2016 RANKING OF BEST CREDIT UNIONS FOR BUSINESS
Do Credit Unions Offer Business Accounts?
Many business banking customers have one big question: do credit unions offer business accounts? The answer is, yes.
When you’re searching for a business account at a credit union, you’re going to find the same advantages the individual consumer does at these financial organizations.
Credit unions are increasingly becoming the preferred way for many individual consumers to manage their money and handle their banking needs, ranging from opening a primary checking account to applying for loans and various financing.
Polls have shown many Americans have little confidence in the traditional banking system, especially as they are for-profit organizations.
Don't Miss: High Yield Bank Accounts
Credit unions, on the other hand, have become more popular because they operate as not-for-profits, meaning any profits they do earn are passed on to the members in the form of higher interest rate earnings on savings accounts and lower interest rates on things like loans and credit cards.
Credit unions also tend to have lower fees on most of their products and services, which is another reason they can be appealing.
Of course, some trade-offs come with a credit union as opposed to a traditional bank, including accessibility and convenience. Larger banks tend to have more branches and ATMs nationwide,plus more robust online and mobile services.
In addition to individual consumers, credit unions for business accounts are becoming more prevalent. Owners are looking at business loans from credit unions, as well as general credit union business checking options and other accounts. The following is a ranking of the leading credit unions for business in the U.S.
- Alliant Credit Union
- America First Credit Union
- California Credit Union
- Chartway Federal Credit Union
- Connexus Credit Union
- Delta Community Credit Union
- First Community Credit Union
- First Tech Federal Credit Union
- NASA Federal Credit Union
- Navy Federal Credit Union
- Public Service Credit Union
- SAFE Credit Union
This list is sorted alphabetically (click any of the above names to go directly to the detailed review for that bank).
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Methodology for Selecting the Best Credit Unions for Business
When you’re considering opening business accounts at credit unions, some pretty specific criteria will likely affect which institution you choose. A few areas of focus include fees, the availability of credit union small business accounts, how convenient and accessible the credit union would be for your business, and the level of customer service provided.
All of these factors and many others went into this ranking of the best small business credit unions. Our ranking process is detailed and based on widely available public resources, as well as a subjective approach to understanding what’s most important to small businesses searching for the right credit union.
Click here for a detailed explanation of our methodology: AdvisoryHQ’s Methodology for Selecting Top Credit Unions for Business.
Top 12 Credit Unions for Business
American First Credit Union
California Credit Union
Chartway Federal Credit Union
Connexus Credit Union
Delta Community Credit Union
First Community Credit Union
First Tech Federal Credit Union
NASA Federal Credit Union
Navy Federal Credit Union
Public Service Credit Union
SAFE Credit Union
(List is sorted alphabetically)
Detailed Review—Top Ranking Credit Unions with Business Accounts
After carefully considering the best credit unions for small business, we created the following list of the top 12. As you continue reading, you’ll find detailed reviews for each of our picks, as well as specifics of some of the factors we used in our decision-making process.
Alliant Credit Union Review
Alliant Credit Union (ACU) was started by utility company employees in 1933. Today, they still focus on the original mission, which is to hear the voice of the members. ACU is owned by its members, who are also the owners. Members earn dividends, and each depositor has one vote at the annual meeting, regardless of how much money they have deposited in the credit union.
Services available from Alliant include a variety of savings accounts, financial planning, personal and business checking, and a range of individual and business loans. Other services from Alliant include online and mobile banking, wire services, and insurance products.
Key Factors That Enabled This to Rank as a Top Credit Union for Small Business
Detailed below are reasons Alliant was included in this ranking of the top small business credit unions, and one of the best options for a business checking account from a credit union.
Business Checking Accounts
Checking is often the first account opened by small businesses, and it remains something that’s essential to their daily operations. A business checking account is typically how bills and invoices are paid, how payroll is managed, and how every expense is taken care of. That’s why the choice of a business checking account is an important one.
The business checking account from this credit union is valuable because it’s interest bearing, with competitive rates and no minimum balance requirement.
This credit union business checking account also includes a free debit card, free check images, free eStatements, and free online bill pay. Online banking is available, and deposits can be made in person, by mail, through payroll deduction or as part of a direct deposit.
Small business loans from this credit union are designed specifically for the needs of business owners, and they can be used for a variety of purposes ranging from financing and investment or expansion to opening another business venture.
