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If you’re a business owner exploring business banking options, credit unions can offer competitive products with lower fees and higher interest rates than traditional banks. However, membership requirements can be more restrictive, which is an important factor to consider when choosing the best credit unions for business accounts.
I review the six best credit unions and compare key features, fees, and pros and cons to help you find the best fit for your company’s needs.
Best credit union for business accounts comparison
Below, I summed up the top features I considered for the six credit unions for business accounts. Here is our list of the best credit union business accounts.
Affinity Plus FCU: best overall credit union for business accounts
My rating: 4.17 out of 5
Why I chose it
Affinity Plus is my overall best credit union for business accounts because of its comprehensive range of services, including competitive savings options and reward-earning debit cards. With access to a broad ATM network and cash and coin services, Affinity Plus is an excellent choice for businesses that value both digital and in-person banking (as long as a branch is located nearby).
Membership qualifications
Eligibility: To become a member, you must live, work, study, or worship in certain eligible regions or have a family or employer affiliation. You can also join by donating a one-time $25 to the Affinity Plus Foundation. See Affinity Plus FCU’s eligibility criteria.
Business Membership: For sole proprietors or LLCs, the business owner must open the membership. Review the business document checklist for your business type, submit the required documents, and send a membership interest form online.
Fees
Small Business Checking
Monthly service fees: None
Check clearing fees and monthly deposit fees: 20 cents per check after the 50 limit
Commercial Checking
Monthly service fees: $15
Check clearing fees and monthly deposit fees: 20 cents per check after the 250 limit
Over 60,000 ATMs nationwide via the MoneyPass, Co-op, and SUM networks
High-yield money market accounts (MMAs) and certificates of deposit (CDs)
No annual fee business credit card
Business vehicle loans and equipment loans
Business lines of credit and real estate loans
Cash and coin services with reduced rates for business members
Pros and cons
Pros
Cons
Multiple options to qualify for membership
Rewards for debit card purchases
Many savings and lending products
Limited branch locations
Low yields for business checking and savings accounts
Image: Self-Help FCU
Self-Help FCU: best for social entrepreneurs seeking flexible financing
My rating: 4.15 out of 5
Why I chose it
I consider Self-Help FCU one of the top credit unions for social entrepreneurs looking for flexible financing. I appreciate how it focuses on supporting underserved communities. With small business loans starting at $15,000 in Illinois and North Carolina, with the option to apply for lower loan amounts and waived collateral requirements, Self-Help FCU is a great provider for businesses that need a little extra flexibility.
Additionally, its business accounts have waivable monthly fees, which helps reduce business costs.
Membership qualifications
Eligibility: Membership is available to individuals living, working, studying, or worshipping in eligible communities in California, Illinois, and Wisconsin. You can also qualify by having a family or employer affiliation or paying a one-time $5 fee to support their community mission.
Business Membership: Available for businesses in these states and with the proper documentation. For more info, contact 877-369-2828. Complete the online membership application and submit it by mail or at your nearest branch.
Monthly Fees
Business Checking: $15; waivable with a combined average daily balance (ADB) of $25,000 across your business accounts under a single member number.
Small Business Administration (SBA) loans, nonprofit business loans, and commercial loans
Provides financial services to underserved communities
Member of the national Co-op shared branching network
Pros and cons
Pros
Cons
Easy membership requirements
No minimum opening balance for a business checking account
No monthly fee for a business savings account
Higher loan amount (over $500,000) requirement outside Illinois and North Carolina
No lines of credit
Image: Navy Federal Credit Union
Navy Federal Credit Union: best for military-affiliated business owners
My rating: 3.80 out of 5
Why I chose it
In my opinion, the Navy Federal Credit Union is an outstanding choice for military-connected entrepreneurs seeking a reliable credit union for their business checking needs. It offers some of the best credit union business checking accounts with fee-free or waivable fee options. As the largest credit union in terms of assets and membership, with branches in over 30 states, Navy Federal’s strong presence and extensive services set it apart from other credit unions.
Membership qualifications
Eligibility: Restricted to US military service members, veterans, Department of Defense (DoD) personnel, and their families. See Navy FCU’s membership eligibility page.
Business Membership: A $250 deposit is required for sole proprietorships and $255 for other legal entities. All business owners must be Navy FCU members. You can apply for membership online.
Monthly Fees
Business Checking: None
Business Plus Checking: $8; not waivable
Business Premium Checking: $20; waivable if ADB is $5,000 or more
Debit card with zero liability for unauthorized transactions
Competitive APY for business checking and savings
Business savings, MMAs, and CDs
Merchant services, payroll processing, and business insurance
Business credit cards
Commercial real estate (CRE) loans, lines of credit, and term loans
Pros and cons
Pros
Cons
Over 350 branches worldwide, with locations in Washington, D.C., and 31 states.
No monthly fees on basic business accounts.
