Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.
Rebecca Lake
Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Fact Checked
Elizabeth Aldrich
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Credit unions are worth considering when you need to open a business account. They often charge fewer fees than traditional banks, and you might earn better interest rates on deposits. While you must become a credit union member to open a credit union business account, many credit unions offer several easy ways to join.
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Best Credit Unions for Business Accounts of May 2024
The best credit unions for business accounts are those that charge minimal fees, offer competitive interest rates and have membership eligibility requirements anyone can meet.
All account details and annual percentage rates (APYs) are accurate as of May 5, 2024.
Best for Business of All Sizes
Navy Federal Credit Union
Products
Business checking, business money market, business certificates
Fees
Up to $20 monthly service fee on some accounts, $20 overdraft fee, $1 out-of-network ATM fee
Learn More
Read our Full Review
Business checking, business money market, business certificates
Up to $20 monthly service fee on some accounts, $20 overdraft fee, $1 out-of-network ATM fee
Editor's Take
We chose Navy Federal Credit Union because it offers checking accounts for every business size. It has a free business checking account for new businesses with a lower transaction volume, Business Plus Checking for growing businesses and Business Premium Checking for businesses with a high volume of monthly transactions. If you’re interested in small business savings options, the credit union’s business money market accounts and certificate accounts feature competitive rates.
Read our full Navy Federal Credit Union review.
Pros & Cons
- Free and premium business checking accounts
- Competitive interest on some deposit accounts
- Low transaction fees
- Membership is limited to those with military affiliation and their families
- $250 for sole proprietorships and $255 for all other business entities required to open a business account
- Monthly maintenance fees on some accounts
Details
All three business checking accounts earn dividends, though the interest is negligible on all but the Navy Federal Credit Union Business Premium Checking.
To open a business account with Navy Federal Credit Union, you must first become a member. You’re eligible to join if you are:
- An active-duty service member of the U.S. armed forces
- A retired service member or veteran
- A spouse, child or other immediate family member of an active duty, retired or veteran service member
- An eligible Department of Defense civilian
There’s a $5 minimum deposit to open the Navy Federal Credit Union Share Savings Account . That’s separate from the minimum deposit required to open a business checking, money market or certificate account.
Best for Avoiding Fees
Bethpage Federal Credit Union
Products
Savings, Checking, MMAs, CDs
Fees
No monthly or ATM, $30 overdraft
Learn More
Read Our Full Review
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Editor's Take
Bethpage FCU topped our list because it may be the best credit union for small business owners who are hoping to avoid monthly service fees. You can open a free business checking account with no minimum deposit requirement and no monthly service fee. You’ll earn interest on balances and there are no transaction limits. Bethpage Federal Credit Union also offers a free business savings account, a tiered-interest money market account and business CDs with competitive rates.
Read our full Bethpage Federal Credit Union review.
Pros & Cons
- No monthly maintenance fees
- Low or no opening deposit requirements
- No transaction limit for business checking accounts
- Competitive CD rates
- No out-of-network ATM fees
- No premium checking account option
- Business savings account APY is low
- High balance requirements to earn competitive interest on business money market account
- No branches outside of New York
Details
Anyone can join Bethpage FCU by opening a savings account and making a $5 minimum deposit.
Best for Branch Access
Kinecta Federal Credit Union
Products
Business checking, business savings, business money market, business certificates
Fees
Monthly maintenance fees, $25 overdraft fee, $2 out-of-network ATM fee
Business checking, business savings, business money market, business certificates
Monthly maintenance fees, $25 overdraft fee, $2 out-of-network ATM fee
Editor's Take
Kinecta Federal Credit Union made our list thanks to its convenient branch locations and large ATM network. The credit union has branches in California, New York, New Jersey and Florida, and you can access your accounts at more than 5,800 shared branches nationwide. Members can visit 85,000 fee-free ATMs in the Allpoint and CO-OP network to withdraw cash. The credit union’s checking and savings accounts charge avoidable monthly fees and have low minimum opening deposit requirements.
Pros & Cons
- Branches across the country
- 85,000+ fee-free ATMs
- Low minimum deposit requirements
- Analyzed reporting for debit and credit transactions with the Analyzed Checking account
- Must book a virtual or in-person appointment to open a business account
- Rates not disclosed online
- Monthly service fees
Details
The Kinecta Business Essentials Checking includes all of the features you’d expect in a business bank account. Your first 200 written checks are free, as are your first 50 checks or cash deposits. There’s a $100 minimum deposit requirement and a $15 monthly service, which Kinecta will waive if you maintain a $500 average monthly balance.