Available types of loans include term loans and revolving lines of credit.
More specifically, loan projects include expansion, refinancing of existing loans, lending for the purchase of equipment, commercial property or business, materials, construction loans, and agricultural business loans.
One of the many reasons Alliant is included in this ranking of the best credit unions for small business is because business checking comes with free online banking. Online banking from Alliant includes the ability to check balances, transfer funds between accounts, transfer funds to another account or a loan, and quickly view account history.
It’s also simple to download cleared checks into Quicken or QuickBooks, view business loan information and eStatements, make loan payments, pay bills, and see cleared checks. Alliant online banking features bill pay options as well, so almost any service you could need to access is available through this convenient platform.
Alliant partners with Leibfried & Associates to offer customers access to financial planning. This private wealth advisory firm can help members in a number of financial areas. Some of the services include:
- Plans to increase cash reserves
- Protection coverage for assets
- Planning for unexpected events and protecting a member’s family from the potential financial impact
- Saving for college and education expenses
- Building wealth
- Inheritance planning
- Assessing of retirement income
America First Credit Union Review
America First Credit Union was founded in Salt Lake City, Utah, in 1939. Since that time, the credit union has had only four presidents, and the mission remains the same. That mission is helping members develop and maintain financial well-being. As with other credit unions, America First is a member-owned, not-for-profit cooperative, with total assets of more than $7 billion.
America First is ranked as the 12th largest credit union in the U.S. based on assets, and the seventh largest credit union in the country based on membership. There are 113 full-service branches of America First, and members can use the CO-OP network of ATMs.
Key Factors That Led Us to Rank This as A Best Credit Union for Small Business Accounts
Highlighted below are key reasons America First was selected as one of the best credit unions for business banking.
Analyzed Business Checking
America First is ranked as one of the best credit unions for small business accounts because they offer a wide variety of options, from basic accounts to more advanced accounts. One of the options is Analyzed Checking.
Analyzed Business Checking is specifically tailored to the needs of organizations with more than 250 transactions per month. It includes full-service checking features and functionality, with no transaction limits.
The monthly service and per-item fee transactions are low, and they can be offset with an earnings credit, which is based on the amount of money you have in your account.
Business Bill Pay
With Business Bill Pay, members can take advantage of a premier free service specifically geared toward the needs of small business owners. This Business Bill Pay option is based online, and the benefits include the following:
- Users can save time and money in terms of how they manage their business expenses
- It’s a more secure way to pay bills
- Bill Pay from America First can be used to pay any individual, company, or organization in the U.S.
- You can pay multiple invoices to the same recipient with one check
- Control security levels with multiple authorized users
- Attach invoice information and memos with payments
- Make payments of up to $50,000
- Pay multiple vendors at one time
- Organize your business with a reduction in the number of paper checks you write
Mobile Merchant is an app that ensures wherever you are your mobile device can take payments using The Dot card reader. It’s free for Business Account holders at America First, and it makes your business more accessible.
Business customers simply visit the iTunes or Google Play Store, download the America First Mobile Merchant app, and then call the credit union to receive a free The Dot card reader.
Benefits include local service and support, unlimited users, and the ability to categorize items, mark them as favorites, and quickly search for your top requests.
You can also view your full transaction history and set permissions and roles for multiple employees; plus, it’s a secure payment method with an encrypted card reader that protects all data.
Business Visa Credit Card
America First is a credit union with business credit cards. The Business Visa Credit Card is available in two versions.
The first is Visa Rewards. With this card, businesses earn one point for each dollar they spend, and points can be redeemed for everything from travel to gift cards and event tickets. There is no annual fee, rates are low, and the terms are flexible.
With Visa Rebate, there is an option to earn up to 1% cash back on business purchases, and the rebate is automatically deposited into your America First savings account annually. Like the Rewards card, it includes no annual fee, low interest rates, and flexible terms.
California Credit Union Review
California Credit Union was started in 1931 in the midst of the Great Depression. Since that time, it has become one of the largest credit unions in Southern California, with more than 88,000 members and almost $1.5 billion in assets. In addition to 13 branch locations throughout Los Angeles County, California Credit Union also has robust online and call-based banking options.
