Can I Open a USAA Business Account? Find USAA Alternatives here

So, unfortunately USAA business accounts are not currently available. However, there are alternatives out there which may suit you and your enterprise. Which one works will depend on your personal preferences and the type of company you run. Broadly, you can look at:

Fintech providers which offer online and mobile business accounts
Alternative traditional banks with business account options
Military business bank and credit union alternatives

Let’s run through each of these in turn, looking at some pros and cons, as well as a few providers to consider under each category.

The best account for your business may not be with a bank at all. Many online fintech providers offer smart business accounts which are flexible and often have lower fees compared to traditional banks. Typically these providers work in partnership with regular banks to keep your money safe, but offer services through apps and their online systems - this cuts overheads, leading to lower overall costs. These accounts won’t suit everyone - cash deposits aren’t usually possible, and service is by phone, email and in app chat, rather than face to face. Here are a few to think about.

Wise has a multi-currency business account which is a great option if you have to pay or get paid in foreign currencies. If your customers, suppliers or employees are based outside of the US, Wise can help you save with low cost currency conversion which uses the mid-market exchange rate. Get local account details to receive payments in a range of different currencies, as well as useful features like Xero accounting integration and batch payment facilities.. Accounts can be 3x cheaper than regular banks, and up to 19x cheaper than PayPal. Here are some of the key costs to know in advance:

31 USD one time fee to open the full account - you can make fee free international transfers without paying this charge if you don’t need full account functionality
Low transparent fees to convert currencies held in the account, mid-market exchange rate with no markups used

Payoneer accounts are designed for freelancers, ecommerce sellers, vacation rental hosts and a range of SME entrepreneurs. Accounts have multi-currency capability so you can pay and get paid easily. Receive payments through third party platforms, hold and convert currencies, and pay your suppliers, VAT and other fees right from your account. Fees apply for services - here’s what you need to know:

3% fee to get paid by credit card, 1% fee to get paid by ACH, fees also apply for payments via third party marketplaces and networks
1.5 USD fee to withdraw USD to a USD account, a 2% exchange rate markup applies if you need to convert currencies
29.95 USD annual dormant account fee if you stop using your account

Depending on your location you may be able to choose a Chase business checking account. The Chase Business Complete Banking is the lowest cost option available, although there are other accounts with higher monthly fees and additional features. This account comes with military benefits which might see a number of fees waived if you can show military ID or proof of service. The Chase Business Complete Banking account might suit people who sell direct to customers, as you can get a linked contactless payment terminal to use with your smartphone, or simply take customer payments using the Chase app.

Here are some key fees to consider - remember many of these could be waived if you qualify for the military service benefits:

15 USD/month fee - waived if you comply with various conditions including a 2,000 USD balance, or 2,000 USD/month debit card spend
2.6%+0.10 USD fee for payments with the contactless card reader, 3.5% + 0.10 USD for payments using the mobile app
2.50 USD out of network ATM fee, 5 USD foreign ATM withdrawal fee
Variable wire transfer fees apply from 0 - 50 USD per transaction depending on the payment type

Bank of America’s all in one business checking account comes with helpful features like Zelle payments, analytics and QuickBooks accounting integration. You can have linked cards to allow employees to spend, and manage expenses online across all users. There’s a full online and mobile banking service, including mobile check deposits, and you can apply for one of several different credit cards to suit your needs. Key fees for the Business Advantage Fundamentals account include:

16 USD/month fee - waived with a 5,000 USD balance, or 250 USD/month debit card spend
Cash deposit fee 0.30/100 USD deposited after 7,500 USD of deposits/month
2.50 USD out of network ATM fee, 5 USD foreign ATM withdrawal fee
Variable wire transfer fees also apply

For startups and new businesses, Capital One has the basic business checking account, with unlimited transactions, free business debit cards and 24/7 online and mobile banking access. There’s also a full suite of banking products including loans and credit cards if you need them. Check out these fees, and read the terms in full before you apply:

15 USD/month fee - waived if you hold a 2,000 USD balance
Cash deposits - 5,000 USD/month free, then 1 USD per 1,000 USD deposited after that
Wire transfer fees - incoming 15 USD fee, outgoing 15 - 40 USD fee depending on destination

Axos is a digital bank which offers account services as well as payment processing for SMEs. Take a look at the basic business checking account for a simple day to day account which suits people with a limited number of transactions per month. You’ll get up to 200 transactions a month fee free, but will need to pay after that - however there’s no monthly fee or minimum balance to worry about. Accounts are QuickBooks compatible for easy accounting. As an online bank, customer support is by phone or in app chat predominantly. Here are the fees to understand:

No monthly fee or minimum balance
First 200 transactions free, 0.30 USD per transaction after that

The Armed Forces Bank has 4 different business checking accounts to offer a flexible service to members. You can choose from accounts with no monthly fee and low minimum balance requirements, which come with different features to suit a range of business types and stages. The Simple Business Checking account is aimed at sole proprietors, and suits those with low transaction volumes. Here are the key costs - check out the details of other account types online to compare.

No monthly fee
50 USD opening balance requirement
100 free transactions/month, 0.50USD per transaction after that
10 USD/month for unlimited bill pay

Navy Federal Credit Union members can get business checking and saving accounts, credit cards and loans. 3 different checking accounts are available, with different fees and features, as well as interest earning opportunities. The Business Checking account is aimed at new businesses with low transactions and relatively simple financial needs. Here are some fees you should know about:

No monthly fee
30 non-electronic transactions per month are free, then 0.25 USD per transaction
Electronic transactions are free
1 USD out of network ATM fee
Incoming wires are free, outgoing wires cost 14 - 25 USD depending on destination

No matter whether you choose to go with one of our suggestions or another provider for your business account, you’ll want to do some research and compare a few options to get the best account for your needs. There’s no single best account out there - the one for you will come down to your personal preferences, business type and projected transaction volume among other things.

Here are a few things to check out when you research:

Requirements - all business accounts have their own eligibility requirements, including business type and minimum balance - make sure the account is suited to you before you get too far in your research

Security - wherever you choose to put your money make sure it’s safe and FDIC insured to the full extent of the law

Fees - many business accounts have low, or no, monthly fees but that doesn’t mean they’re free to operate. Check out the transaction fees, fall below costs and any other incidental charges before you sign up

Limits - limits may apply on transaction volumes, including cash deposits and payments. Fees can apply if you go over your account limits, so read the terms in detail
Process of closing - a final point to consider - is there an early closure or dormant account fee? If so, you’ll want to know in advance incase you need to switch accounts down the line

So, USAA can’t help you with a business checking account - but there are plenty of providers which can. Compare a few business account options, and have a look at a range from modern fintech accounts, through traditional banks, and military banking providers to make sure you get the best account for your business.