5 Best Alternatives To USAA Business Checking Account [2022]

Hey Sunshine,

Opening a business checking account has never been easier, even without the USAA. After the pilot test run of the USAA business checking account in 2018, the USAA has not been a player in the business account section of the banking industry. Therefore, here are a couple of carefully researched options where you could open the best business checking account.

Understanding USAA Business Checking Account

USAA stands for United Services Automobile Association. It is engaged in providing financial services and assistance to members of the Armed Forces. If you belong to the armed forces or served in the US armed forces for a particular amount of time, then you must be wondering about the availability of a business account for USAA members. However, the unfortunate news is that USAA business checking account do not work anymore in operations.

Understanding USAA Business Checking Account
Understanding USAA Business Checking Account

Compare the best USAA business checking account alternatives in 2022, how to choose one, and factors to consider when choosing a business account and the overall process.

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How To Choose The Best USAA Business Checking Account?

Choosing A Business Account
Choosing A Business Account

USAA does not offer its members any options when it comes to business checking accounts. Hence, this leaves its members, as well as non-member small-scale business owners, with very little option but to take a look at the alternatives available for business banking services. These include other military-based institutions as well as some non-military-based alternatives that function well in the case of business checking accounts for small-scale business owners.

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Top 10 Factors To Consider When Choosing A Business Account

The following are the top 10 factors to be considered while choosing a business checking account:

  1. Opening Deposit
  2. Fees
  3. Limits
  4. ATM Card
  5. ATM Compatibility
  6. Interest Rate
  7. Location
  8. Introductory Offer
  9. Account Features
  10. Additional Services
business checking account
business checking account

1. Opening Deposit

The first thing to take into account is whether a business checking account is free to set up or whether there is a minimum amount required to open an account.

2. Fees

You must check the business checking account fees sections for this kind of information. These include monthly fees and additional (extra) fees if applicable. Keep your eyes open for those business accounts that let you get a waiver or discount on such fees, especially if you are ex-military.

3. Limits

Limits are there in business accounts to keep a check on how many transactions you can make. Try to go for a business account that does not restrict your business money flow too much.

4. ATM Card

Make sure to select a business account that allows you to use an ATM card with minimum ATM fees, if at all. Also, check if the business account has an ATM card that allows both withdrawal and deposit.

5. ATM Compatibility

Moreover, it is also essential to note which ATMs are compatible to use with your business account.

6. Interest Rate

The business accounts for the most perks and the best services and offer the highest rates of interest although there might be a minimum balance requirement in most cases.

7. Location

It is essential that the bank be located close to your business. Usually, a bank with a lot of branches is more trustworthy. Online banks are also a good option because of their low fees. However, for engagement on a personal level, traditional banks would be a better choice.

8. Introductory Offer

Usually, customer-friendly banks provide new customers who wish to open a business account in the bank with some introductory offers. Make sure to read the terms and conditions before applying though.

9. Account Features

It is always an added perk to go for banks that offer additional account features other than just a business checking account. These include mobile banking features such as bill payment and credit availability for the business.

10. Additional Services

Check which banking account allows integrated services to aid you in the daily affairs of your business. For instance, check if a bank provides an invoicing service as an added bonus for business account holders.

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5 Best Alternatives To USAA Business Checking Account

Best business checking account
Best business checking account

Check out the 5 best alternatives to USAA business checking account in 2022, what their requirements are, monthly fees, minimum balance required, etc. Get to know all the information below:

  1. Lending Club
  2. Chase Business Complete Banking
  3. Navy Federal Credit Union Business Checking
  4. Service Credit Union Free Business Checking
  5. Bank of America Business Advantage Fundamentals™ Banking

1. Lending Club

LendingClub-Business Checking Account
LendingClub-Business Checking Account

Lending Club is a popular bank and is one of the best alternative to USAA business checking account. It has no minimum deposit fee, a $10 monthly fee that gets waived if you provide a minimum balance of $500. There are no-fee transactions available and no ATM fees at SUM ATMs and MoneyPass. They provide a 0.50% APY and integrated AutoBooks which will automatically create invoices for the business.

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2. Chase Business Complete Banking

Chase Business Complete Banking
Chase Business Complete Banking

Chase Business Complete Banking is a large-scale national bank. It has no minimum deposit fee, a $15 monthly fee that gets waived if you provide a minimum balance of $2000. There are 20 no-fee transactions available and 24×7 customer service. You also get to use electronic business tools and the mobile app.

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3. Navy Federal Credit Union Business Checking

Navy Federal Credit Union
Navy Federal Credit Union

Navy Federal Credit Union is a popular bank for the military. After the USAA business checking account stopped its services and operations, the Navy federal credit union business checking account became people’s choice that gave many benefits. It has no minimum deposit fee, no monthly fee, and up to 30 no-fee transactions available. It provides a 0.01% APY and a minimum deposit of just $255.

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4. Service Credit Union Free Business Checking

Service Credit Union
Service Credit Union

This is a popular bank for military, defence civilians, and New Hampshire businesses. It has no minimum deposit fee, no monthly fee, and no minimum deposit. There are 250 no-fee transactions available and no ATM fees for using their own ATMs. 24×7 customer service is also added. If you need additional services like bill payment and online banking, charges start from $29.99.

5. Bank of America Business Advantage Fundamentals™ Banking

Bank of America Business Checking Account
Bank of America Business Checking Account

Bank of America is a popular bank and alternative to USAA business checking accounts. It has no minimum deposit fee, a $16 monthly fee that gets waived if you provide a minimum balance of $5000. There are 200 no-fee transactions available and no ATM fees at your own ATMs. Integrated Expensify, ADC Payroll, and AutoBooks are an added advantage.

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Conclusion

USAA might not have the option of a USAA business checking account but it does have some of the best non-profit banking facilities for the military. The alternative business checking account banks mentioned are also fairly trustworthy and provide impeccable services in 2022. Check them out now!

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