Membership is open to any California public or private school employee, as well as immediate relatives of a member, a member of the Parent Teacher Association or Parent Teacher Student Association, public TV contributors, alumni association members, America Scouting members, and student body members of a California school.
Key Factors That Enabled This to Rank as One of the Best Options for Credit Union Business Accounts
Cited below are reasons California Credit Union was selected for this ranking of the best credit unions for small business accounts.
If you’re looking for business loans from a credit union, California CU is a great option. They are Small Business Administration lenders (SBA), with loans for small and mid-sized businesses. These loans are available for most purposes related to business, including purchasing new equipment, refinancing debt, expansion, or the launch of a new business.
Advantages of an SBA loan include financing of up to 90%, longer repayment terms to help a company maintain its cash flow, and full amortization.
Interest rates are competitive, funding can happen as quickly as 45 days, and loans include consideration for projected income.
Business Banking Online
This is a unique credit union with business accounts because there is a particular online platform just for business members. Business Banking Online from California Credit Union is tailored to the specific needs of business banking members, and features include the ability to view real-time balances and make immediate or recurring account transfers.
Online statements are available to view, stop payments can be made, business members can see complete transaction histories and view images of checks, and there are multi-user access controls, so you can decide which employees have access to which information.
Also, with Business Banking Online, it’s easy to download accounts to business financial management software including Quickbooks, Quicken, and Microsoft Money.
Business Checking Accounts
Business checking accounts from this credit union include Basic Business Checking, Premium Business Checking and Business Analysis Checking.
All Business Checking accounts include low minimum opening deposits, and business debit cards. They are also insured by the NCUA. Each of these accounts also comes with free online banking and bill pay.
With Basic Business Checking, there is no monthly service charge and no minimum balance requirement. Premium Business Checking offers dividends and is designed for businesses with higher balances. Business Analysis Checking is for higher account balances, and it offers earnings credits to help members cover some or all of the fees that come with the account.
As well as being a credit union with business checking options, California Credit Union also has business savings accounts.
There are basic accounts with high yields and flexibility, as well as Business Money Market accounts, which have even higher yields and tiered interest. Business Savings Certificates are a safe, stable way to save with terms that range from three months to five years.
Again, rates are competitive, and they can be used for short- or long-term business savings goals.
Chartway Federal Credit Union Review
Chartway Federal Credit Union was created in 1959 by civilian workers of the Norfolk Naval Air Station. Since that time, Chartway has grown to become one of the largest U.S. credit unions. Since integrating with HeritageWest Credit Union and SouthWest Community Credit Union, Chartway now has assets in excess of $2 billion and has more than 180,000 members.
Personal services available to members of Chartway include loans and credit cards, checking and savings accounts, mortgages and financial planning. This is also a credit union with business accounts including checking and savings.
Key Factors That Allowed This to Rank as One of the Best Credit Unions that Offer Business Accounts
Detailed below are primary reasons Chartway Federal Credit Union was included in this ranking of the best credit unions for small business.
Credit union business checking from Chartway requires only a $100 minimum deposit, and you can apply online. There is flexibility in the sorts of transactions that can be made using this account, and there is also the option to utilize a merchant service program.
In order to take advantage, you must be a qualified Chartway Federal Credit Union member, and you must have a Business Savings account.
New account holders are also required to have a valid Federal Tax ID or Employer ID number.
One of the business savings account options from Chartway is the Money Market Link account, which offers both convenience and flexibility, while allowing business members to grow their money with competitive dividends.
With the Money Market Link account, business customers can combine their savings and checking into an account that’s streamlined and easy to manage. It includes high monthly dividends and funds that are still available. It also features unlimited check writing capabilities.
Chartway doesn’t just offer standard business accounts. They also have services aimed at businesses, including merchant services. When business members take advantage of merchant options from Chartway, they can easily accept all major credit cards, and then the funds from transactions are deposited directly into their business account.
Chartway merchant services also feature online debit card processing, an interface with all major front-end networks, equipment rental, and purchase options, and the availability of customized packages.
If you’re a busy small business owner, you likely desire the freedom and flexibility offered by online banking. For business account holders at Chartway, online banking allows for the transfer of funds, the ability to make payments on loans and credit cards, and tools to balance your business checkbook.
With online bill pay, members can pay anyone, manage multiple payments, and schedule recurring payments.
Also included for business members through online banking are free eStatements, so you can simplify how you manage your finances with electronic records, which are easy to access and also keep your office organized.