The Kinecta Business Analyzed Checking charges a $14 monthly service fee, but you have the opportunity to offset the monthly fee using your dividend earnings. Rates are not disclosed online; you’ll need to call Kinecta to ask about the current rates.
You can apply to join Kinecta Federal Credit Union and open a personal account online. However, you’ll need to contact Kinecta’s business team to schedule a virtual or in-person appointment to open a business account.
You’re eligible to join Kinecta if you:
- Have an immediate family member who is a Kinecta member
- Share a household with someone who is a Kinecta member
- Have a connection to an eligible employer group organization
- Are a member of an eligible associational group organization
- Live, work or attend school in an eligible ZIP code in California, New York, Texas, Florida or Illinois
You can also gain eligibility by joining the Innovision Society during the application process. A $5 minimum deposit is required.
Best for High-Yield Savings
Affinity Federal Credit Union
Products
Business checking, business savings, business certificates
Fees
Monthly maintenance fees on select accounts, $33 insufficient funds fee, no out-of-network ATM fee
Business checking, business savings, business certificates
Monthly maintenance fees on select accounts, $33 insufficient funds fee, no out-of-network ATM fee
Editor's Take
Affinity Federal Credit Union ranked highly because its Business Money Manager account earns a 3.25% APY when maintaining a balance of at least $2,500 (if the balance falls below that amount, you'll earn 0.05%). The credit union also has two checking options. The Affinity Federal Credit Union Business Basics Checking comes with 200 free transactions, requires a low minimum opening deposit and charges no monthly service fee as long as you maintain an average daily balance of at least $500. Businesses with a high volume of transactions will appreciate the Affinity Federal Credit Union Business Performance Checking account, which comes with remote deposit capture and an earnings credit.
Pros & Cons
- High APY on the Affinity Federal Credit Union Business Money Manager
- Sizable ATM network
- No monthly service fee for Basics Checking
- Low opening deposit requirement
- Can’t open business accounts online
- Fee on Basics Checking if daily balance falls below $500
- Business checking accounts don’t earn interest
- Branches are limited to New York, New Jersey and Connecticut
Details
You can access your accounts at more than 30,000 fee-free ATMs, Affinity Federal Credit Union branches and more than 5,600 shared credit union branches across the U.S.
Membership is a requirement to open a business account with Affinity Federal Credit Union. You’re eligible to join if you:
- Work for a participating business
- Are an immediate family member of an Affinity member
- Belong to a participating association or club
Anyone can join a participating association or club to gain membership eligibility. You’ll need to open a share savings account with a $5 minimum deposit to join. That account must remain open and funded as long as you’re an Affinity member. To open business accounts, you can contact the Affinity business team or visit a branch.
Best for Fee Waivers
NASA Federal Credit Union
Products
Business checking, business savings, business money market, business certificates
Fees
Monthly service fees, $32 overdraft fee, $1 out-of-network ATM fee
Business checking, business savings, business money market, business certificates
Monthly service fees, $32 overdraft fee, $1 out-of-network ATM fee
Editor's Take
NASA Federal Credit Union did well because its monthly service fees are low and generally easy to waive, and business accounts come with three free out-of-network ATM withdrawals per month. The NASA Federal Credit Union Business Checking’s $8 monthly service fee can be waived with a $1,500 average daily balance, and the NASA Federal Credit Union Business Savings’s $3 monthly service fee can be waived with a $100 average daily balance. Its interest-bearing business checking and money market accounts also offer the ability to waive monthly fees by maintaining a minimum balance.
Pros & Cons
- Low minimum deposit requirements
- Fee waivers are available on all accounts
- Three free out-of-network ATM withdrawals per month
- Interest-bearing checking account option
- Balance requirements to waive MMA monthly fees are high
- Interest on savings and money market accounts is low
Details
Current and former NASA employees qualify for membership, as do relatives and employees or members of over 900 partner companies and associations. If you don’t qualify through one of those methods, NASA Federal Credit Union will provide you with a one-year complimentary membership to the National Space Society, and you’ll gain eligibility. You must work within an approved industry to qualify for a business account, and if your business is registered outside of Virginia, Maryland or Washington, D.C., you’ll have to provide Foreign Entity Registration.
