USAA Business Checking Review – Forbes Advisor

When it comes to banking, both business owners and military personnel have unique needs that not all financial institutions are equipped to handle. USAA Federal Savings Bank is a financial institution that offers products and services specifically designed for military members and their families. But does USAA have a business checking account?

Details and annual percentage yields (APYs) are accurate as of Nov. 4, 2022.

Does USAA Offer a Business Bank Account?

USAA Bank’s only business product is small business insurance. Even though USAA doesn’t offer a business bank account, it has a full suite of personal banking products that might suit your needs.

If you’re still trying to decide if you need a business bank account, USAA’s personal accounts might be good enough for now. However, if you’re set on a business bank account specifically, you’ll need to go with another institution.

USAA Personal Checking Accounts for Business Owners

One of the most popular products offered by USAA is its USAA Classic Checking. Although it’s a personal account, it’s packed with features that make it ideal for business owners. The account has no monthly maintenance fees, and it includes online and mobile banking plus fee-free access to cash through more than 60,000 ATMs nationwide. And USAA doesn’t limit the number of transactions you can make, which is uncommon among business checking accounts.

Even if you can’t use USAA’s personal checking and savings accounts for business, they could still be practical options for personal banking. The bank has three free checking account options: a classic checking account that earns 0.01% APY (annual percentage yield), a cashback checking account that earns rewards on qualifying transactions and a youth checking account for those under the age of 18.

Although USAA’s savings rates aren’t the best, they’re on par with traditional banking institutions. Plus, members enjoy no monthly service fees across all accounts.

Other USAA Business Banking Products and Services

USAA has an obvious gap when it comes to business banking services. At this time, the only business product it provides is small business insurance. Specifically, it features these types of coverage:

• Business owners policy (BOP)
• General liability insurance
• Workers’ compensation
• Professional liability insurance
• Cyber liability insurance
• Umbrella insurance
• Commercial auto insurance
• Health, dental and vision insurance
• Life insurance

Some of these products are underwritten by Garrison Property & Casualty Insurance Company or another third-party insurance company, rather than USAA.

Access on the Go

Overall, USAA’s mobile banking app gives you everything you need to manage your finances on the go. With the app, you can check your balance, transfer funds, pay bills, search for a nearby ATM and more—all from your smartphone or tablet.

Its user-friendly interface makes it easy to navigate your way around the app. And if you ever have any questions or need help getting started, an in-app chat assistant can answer questions or connect you with a live representative. The USAA Mobile app is available and highly rated on both the App Store and Google Play.

Pros

• Free personal checking account might be good for some small business owners
• Extensive line-up of insurance products for small business owners
• Access to several small business resources on its website
• Uniquely positioned to serve small business owners with military backgrounds

Cons

• No USAA business checking account
• Services are geared more toward individuals and families than business owners
• Only military personnel and their families qualify for accounts

How USAA Business Checking Stacks Up

It’s hard to compare USAA’s business checking account to other business accounts—because it doesn’t exist. However, we can look at some of the features of personal checking accounts vs. business bank accounts to see how they compare.

Overall, USAA offers several features with its personal checking account that business owners may find useful. The bank’s personal checking account has no monthly fees; it earns interest and gives you access to more than 60,000 fee-free ATMs. By comparison, many business accounts charge monthly fees and have transaction limits.

However, there are some downsides to consider. Mainly, the account may not be robust enough for small business owners with payroll or merchant services needs. Also, business bank accounts are ideal for protecting your assets and simplifying bookkeeping and tax reporting.

Bottom Line

If you’re looking for a USAA business checking account, you won’t find one because it’s not offered. However, this doesn’t mean USAA isn’t an option for your business banking needs.

USAA has personal checking and savings accounts with no monthly fees, and it offers an extensive line-up of small business insurance products. So even though there’s no dedicated USAA business checking account, it might still be worth considering as your go-to bank for managing your business finances, depending on your situation.