Connexus Credit Union Review
With a history dating back to 1935, Connexus is a credit union that strives to contribute to the financial success of every member through superior services, personalized solutions, and competitive rates. Connexus offers auto and mortgage loans with low rates, as well as high-yield savings and checking accounts, all of which aim to bring the utmost value to the lives of members.
Connexus membership is available to employees, families, retirees, students, and alumni of several educational and business organizations including the Air Line Pilots Association Union, Honeywell, and Liberty Mutual. It’s also open to members of certain communities throughout Minnesota, New Hampshire, Ohio, and Wisconsin.
Key Factors That Enabled Us to Rank This as One of the Top Credit Unions for Business
When comparing credit unions for business, below are key reasons Connexus was included in this ranking.
While Connexus doesn’t have a specific business checking account, they do have several flexible account options that can be used by startups, contractors, and very small businesses.
One of the most valuable is the Xtraordinary Checking account, which is a high-yield account that pairs earning ability with the benefits of a traditional account. It has no minimum balance requirements, no monthly fees, and when members maintain this checking account actively, they can take advantage of a 1% APR Consumer Loan rate reduction.
Other checking accounts from Connexus include MyRewards Checking and Innovative Checking.
Visa Business Cash Card
A primary reason Connexus was included in this ranking of the best small business credit unions is because of business credit cards. One of these cards is the Visa Business Cash Card.
This features enrollment in a rewards program that includes up to 3% cash back on all net purchases made for a cardholders business.
Other features include access to Score Board (which is an expense management tool), free employee cards with individual credit limits, and the ability to have employee cards accumulate cash rewards that go toward the business owner’s total.
The Visa Business Cash Card has no annual fee and a low APR.
Visa Business Bonus Rewards Plus Card
Also available from this credit union with business credit cards is the Visa Business Bonus Rewards Plus Card. This card provides a 50% bonus on all points earned every month, and it’s automatic. There are no limits to the points you can earn, and they can then be redeemed for cash back, merchandise, travel deals, and gift cards.
As part of the Rewards Program, business cardholders receive one point for every net $1 spent. There is a $50 cash back offer with the first purchase made with the card, and other benefits include access to Score Board, free employee cards, individual credit limits, and a special 0% APR for the first six billing cycles on purchases and balance transfers.
The online banking platform from Connexus is designed not just for convenience and ease-of-use, but also as a way to help members, including business members, maintain a sense of control over their spending and their budgets. There are options to design personalized budgets and categorize transactions, and you can also set spending limits and set up custom alerts to let you know if you’ve exceeded that budget.
Also, Connexus offers budget and savings tutorials on their website that show in a simple-yet-actionable way how members can create budgets that will work for them, and also how they can save each month to achieve their goals.
Delta Community Credit Union Review
Delta Community Credit Union is the largest credit union in Georgia, and there are 23 convenient locations throughout the Atlanta metro, as well as three outside of the state. Delta has been serving the needs of members as a non-profit cooperative since 1940, and their goal has remained steady: to help members get more from their finances.
Services at Delta are divided into two primary categories: Personal and Business. Personal services included checking, savings, credit cards, loans, and retirement and investment services. Under the umbrella of business services are accounts, insurance, and group benefits.
Key Factors That Led to the Inclusion of This as One of the Best Credit Unions for Small Business
Represented below are key reasons Delta was selected as one of the leading credit unions for business accounts.
Business Value Checking
This credit union for small business features two primary checking account options, one of which is called Business Value Checking. Business Value Checking is designed for today’s unique business environment, and it includes no monthly service fee when you maintain a minimum balance.
There is no charge for the first 100 combined transactions, and it’s only 10 cents for each one over 100.
This account also includes a free Delta Community Visa Business Check Card with Free Rewards Points program enrollment. It also features free access to services such as online banking and bill pay, eStatements, eAlerts, and mobile banking, which is ideal for the business owner on-the-go.
Business Checking Account
The signature Delta Business Checking Account lets account holders earn dividends. It’s an interest-bearing account that’s tiered, with rates based on the average daily balance. The monthly service fee is waived with a minimum or average balance requirement, and there is no charge for the first 500 combined transactions.
After the first 500, the fee rises only to 20 cents per transaction.