Summary: Best Credit Unions For Business Accounts Of May 2024
Methodology
To develop this list of the best credit unions for business accounts, we considered 155 credit unions offering business checking accounts, business savings accounts, business money market accounts or business share certificates. For the star ratings, we rated each institution on 24 different data points within the following categories:
- Fees
- Customer experience
- Product mix
- Digital experience
- In-person access
- Membership requirements
- APYs
- Minimum deposit and balance requirements
Credit unions offering a wider variety of business accounts ranked well. Business accounts offering higher APYs rose to the top of the list, as did accounts with fewer fees and lower minimums. Credit unions anyone can join ranked the highest, followed by credit unions that are fairly easy to join. Credit unions that require you to live or work in a specific state or region of the U.S. fell to the bottom. Finally, factors like widespread branch access, high customer service ratings and easy-to-use mobile apps helped credit unions score higher.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
How To Choose a Credit Union for Your Business Accounts
The best credit union for business account seekers is ultimately the one that checks off all of your boxes in terms of features and benefits and has membership requirements you’re able to meet.
Here are some of the most important things to weigh when choosing a credit union for business accounts:
- Fees. Business credit union accounts can charge a variety of fees, including monthly service fees, transaction fees and out-of-network ATM fees. Reviewing the fees can help you better understand what a particular small business credit union account will cost you.
- Rates. Credit unions can pay interest on business checking accounts, savings accounts, money market accounts and certificate accounts, but rates can vary greatly from one financial institution to another. Checking the rates—and any associated minimum balance requirements to earn them—can help when choosing where to open a business credit union account.
- Access. Having convenient access to business accounts matters when you need to make deposits or withdrawals. When comparing business credit union options, consider the number of branches and where they’re located, the size of the ATM network, the user-friendliness of online and mobile banking apps and whether shared branch banking is an option.
- Account minimums. You may need to meet a minimum deposit requirement to open a business account at a credit union. There may be minimum balance requirements to avoid a fee or earn dividends on your account, so it’s helpful to know what’s required before choosing a credit union.
- Customer service. Good customer service can enhance your experience when using a credit union for small business banking. Consider the various ways you can contact customer service (by phone, email, chat, etc.) and the credit union’s overall reputation for meeting its members’ needs.
Weighing your most important must-haves—along with features that would be nice to have—can help you decide which credit union is best equipped to meet your needs.
How To Open a Business Account at a Credit Union
The process for opening a business account at a credit union will typically depend on the credit union.
In most instances, you’ll need to first join the credit union by opening a personal account if you haven’t done so already. That involves these steps:
- Verifying that you meet the membership requirements to join
- Completing the application for a new account
- Making a minimum opening deposit, usually $5
Once you’ve opened a personal account at a credit union, you can take the next step to open a business account. Some credit unions allow you to do this online, while others require you to schedule an appointment with a business banker virtually or at a branch.
You’ll need to bring certain documents related to your business to open a business credit union account. The required documents can include copies of financial statements, copies of your articles of incorporation (if applicable) and prior years’ tax returns. You’ll also need to meet the minimum deposit requirement, which may range anywhere from $0 to $500 or more, depending on the type of account you’re opening.
Business Accounts: Credit Unions vs. Banks
Should you open a business bank account at a credit union or stick with a traditional bank? The answer comes down to personal choice, but it helps to understand how credit unions and banks compare.
The biggest differences between business accounts at credit unions versus banks are:
- Account opening requirements. While credit unions have a membership requirement, banks do not. You can open a business checking or savings account at a bank by completing an application and meeting minimum deposit requirements.
- Branch banking. Opening a business account at a big bank may give you access to hundreds or even thousands of branches in addition to a sizable ATM network. Credit unions may have a smaller geographic footprint, though many credit unions participate in nationwide shared branch banking.
- Deposit account insurance. Banks are insured by the Federal Deposit Insurance Corporation (FDIC), while credit unions are insured by the National Credit Union Administration (NCUA). Both insure eligible accounts up to $250,000 per depositor per account ownership category.
- Account types and benefits. Banks and credit unions may differ concerning the features and benefits they offer, as well as the types of accounts you can open. For example, a credit union may offer just one or two business checking accounts, while a big bank might offer three or more.
- Rates and fees. As mentioned, credit unions may charge fewer fees than traditional banks while offering more competitive rates on deposit accounts. They may also charge lower rates for small business loans or credit cards compared to big banks or even smaller regional banks. That said, online banks tend to charge even fewer fees and often offer higher rates.
Whether it makes sense to choose a bank versus a credit union for business accounts can depend on where you do business, how many transactions you typically manage, what kind of fees you’re comfortable paying and which types of accounts you think you’ll need. If you’ve decided on a credit union, you can start by looking at local credit unions you might be able to join before moving on to national credit unions.
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