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:
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.
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.
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. |
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 |
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.
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:
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.
Finding the right business checking account can take time. Here are some of the top options on the market today.
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.
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.
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.
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.
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.
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