As well as offering unlimited access to thousands of ATMs without surcharges, this business checking account also includes a free Visa business Check Card with Rewards enrollment and online banking features.
Delta Community offers the unique option for employers to add credit union membership to their employee benefits package. It gives employees the chance to take advantage of all of the features and offerings of Delta, and it can improve an employee benefits package at no cost.
It’s also a valuable way to attract and retain talent, and businesses can reduce their expenses through the use of direct deposit.
Delta also offers a range of free seminars and resources to help members gain the knowledge they need to make the best possible financial decisions.
Members Insurance Advisors is a wholly owned subsidiary of Delta Community Credit Union that provides businesses with a link to insurance. The team of professionals can work with business members of the credit union to find the right insurance products to protect their business at the lowest possible costs.
Some of the insurance products offered by Members Insurance Advisors include:
- Workers compensation
- Property and general liability
- Management liability
- Business auto
- Business-related life insurance
First Community Credit Union Review
First Community Credit Union is a financial cooperative with $2 billion in assets and almost 250,000 members. This leading credit union for small business includes members from throughout much of Missouri, and it’s the largest in the state. First Community is almost among the top 10 largest financial institutions in the entire region, with a history dating back 80 years.
First Community strives to differentiate itself by offering personalized service and the traditional benefits of a credit union paired with leading-edge technology and innovative products. Business products include checking, savings and CDs, and loans.
Key Factors Leading Us to Rank This as One of the Best Small Business Credit Unions
Key reasons First Community was included in this review of the best credit unions with small business accounts are listed below.
Basic Business Checking
One of the foundations of the credit union business accounts available from First Community is Basic Business Checking. This flexible account is meant to provide the convenience of a standard checking account with low fees. It’s specifically for small businesses and those organizations with a low number of monthly transactions.
The monthly service fee is waived, and account holders get unlimited debit card and ACH transactions.
There is no minimum balance requirement, and cash deposits are free up to $5,000.
Business online bill pay is available with this account, as are free online banking and eStatements.
Business Plus Checking
For businesses that have moderate account activity that exceeds what’s available with the Basic Business Checking, there is Business Plus Checking. Designed for mid-sized organizations with increased account activity and higher account balances, this account includes a free debit card and complimentary online banking.
With a maintained balance of $2,500, business account holders can avoid the monthly service fee.
Competitive dividends are paid on average daily balances of $2,500 or more, and there are unlimited business debit card transactions. Also unlimited are ACH transactions.
Options for business loans from this credit union are extensive. These include the following:
- Standard Business Loans: These can be used for almost any need a member has, and they feature competitive rates and flexible terms.
- Equipment Loans: This is ideal for the business that wants to buy or upgrade equipment. The application and approval process are relatively simple.
- Business Line of Credit: This is designed for short-term financial requirements, and interest is paid only on the part of the line that’s used. Access to funds is available as needed.
- Commercial Real Estate: This type of loan can be used by businesses that want to expand their space in terms of buying, refinancing, or renovating.
Business Bill Pay
First Community Business Bill Pay allows business owners and employees to spend less of their time paying bills and more of their time growing their business. This service costs a low monthly fee, but it’s convenient and provides businesses with the ability to schedule payments and create and view detailed expense reports.
Business Bill Pay lets users sign up to receive their monthly bills in electronic format from more than 300 companies across the country, and advance and recurring payments can be created.
First Tech Federal Credit Union Review
First Tech Federal Credit Union was created more than 50 years ago when employees of Hewlett-Packard and Tektronix came together to build their financial futures. First Tech Federal Credit Union remains dedicated to providing innovative and valuable services to the world’s leading technology companies, serving businesses such as HP, Microsoft, Amazon, and Cisco.
Products and services available to members of First Tech include checking, savings, business checking, business savings, certificate accounts, credit cards, loans, and insurance and investments.
Key Factors That Enabled This to Rank as One of the Best Credit Unions for Business
Highlighted below are factors that weighed into the decision to include First Tech on this ranking of the best credit unions for business banking.
Credit union business checking from First Tech include two options. The first is Business Dividend Checking, which has no monthly account fee if your daily balance is $5,000 or more. If your balance falls below that level, the fee is only $15 per month. Free features include a chip and PIN-enabled debit card, free online banking with bill pay, and free mobile banking with e-deposit.
