Navy Federal Credit Union Business Checking Review

4.0

GBR RATING

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Quick Take: Navy Federal Credit Union offers a variety of business checking accounts to serve its members' needs. However, you'll have to pay a fee or have a fairly large balance to benefit from NFCU's top-tier option.

Why Navy Federal Is Great for Small Businesses

Navy Federal Credit Union offers a lot for small businesses. With three types of business checking accounts available — Business Checking, Business Plus Checking and Business Premium Checking — business owners can select the service level they need. 

The basic account, simply called Business Checking, is a no-fee account that accepts cash deposits, allows unlimited electronic transactions and pays a dividend, albeit a minuscule one. Minimum opening deposits are $250 for sole proprietorships and $255 for other business types.

One step up from the basic level is the Business Plus Checking account. This account comes with an $8 monthly fee but boosts the level of free nonelectronic transactions to 50 from 30. 

NFCU’s top-tier account is Business Premium Checking, which carries a $20 monthly fee for account balances under $5,000. Otherwise, the monthly fee is $0. The APY on this account takes a significant jump, to to , and the level of free nonelectronic transactions jumps to 100 per month. 

NFCU can be a good option for small businesses because of its flexibility. With three business checking options, users of many different types can find an account to suit their needs. For example, customers looking for basic banking can open an account with no monthly maintenance fees that still pays a dividend, although the size of that payout is currently negligible. Those looking for a more advanced option with a legitimate APY and a high level of free transactions can opt for the Business Premium Checking account, and they still won’t have to pay a fee if they have a sizable balance.

Businesses on the go will like the functionality of the NFCU mobile app, particularly if they also have personal accounts that they can link and view on the same app. Although Google Play users only rate the app 4.2 stars, more than eight times as many users on the App Store give it 4.9 stars.

From time to time, Navy Federal Credit Union will run promotions for customers opening new accounts, so keep checking to see if and when you may be able to take advantage of one.

How To Open an Account

To open an account at Navy Federal Credit Union, you’ll need the same type of documentation you’d expect to provide at any financial institution, such as the following:

• Social Security number
• Driver’s license or other government-issued ID
• Valid home address
• Banking information (e.g., bank routing number, credit card number) so you can fund your new account

The NFCU business checking accounts are open to sole proprietors, partnerships, LLCs and corporations. The minimum opening deposit is $250 for sole proprietorships and $255 for all other business types. Here are the additional paperwork requirements by business type:

Sole Proprietorship

• Federal tax ID number (TIN)
• Valid business license, permit, Fictitious Name Certificate or Certificate of Assumed Name

General Partnership

• Federal tax ID number (TIN)
• Beneficial Owner Form
• Valid business license, permit, Fictitious Name Certificate or Certificate of Assumed Name

Limited Partnership

• Recent Good Standing Certificate (within the 60 days prior to application)
• Federal tax ID number (TIN)
• Beneficial Owner Form
• Fictitious Name Certificate or Certificate of Assumed Name

Limited Liability Company

• Recent Good Standing Certificate (within the 60 days prior to application)
• Federal tax ID number (TIN)
• Beneficial Owner Form
• Fictitious Name Certificate or Certificate of Assumed Name

Membership Requirements

To join Navy Federal Credit Union, you or one of your family members must have ties to the armed forces or the Department of Defense. Among others, those in the following categories are eligible for membership:

• Active duty members of the Air Force, Army, Coast Guard, Marine Corps, National Guard, Navy and Space Force
• Veterans, retirees and annuitants
• Family members and household members
• Children (including adopted and stepchildren) and grandchildren of qualifying members
• Department of Defense civilian employees
• Department of Defense civilian retirees and annuitants

The Bottom Line

Overall, NFCU gets good scores for its business checking products. Highlights of its lineup include the following:

• All three accounts pay dividends.
• The basic account has no monthly fees.
• The top-tier account pays a good APY for a checking account and waives the $20 monthly fee with a $5,000 balance.
• The mobile app gets top scores.

Things that might dissuade customers from using NFCU for a business checking account include the following:

• Low APYs on basic accounts
• Membership requirements

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 12, 2024.

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