Employee debit cards with access and spending limits that you control.
- A business deposit card for you and your employees.
- Overdraft protection linked to a Bank of America business savings account, secondary checking account or business credit card.
And if you qualify for the bank’s Preferred Rewards for Business program, you may gain access to other perks, including discounts on merchant services, rewards bonuses on your Bank of America business credit card, interest rate discounts on business loans and more.
Runner-up: Chase Total Business Checking
Chase offers three separate checking accounts, with Total Business Checking as the best option for small and growing businesses.
The account comes with a $15 monthly fee, with a $3 discount if you sign up for paperless statements. You can get the monthly fee waived completely if you maintain a minimum daily balance of $1,500 or if you link a Chase Private Client or Chase Sapphire Checking personal account.
The account comes with the following services:
- 100 fee-free transactions per month
- Unlimited electronic deposits
- Up to $5,000 in cash deposits per statement cycle with no fee
- Domestic and international wire transfers
- Debit, deposit and ATM cards for you and your employees that give you access control
Chase also sometimes offers a bonus when you open an account and meet certain requirements.
Best online bank: Azlo
While Bank of America and Chase both offer free checking accounts if you meet certain requirements, Azlo’s business checking account offers fee-free checking to every business owner. There are also no transaction fees or any other fees whatsoever.
Despite charging no fees, the bank provides several valuable features, including:
- Free payments and transfers
- The option to send digital invoices to clients and customers
- Integration with Square and Stripe
- The ability to block and unblock your debit card via the bank’s mobile app
- Real-time notifications on purchases
Frequently asked questions
As we researched USAA 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.
What is the best checking account for small businesses?
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 and recommend considering them for your small business.
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.
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