Business Dividend Checking also earns up to 0.10%APY, so you’re earning as you’re performing checking functions with ease and convenience.
Business Debit MasterCard
Opening a checking account with First Tech means you also receive a Business Debit MasterCard. The following are automatic benefits that come with this card:
- MasterCard Global Service: This provides constant assistance if a card is lost or stolen, as well as emergency card replacement and cash advances.
- Extended Warranty: This feature doubles most store brand or manufacturer warranties for up to an additional year.
- Purchase Assurance: Coverage is included for most items purchased with the card if they’re damaged or stolen within 90 days of the purchase date.
- MasterCard VAT Reclaim Service: This is beneficial for businesses that work in Europe so they can quickly and easily reclaim their VAT.
- Zero Liability: Zero Liability offers protection if a card is used to make unauthorized purchases.
Business Membership Savings
Business Membership Savings is a basic membership account that provides a streamlined and flexible way to save money as a business. A $5 minimum opening balance is all that’s required, and that’s all that has to be maintained.
Dividends accrue daily and are compounded monthly, and this is a credit union small business account with no monthly maintenance fees and no early withdrawal fees.
This account is flexible and allows for withdrawals at any time, and it’s accessible online and from the First Tech mobile app. Checks can also be deposited on-the-go using the mobile app.
Business Instant Access Savings
Business Instant Access Savings is a credit union business account that provides the highest possible level of interest to members. This account includes competitive tiered interest rates, and it’s geared toward the needs of businesses that have larger balances.
It’s similar to a money market account in terms of the dividend rates, which are accrued daily and compounded monthly, but it offers flexible access to funds. To open this account, there is a $5,000 minimum deposit, but there are no early withdrawal fees.
You can also check on your account online and via the First Tech mobile app, and contribute to your balance through the use of e-deposit.
NASA Federal Credit Union Review
Created by seven NASA employees in 1949, NASA Federal Credit Union offers a secure banking organization that has a long, positive reputation, is federally insured by NCUA, and is financially sound. NASA works to provide value to not only individual members but also small businesses.
Some of the perks that come with being a member of NASA Federal Credit Union include lower fees, personalized products and preferential loan and deposit interest rates. As one of the leading credit unions for business banking, NASA offers a range of services that include checking, financing, online banking, and investing and insurance.
Key Factors That Led Us to Rank This as One of the Top Small Business Credit Unions
Factors included in the decision to rank NASA Federal Credit Union as a leading credit union with small business accounts are listed below.
Business Platinum Credit Card
The NASA Federal Business Platinum Advantage Rewards Credit Card is specifically designed for the unique and fluid needs of small businesses. Lines of credit can be obtained up to $50,000, and the card includes perks like Visa business discounts and a competitive variable interest rate.
Among credit union business credit cards, this is one of the best because it includes no annual fee, and business owners can set individual spending limits for different employees. It also comes with a year-end summary report for free, which can make managing taxes and financials much easier.
As with most Visa credit cards, this also includes free travel and emergency assistance as a cardholder service.
On the NASA FCU website are a number of calculators designed specifically to help businesses with the management and planning of their finances.
For example, the Breakeven Analysis Calculator shows how many units of a business’s product have to be sold to turn a profit. Then, once you enter your numbers into the calculator, you can view a report with detailed information about the profit generated at each sales volume tier.
Another handy small business calculator is one that shows whether or not debt consolidation is a good choice, and there’s an option to see your debt service coverage if you were to take out a new commercial loan.
Credit union business checking account options from NASA FCU include standard Business Checking and Business Checking with Interest. The standard account requires no monthly maintenance fee for an average daily balance of $1,500 or more.
The Business Checking with Interest account includes competitive dividends on the full balance, and if the average daily balance stays above at least $5,000, there is no monthly maintenance fee.
Regardless of the credit union business checking account selected, there are some standard benefits, including low minimum deposit requirements, free online access, and overdraft protection availability.
This is a credit union for small business with extensive account options, including several different savings accounts.
The savings account options each have flexible options and competitive dividends and can be accessed online with eBranch Online Banking. They also include eStatements.
Specific options include:
- Business Savings Account: This option features no monthly maintenance fee with a $100 average daily balance.
- Business Premier Money Market Account: There is no monthly maintenance fee for a $10,000 average daily balance.
- Business Premier Plus Money Market Account: This competitive, interest-earning account has no monthly maintenance fee for a $40,000 average daily balance.
