For small business owners who are U.S. military service members looking to open a business bank account, the Navy Federal Credit Union (NFCU) may be a great place to handle your business finances. Find out why this financial institution may be a great place to open a business checking account or business savings account, and how you could qualify. Show
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:
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. Compare Now 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, starting at 0.1% annual percentage yield (APY) and going as high as 0.45% APY for Business Premium Checking accounts of $25,000 and over. (These are the rates at the time of writing). 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 AccountsNFCU offers three levels of business checking accounts:
Navy Federal Business Savings AccountsOpening 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:
Navy Federal Business Debit and Business Credit CardsWhen 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 an annual percentage rate (APR) as low as Prime+ 5.90%. 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:
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. How much do you have to have to open 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.
Can I open my business bank account online?Opening a business checking account online is generally faster and easier than visiting a branch location and applying in person. While the process will vary slightly depending on the individual bank, you should be able to complete and submit your online application in a matter of minutes.
Can I open a Navy Federal account online?With the right information in front of you, you can apply for membership online in about 10 minutes. You can even sign your children up for membership through our online youth application. Feel free to give us a call at 1-888-842-6328 or visit a branch to apply in person.
How do I open a Navy Federal account without being in the military?You don't have to be in the U.S. Navy to become a Navy Federal Credit Union member. Civilians working for the Department of Defense (DoD) may apply for membership. Immediate family members of those who qualify for NFCU membership may also join.
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