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?

Advertiser & Editorial Disclosure

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.

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: Bank of America Business Advantage Fundamentals Checking

Bank of America offers two business checking products, but the Business Advantage Fundamentals Checking account may be the better choice for most business owners.

The account includes a $16 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 account balance of $5,000 or more
  • 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 cards, interest rate discounts on small business loans, and more.

Small Business Checking by Bank of America

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Runner-Up: Chase Business Complete Banking 

Chase offers three separate checking accounts, with Business Complete Checking as the best option for small and growing businesses.

The account comes with a $15 monthly fee. You can get the monthly fee waived completely if you maintain an average daily balance of $2,000 or if you link a Chase Private Client checking account.

The account comes with the following services:

  • 100 fee-free transactions and withdrawals 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: Axos

While Bank of America and Chase both offer free checking accounts if you meet certain requirements, Axos’ online business bank account offers fee-free checking to every business owner. Having a free bank account is great in particular for new businesses!

Despite charging no fees, the bank provides several valuable features, including:

  • Free payments and transfers
  • Unlimited domestic out-of-network ATM fee reimbursement
  • Up to 200 free transactions per month
  • First 50 checks free

Axos offers other banking services for businesses, including a money market account, merchant services, and interest checking.

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 December 20, 2021.

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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.