- Business Certificate: Terms range from 6 to 60 months, and the rate is fixed for the duration of the certificate.
Navy Federal Credit Union Review
Navy Federal Credit Union has been serving the needs of military members and their families since 1933. When you’re a member of this credit union, it’s for life, even if you leave the military, change employers, or have any other life change. There are more than five million members who are part of Navy Federal.
Eligibility specifically applies to people who are affiliated in any way with the Armed Forces, DoD, Coast Guard, or the National Guard. This includes Army, Marine Corps, Navy, Air Force, Coast Guard, and Active duty and reservists’ members.
Key Factors Considered When Ranking This as One of the Best Credit Unions for Business Accounts
In the following list are pivotal reasons Navy Federal Credit Union was selected as one of the best credit unions for small business loans and other business accounts.
Business Checking Accounts
One unique element of all the business checking accounts offered to members of Navy Federal is that they all earn interest. Dividend rates range from 0.05% to 0.45% depending on the type of account. Dividends are earned daily, and each account has low or no monthly maintenance fees.
Business Checking is the standard account that includes the first 30 transactions each month. Business Plus Checking includes the first 50 transactions, and Premium Business Checking includes the first 100 transactions.
As a premier credit union for small business loans, Navy Federal employs a team of Business Service advisors who can help members make the right choice for them.
Business loan options include:
- Secured and unsecured term loans: These options from Navy Federal are flexible in their uses, and options range from financing investor to buying new equipment. There also SBA loans for startups and newer businesses.
- Commercial vehicle loans
- Business lines of credit: This can serve as overdraft protection for business checking.
- Commercial real estate loans
- Investment property loans
Available through Navy Federal are two primary business credit cards.
The first is Visa Business, which has low interest rates, no annual fee, and users earn one point in rewards for each dollar they spend. It can be set up as a single or joint account, and it also features access to Visa SavingsEdge.
The Navy Federal MasterCard Business Card also has low interest rate and no annual fee, as well as a rewards program. Single or joint accounts can be created, and there are options to have multiple cardholders with one single account limit. Cardholders can use Easy Savings and Business Network to strengthen their business financial decision-making as well.
Navy Federal offers a full suite of conveniences and options available to streamline how businesses operate, saving them time and money.
These business-related conveniences include:
- Mobile deposits: Through the use of the Navy Federal mobile app, users can deposit their business checks from anywhere. They can deposit up to $10,000 in checks daily.
- Bill Pay: Business account holders can receive their bills online and also set up automatic and recurring payments.
- Payroll Processing with PayChex: PayChex is the easy way to manage payroll, and it can be integrated with Navy Federal business accounts.
- Scan Deposits: Business owners can also opt to scan their deposits from their office, and the limit is up to $25,000 in deposits daily.
Also available is Square payment processing and TSYS Merchant Solutions.
Public Service Credit Union Review
Public Service Credit Union is a state-chartered financial co-op that’s member-owned and has been a leading credit union since 1938. Now, PSCU has more than 148,000 members and more than $1.3 billion in assets. This full-service credit union offers not only personal products but also business accounts.
There are 28 branches, and because of PSCU’s partnership with the CO-OP ATM network, members also have surcharge-free access to 30,000 nationwide ATMs. Particular business services include small business loans, merchant services, and deposit accounts.
Key Factors That Led to Our Ranking of This as One of the Best Credit Unions for Small Business
The list below details reasons Public Service was selected as a premier credit union for business accounts.
Free Business Checking
For start-ups or very small businesses that want to keep banking fees minimal, Public Service offers Free Business Checking. It’s designed to provide simplicity and flexibility, yet also address all of the needs a small business might have regarding their checking account.
There are no monthly account maintenance fees or minimum monthly balance requirements, and the minimum opening deposit is only $100.
There is no fee for the first 200 checks that are written or deposited per month, and Internet Banking, eStatements, Bill Pay, and Check Imaging are available.
Business Debit MasterCard
When you have a business checking account with Public Service Credit Union, you also receive a Debit MasterCard. The Debit MasterCard includes safeguards such as Zero Liability for fraudulent purchases, an extended warranty, price protection, and identity theft resolution services.
