What Is the Navy Federal Credit Union?
Headquartered in Vienna, Virginia, the Navy Federal Credit Union (NFCU) is a global credit union started specifically for members of the U.S. armed forces. Like all credit unions, it’s regulated by the National Credit Union Administration (NCUA). It’s the largest consumer credit union in the U.S. due to both how many individuals are members and how many assets it manages.
In order to be a member of the NFCU, you have to satisfy one of the following eligibility requirements:
- Be an active duty member of the U.S. armed forces, including the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force. You may also be a member of the Delayed Entry Program (DEP), Department of Defense (DoD) Candidate/ROTC, or a DoD Reservist.
- Be a veteran or retired from the military, including annuitants.
- Be a family member of a military member, retiree, or veteran, including parents, grandparents, spouses, siblings, children (adopted or step-children, too), grandchildren, or even a household member.
- Be a Department of Defense Civilian, including civilian employees, U.S. government employees assigned to DoD installations, DoD contractors assigned to U.S. government installations, and DoD civilian retirees and annuitants.
- Be a minor whose parents, guardians, or grandparents sign you up.
If you’re looking to buy a car or purchase real estate, Navy Federal offers a host of benefits, such as loan discounts, Veteran Administration mortgages, and low auto rates. The institution’s size also means they have a lot of resources that you can tap into, like a worldwide network of ATMs, convenient physical locations and branches, and a mobile banking app with round-the-clock support.
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.
Is Navy Federal a Good Place to Open a Business Account?
Navy Federal business solutions include a variety of business checking accounts, business savings accounts, and their GO BIZ debit card or GO BIZ Rewards credit card. If you’re already a member of the credit union with a personal account, opening a business account is also very convenient.
Unlike some other business checking accounts, Navy Federal’s business checking account offers interest you can earn. (Check for current rates). It offers several checking and savings account options that can be good for everyone from sole proprietors to corporations with multiple owners.
Navy Federal Business Checking Accounts
NFCU offers three levels of business checking accounts:
Account Type | Non-Electronic Transactions | Monthly Service Fee | Signers | Best for |
Business Checking | First 30 included; 25 cents each after | None | Up to 2 | Small, new businesses with limited cash flow |
Business Plus Checking | First 50 included; 25 cents each after | $8 | Unlimited | Growing businesses with multiple owners and steady banking activity |
Business Premium Checking | First 100 included; 25 cents each after | $20 (waived for average daily balance of $5,000+) | Unlimited | Mature, multi-owner businesses with lots of transactions and higher deposit balances. |
Navy Federal Business Savings Accounts
Opening a business savings account is an excellent way to set money aside for times when your business isn’t doing as well, or just to plan for the future in general. NFCU provides competitive interest rates and, as with all their other accounts, accessible online banking options so you can transfer between your business savings and checking accounts when you need to. The credit union offers three types of business savings accounts:
Account Type | Dividends Earned | Features | Minimum Balance to Earn Dividends | Best For |
Money Market Savings Account | Daily | No term restrictions; competitive rates | $2,500 | Businesses looking for higher earnings than a standard savings account |
Jumbo | On $100,000 or more | No term restrictions; competitive rates | $100,000 + | Businesses with the ability to maintain higher balances on deposit or interested in earning a jumbo dividend rate |
Certificates | Higher earned through longer maturities | No maximum purchase (excluding special promotions and offers); three- to seven-month terms available | Minimum purchases as low as $100 | Businesses prioritizing earning the highest dividend rate without needing flexible access to savings |
Pros and Cons of Navy Federal Business Checking Account
Pros
- No monthly service fee
- Multiple account types
- Digital banking
- Well-rated mobile app
Cons
- Must have ties to the military to get membership
- Limited branch access
- May have transaction limits
Navy Federal Business Debit and Business Credit Cards
When you open a business checking account with NFCU, you can easily sign up for the GO BIZ debit card to easily pay for your business’s needs from your business checking account. The debit card gives Navy Federal business members a zero-liability policy for unauthorized transactions, Visa travel accident insurance, and contactless, tap-to-pay technology — all great if you travel, and even if you stay in the U.S.
The GO BIZ Rewards business credit card is a good idea to help your company build credit and open a larger line of credit for your small business. It boasts no annual fee and a points system, plus a reasonable annual percentage rate (APR). You can choose between a Visa or Mastercard and add multiple cardholders, which is great for a corporation. They also offer no earnings cap for points, no foreign transaction fees, and zero liability for unauthorized transactions.
