Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking and Business Premium Checking. Each account earns interest and includes unlimited fee-free electronic transactions. Show
While this review includes information on all three accounts, the star rating indicated above is specific to Navy Federal's free Business Checking account. Navy Federal business checking is best for small-business owners who:
Navy Federal business checking at a glance
How to open a Navy Federal business accountTo open a Navy Federal business account, all business owners must be individual members of Navy Federal Credit Union with accounts in good standing (see below for membership requirements). Eligible businesses can open a business account in-person or over the phone. Navy Federal Credit Union operates 350 branches worldwide — covering 30 states, Washington, D.C., and 11 countries — but business transactions can only be completed at full-service branch locations. You can find details about services available by branch on the Navy Federal website. What you need to open a Navy Federal business accountBusiness owners need to complete a business membership pre-application (available online via your personal Navy Federal digital banking account), provide the appropriate business documents and pay a $255 minimum opening deposit ($250 for sole proprietorships) to open a Navy Federal business checking account. Click on your business entity type to see which documents are required.
Corporation, Limited Partnership or Limited Liability Company
Navy Federal membership requirementsNavy Federal business accounts are available to Navy Federal members only. You can apply for Navy Federal Credit Union membership online, over the phone or by visiting a branch location. To qualify for membership, you must fall into one of the following categories:
Where Navy Federal business checking stands outFree, interest-bearing business checking: Navy Federal offers members a free business checking account that actually earns interest. While the rate is low (0.01%), it’s better than 0%, which is what most business checking accounts offer. Unlimited transactions: It’s common for banks to limit the number of free transactions a business can conduct each month. Not with Navy Federal. The credit union offers unlimited fee-free electronic transactions on all of its business checking accounts. While free in-person transactions are limited to 30, 50 or 100, depending on your account, that’s on par with or better than some competitors. For example, Chase Business Complete Checking℠ caps free in-person and paper transactions at 20 per month and charges 40 cents to each additional transaction. Navy Federal counts up to 12 checks for deposit at a branch location as one transaction and charges only 25 cents for excess transactions. Customer service: Credit unions are known for their customer service, and Navy Federal is no different. Membership includes 24/7 phone customer service, or you can ask questions through secure message, live chat and social media. Business members can also contact a dedicated support line from 9 a.m. to 5 p.m. Eastern time Monday through Friday. Where Navy Federal business checking falls shortEligibility: While all credit unions require membership, Navy Federal's is more exclusive than most. All business owners must be a Navy Federal member in order to open a business account. If one of your partners doesn’t fit the criteria — current or former members of the military, Department of Defense employees or their family members — you’ll need to look elsewhere for a business checking account. Expensive deposit requirement: Navy Federal requires a $255 minimum opening deposit on all of its business checking accounts ($250 for sole proprietorships). That’s steep, especially considering there are several top-rated free business checking accounts that can be opened with $0. For example, Bluevine business checking has no monthly fee or minimum deposit requirement and an APY of 2.00% on account balances up to and including $100,000, compared with Navy Federal’s 0.01% APY. What are the requirements for a business account with Navy Federal?Business owners need to complete a business membership pre-application (available online via your personal Navy Federal digital banking account), provide the appropriate business documents and pay a $255 minimum opening deposit ($250 for sole proprietorships) to open a Navy Federal business checking account.
How long does it take Navy Federal to approve business account?Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.
Can I open a Navy Federal business account without being in the military?The Ties That Bind
To be a member of the credit union, you must be a veteran, have current ties to the armed forces, Department of Defense, or National Guard, or have an immediate family member who has a membership with Navy Federal.
What credit score is needed for Navy Federal business cards?Who is Navy Federal business credit card designed for? This is a credit card issued by Navy Federal Credit Union. This business card is designed for small businesses with fair credit. The minimum credit score to apply is 650.
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