Debit card benefits aimed directly at business members include:
- Purchase Assurance to protect against purchases that are damaged or stolen within 90 days
- MasterCoverage is employee liability protection to safeguard companies against the misuse of cards by employees
- MasterRental is designed to cover damage to rental vehicles
- MasterAssist Travel Assist features everything from medical and legal referrals for business travelers
- VAT Reclaim Service helps U.S. companies recover the VAT expenses they incur during foreign business travel
Small Business MasterCard Credit Card
As well as offering a debit card for small businesses, there’s also a MasterCard Business Credit Card available, which features MasterCard SecureCode protection for more secure online purchases, as well as the ability to integrate your transactions and account information in My eBanking, which is the online banking portal of Public Service Credit Union.
Cardholders have the ability to create automatic electronic payments, transfer funds, or make payments in person.
Also part of this card are the standard MasterCard benefits for businesses, mentioned when detailing the MasterCard Debit Card available to business members of Public Service.
Small Business Loans
Lending solutions from this top small business credit union are aimed at helping organizations grow. There are traditional lending options available to business account members, but this credit union is also approved by the Small Business Administration to offer SBA loans.
Loan options are both secured and unsecured and range from being used for the financing of large-scale business projects and updates to providing short-term cash flow and capital solutions.
The traditional PSCU loans are open to companies that have been in operation for at least two years.
SAFE Credit Union Review
Since 1940, SAFE Credit Union has provided members with leading customer service, products, and technology. Today, SAFE has more than 180,000 members throughout Greater Sacramento, whether that’s where they live, work, or both.
SAFE is recognized as the second largest credit union in the Sacramento area, and it’s one of the 25 largest in the entire state of California. It’s also in the top 100 ranking of the biggest credit unions in all of the U.S. There are 22 full-service branches of SAFE, as well as a call center and online and mobile banking options.
Key Factors That Led to Our Ranking of This as One of the Best Credit Unions for Small Business
Below are the reasons SAFE Credit Union was a major contender for the top credit union for small business.
Express Line of Credit
One of the small business loans from this credit union is the Business Express Line of Credit. This is a lending option that aims to help businesses remain flexible with their cash flow as their business grows.
The application takes only a few minutes to complete, and businesses can borrow up to $50,000. It’s possible to access the line of credit in as few as ten business days if approved, and it can be used for inventory, materials, and general working capital.
Business Checking from SAFE Credit Union is beneficial because it includes competitive dividends that let businesses earn on their idle cash. It also includes 100 free cleared checks per month, and the minimal monthly service charge can be eliminated if there’s a combination of eStatements and the minimum balance requirement is met.
This account also includes the following features and benefits:
- Visa Business Debit Card
- Overdraft protection
- Free online banking
- Free bill pay
- Free eStatements
- Free mobile banking
- Access to online check images for free
Simplified Employee Pension (SEP) Plan
A Simplified Employee Pension Plan (SEP) is a way for employers to provide their employees with a sponsored retirement plan. It’s a realistic and attainable thing for small businesses to create and maintain, and it can serve as a valuable part of a small business employee benefits package.
With an SEP Plan, a small business contributes directly to traditional IRAs for employees, as well as yourself. You can contribute up to 25% of your employee’s compensation under this plan, or $46,000, whichever is the lesser amount.
This can be set up by contacting an SEP branch.
Visa Business Credit Card
A Visa Business Credit Card is a SAFE offering for owners of small businesses that want to keep their business and personal expenses separated from one another. This card is flexible and convenient and accepted worldwide.
Some of the benefits of this Visa Business Credit Card include low rates, unsecured credit limits up to $25,000 and no annual fee.
There is also a 25-day grace period on purchases, no fee for cash advances, and users can participate in the free ScoreCard program, which allows them to accrue rewards.
Conclusion—Top 12 Small Business Credit Unions
What are the benefits of finding credit unions that offer business accounts?
There are many, and the above ranking highlights many of those. For example, credit unions with business accounts typically have lower fees for using their products and services, and they can also offer business owners a dedicated level of personal attention. Many credit unions have small business loans, as well as many varied business accounts. They also tend to be increasingly accessible as they continue to expand their mobile and online banking options.
The above ranking and review of the top 12 credit unions for business accounts represents diverse financial institutions located across the country, but each of them has a set of specific benefits that makes them valuable to today’s small business owner. All of these small business credit unions also have extensive histories, provide security, and are reliable.
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