The GO BIZ Rewards Visa offers Visa SavingsEdge, which can save you up to 15% on business purchases from participating merchants in travel services, IT solutions, shipping, and evening dining out. The GO BIZ Rewards Mastercard offers additional services like business advantages, cell phone protection, ID theft protection, and automobile collision damage waivers.
What Is Needed to Open a Business Bank Account with Navy Federal?
There are a number of documents you need to apply for a business bank account with Navy Federal, as well as a minimum deposit of $250 for sole proprietorships and $255 for other business types. Take a look at this list to see which documents you need for your specific business structure.
In order to open a business banking account with Navy Federal, you simply follow three easy steps:
- Make sure you and any other owners of your small business are all individual members with accounts in good standing.
- Sign into your personal NFCU account and complete the Business Membership Pre-Application Form, including all documentation for your business type.
- Call NFCU within two business days of completing step two and submit all required documentation.
As with all credit unions, Navy Federal is known for its customer service, and if you and your other business owners are already personal members of NFCU, opening a Navy Federal business account can be an excellent idea.
Alternative Business Checking and Savings Accounts
Finding the right business checking account can take time. Here are some of the top options on the market today.
$125 bonus with qualifying activities at account opening. Terms Apply
Found - Banking built for the self-employed
Found is a business checking account designed to simplify bookkeeping and taxes for small business owners. With Found, you’ll always have an estimate of what you’ll owe in taxes, and Found can automatically set aside that estimated amount when you’re paid. Every purchase is cleanly tracked and categorized, so you can easily find write-offs. Sign up for free in minutes. No credit check. No hidden fees. No minimums. Earn $125 when you deposit $5,000 within the first 30 days and maintain it for another 30 days. Offer valid until 9/30/25. Terms Apply. *Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC.Advanced, optional add-on bookkeeping software available with a Found Plus subscription for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here https://found.com/legal/fee_schedule.
Minimum Balance
None
Monthly Cost
Required monthly fees: $0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Free transfers. No minimums.
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
Great For High Interest Rate
Bluevine Business Banking
Earn 4.0% APY on Bluevine Premier and 2.0% APY on Bluevine Standard when you meet a monthly activity goal. Save time and pay vendors with unlimited transactions via ACH, same day ACH, domestic wires, and international payments. Add up to 5 sub-accounts, each with designated account numbers. $95 (waivable) monthly fee for Premier, $0 for standard. No overdraft fees, no minimum balance requirements. To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Minimum Balance
None
Monthly Cost
$0-$95 (Waivable)
Monthly Free Transactions
Unlimited
Noteworthy Perks
Up to 3.7% APY
Great For Unlimited Digital Transactions
Capital One Business Checking Accounts
No fees on unlimited digital transactions. Free overdraft coverage and debit cards included. All options include online and mobile banking, as well as mobile deposits from your smartphone. Send electronic payments to vendors for free.
Minimum Balance
None
Monthly Cost
Starts at $15 monthly service fee, waived with $2,000 minimum balance
Monthly Free Transactions
Unlimited Digital Transactions
Noteworthy Perks
Deposit checks from your phone
Is Navy Federal Still a Good Place to Open a Business Account in 2024?
A Navy Federal bank account still offers business owners valuable tools with its business checking and savings accounts. Anyone looking for affordable transactions and a reasonable APR might find NFCU to be a good option. If you want to make comparisons easy, use Nav to see which business bank accounts are right for your business.
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.
FAQs
What do you need to open a business account with Navy Federal?
First, you need to be an active member of the U.S. armed forces, a veteran, or the relative or household member of someone in the military. Then all the business owners need to join the credit union with personal accounts. Once you complete an online application, you’ll need to submit all your required documentation.
Is Navy Federal good for business accounts?
Yes, Navy Federal is a good option for business accounts because its checking account offers unlimited transactions without charging fees. This is especially useful for businesses with a lot of transactions, like retail stores or restaurants. Plus, there are many perks involved with the credit unions focused on military members.
Is Navy Federal going to use FedNow?
FedNow is an instant payment system created by the U.S. Federal Reserve. As of early 2024, Navy Federal hasn’t yet added FedNow, but it has announced that it intends to in the future.
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Kat Cox
Kat Cox works to provide answers to the questions small business owners have about how to set up, run, or fund their businesses. When she’s not writing blogs, articles, short fiction, or (kind of bad) French poetry, Kat can be found lacing up her tennis shoes for a run or walk with her pup or scouting for the best karaoke spot in Austin, Texas.