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Free Business Checking Credit Union
If there are locations nearby and you qualify to join, a credit union may be a good choice for a business bank account. For-profit, membership-based financial institutions often have higher customer satisfaction rates than banks.
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But be sure to compare credit union business accounts with the best small business banks to make sure you find the perfect match. The right business account will eventually provide the features you need, such as higher interest rates or access to an ATM.
Here are the best credit unions for business accounts. If you can’t use these options, search for a credit union in your area at MyCreditUnion.gov.
Ratings are determined by our editorial team. Pricing formulas consider several data points for each financial product and service.
Digital Federal Credit Union, or DCU, is headquartered in Massachusetts. DCU only offers a company checking account, but it’s free and interest-free. If you don’t choose these features, DCU may be a good choice for your business.
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Business account details. DCU offers a free corporate checking account. It includes no service fee or minimum balance and offers an APR of 0.10% at the time of writing. You can make 20 free deposits per day, and additional transactions are 10 cents each.
Additional business services. DCU has business savings accounts, money market accounts, and checking accounts. It also offers business visa cards and business loans in some New England states, including term loans and lines of credit.
Handy The DCU has several chapters in Massachusetts and New Hampshire. You can apply for a business account in person or by mail. DCU works with the Allpoint, SUM and CO-OP networks and offers free access to over 80,000 ATMs based on your credit union membership level.
Membership. DCU membership includes where you live or work. But you can get involved by donating to several participating organizations, such as the Free Software Foundation. Find full qualification details on the DCU website.
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Fleet Federal Credit Union is the largest federally insured credit union by membership and assets, according to the most recent data from the National Credit Union Administration. But the membership criteria are strict, so if you are committed to military service, the Navy Federation is best.
Business account details. Navy Federation offers three business checking accounts. Each has unlimited electronic deposits, but limits your non-electronic transactions each month. Its top tier, “Checking Trade Fees,” offers 100 free trades and charges a $20 service fee that can be waived on an average balance of $5,000. This account also offers an interest rate of 0.35% to 0.45% as of this post. All accounts are charged a maximum of 25 cents for non-electronic transfers.
Additional business services. Navy Fed offers two money market trading accounts and a certificate of deposit. You can also choose a Visa or Mastercard business credit card. There are also different types of business loans, including business lines and term loans.
Handy The Marine Federation has offices in 30 states, Washington, D.C., and many foreign countries. It is also part of the CO-OP ATM network. You must be a member of Navy Federal Business Solutions to open a merchant account. You can complete this process over the phone. If you are already a member of Business Solutions, you can open an account online.
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Membership. Navy Federal Credit Union is limited to members of the Armed Forces, Department of Defense and National Defense and their family members.
America First Credit Union was originally founded in Utah and now has branches in that state as well as Arizona, Idaho and Nevada. The credit union offers four business checking accounts, but its main business checking account has no monthly fee and a free monthly transaction limit of 250 at a cost of 15 cents per transaction.
Business account details. There is no monthly fee for America First’s Basic Business Audit and Non-Profit Business Audit, $8 for a major business audit and $50 for a high-income business. All accounts, with the exception of Basic Business Checking, charge interest at a rate of 0.05% APY as of this post.
Additional business services. America is the first to offer several types of business savings accounts, including savings accounts and certificates of deposit. You can get secured and unsecured business loans from credit unions, including personal loans and commercial auto loans.
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Handy With 120 full-service branches in the top four states, it’s part of the CO-OP ATM network. You can apply for an America First business account online.
Membership. If you live in certain areas of Arizona, Idaho, Nevada, New Mexico, and Utah, you can join America First Credit Union. Other criteria for membership include working in an organization related to or affiliated with a current member. Visit their website for complete information.
First Tech Federal Credit Union is headquartered in Oregon. It offers two trading checking accounts that require an initial $100 deposit, but both have no trading limits. If your business is big, you may choose the first technique.
Business account details. Your first Tech Simple business checking balance is $6 per month if your balance is less than $1,000. Checking its trading interest rate increases the fee to $15 if your balance falls below $5,000, but the rate is reduced by 0.10% based on your account balance as of this post.
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Additional business services. First Technology offers three business savings accounts as well as commercial real estate loans.
Handy First Tech Federal Credit Union has offices in eight states, primarily in the Pacific Northwest and California. You must make an appointment in person or by phone to open a business account. First Technology will participate in the CO-OP network of joint branches and ATMs.
Membership. First Technology primarily serves people in the technology industry, but you may qualify for membership at the Computer History Museum or the Financial Development Association. Visit the First Technology website for complete details.
Blue Federal Credit Union has locations in Colorado and Wyoming, but the credit union participates in the CO-OP branch network. That means you can bank directly in person at more than 5,600 locations nationwide, even if you don’t live near a Blue Branch.
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Business account details. Blue Basic Business Review is a free account that includes 50 months of savings. Its Business Plus Check doubles that free deposit by 100 and requires $100 to unlock. Business Plus checking costs $5 per month, but you can waive that fee — and earn 0.25% APY at the time of this writing — on at least $1,500.
Additional business services. Blue Money offers business savings accounts and time stocks like certificates of deposit. It also partially owns Centennial Lending, which makes commercial real estate loans in nine blue states.
Handy Blue has 19 locations in Colorado and Wyoming. You must enter into an agreement to open a trading account. Blue is a member of the CO-OP ATM network, providing free access to approximately 30,000 ATMs nationwide.
Membership. Anyone can become a member of Blue Federal Credit Union. Described as an independent 501(c)(3) non-profit charitable organization established for self-defense, funding and promotion with $10 to $5 to establish membership and $5 to donate to the Blue Fund. Local non-profit causes. » Additional student pathways can be found on the Blue Web site.
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Consumer Credit Union is an Illinois credit union, making it one of the best credit unions overall because anyone can join. However, its business account has a stricter requirement: You must be doing business in Illinois or Wisconsin to qualify and apply.
Business account details. Consumer Credit Union offers four business checking accounts, including free and interest-bearing. Its free community checking account is a strong choice for qualifying nonprofits and offers 300 free transactions — 200 more than the regular free account spend and $500 in balance interest. Additional transactions are 25 cents for all consumer accounts.
Additional business services. Consumer offers business savings accounts that do not require a minimum balance if you have a business account. The credit union also has several money market savings accounts, including high-yield options. Visa Business Credit Cards for business mortgages, business lines and equipment financing.
Handy Consumers have over a dozen locations in Illinois, and you must apply directly to open a business account. Consumers also participate in joint branch and CO-OP ATM networks.
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Membership. Anyone can join a Consumer Credit Union for $5
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