Waivable monthly fees for premium accounts.
Membership is limited to military personnel, their families, and DoD employees.
High opening deposit requirement ($250 or $255) for business checking accounts.
Image: Credit Union 1
Credit Union 1: best for membership flexibility and scalable checking accounts
My rating: 3.80 out of 5
Why I chose it
I find Credit Union 1 to be an excellent option for small business owners. Its flexible membership and scalable business checking accounts can support growing businesses. What stands out to me is its comprehensive range of services, including cannabis banking, merchant solutions, tax payment processing, and ADP payroll integration. For businesses with changing financial needs, I believe Credit Union 1 offers the right mix of support and flexibility.
Membership qualifications
Eligibility: Open to individuals within its field of membership (determined by the system through online application). You can also speak with a Member Solution Specialist. See Credit Union 1’s online application. A one-time $5 membership fee will be collected.
Business Membership: Alternatively, a $5 donation to support the Educational Development Association (CU1EDA) allows you to become a member.
Monthly Fees
Business Express Checking: $10; waived by maintaining an ADB of $1,500 or if Merchant Services are deposited into the account
Business Performance Checking: $15; waived by maintaining an ADB of $5,000 or if Merchant Services are deposited into the account
Business Elite Checking: $50; waived by maintaining an ADB of $25,000 or if Merchant Services are deposited into the account
90,000 Allpoint and Co-op network ATMs and 5,000 shared branch locations
Pros and cons
Pros
Cons
Scalable business checking accounts
Business overdraft protection through Courtesy Pay
Easy membership requirements
High balances requirement to waive monthly fees for certain accounts
Low yield on savings and checking accounts
Image: First Tech Federal Credit Union
First Tech Federal Credit Union: best for business insurance services
My rating: 3.78 out of 5
Why I chose it
First Tech FCU is ideal for businesses seeking both banking and insurance services. Its comprehensive coverage includes business umbrella, commercial vehicle, crime, workers’ compensation, and liability insurance. Business insurance is crucial for protecting against financial loss, managing risk, and safeguarding employees. First Tech also offers the best credit union business accounts, with a business checking product featuring low or waivable fees and savings products with competitive yields.
Membership qualifications
Eligibility: Membership is open to employees (and their families) of over 900 partner companies (See First Tech FCU’s partner page), those living or working in Lane County, Oregon, State of Oregon employees, and members of the Computer History Museum or Financial Fitness Association. Family or household members of existing First Tech members are also eligible.
Business Membership: Available to businesses within the eligible employee groups, with specific documentation required.
Offers a variety of business insurance products for entrepreneurs
CDs with competitive interest rates (up to 3.50%)
CRE loans include multifamily, office and industrial, and retail and mixed-use buildings
Free overdraft protection service
Pros and cons
Pros
Cons
Various business insurance options, such as workers' compensation, liability, and umbrella insurance
Over 5,000 Co-op shared branches and 30,000 surcharge-free ATMs nationwide
High interest rates on CDs
Limited lending options for small businesses
$2 fee, plus potential third-party fees for withdrawing outside First Tech FCU and Co-op networks
$100 opening deposit requirement
Image: Bethpage Federal Credit Union
Bethpage Federal Credit Union: best for interest-earning business accounts
My rating: 3.75 out of 5
Why I chose it
For businesses looking to grow their funds and earn yields, I think Bethpage is an ideal choice. Its business checking and savings accounts offer interest while keeping fees minimal. I especially like the fact that the Bethpage Business Checking account has no monthly service fees, minimum balance requirements, or transaction limits. Plus, you can access various business loans. If your business is based in New York or New Jersey, Bethpage is a solid option with branches in both states.
Business checking accounts with unlimited and fee-free transactions.
Remote deposit capture.
Lending products include business credit cards, lines of credit, auto, CRE, and term loans.
Interest on lawyer accounts (IOLA) available.
Retirement and succession planning.
Pros and cons
Pros
Cons
No monthly fees or minimum balance requirements
Competitive interest rates on business checking, savings, and MMAs
Easy membership requirements
Limited to New Jersey and New York branches
Only one type of business checking account for most businesses (except IOLA)
How to choose the best credit union for your business account
When selecting the best credit union for your business checking account needs, it’s important to consider a few key factors:
Membership requirements: Credit unions often have stricter membership criteria, so verify your eligibility.
Account features: Choose business accounts with fee-free transactions, interest earnings, and scalability.
Fees: Watch for monthly maintenance fees, transaction fees, and other charges since some credit unions offer fee waivers based on account balance or transaction volume.
Customer service and accessibility: Consider the credit union’s branch/ATM network and customer service. While service is often excellent, locations may be more limited than traditional banks.
I recommend closely reviewing potential fees that credit unions may charge, such as ATM fees for using non-network machines, overdraft fees, paper statement fees, inactive account fees, and loan application fees, which can add up over time.
If you have a nationwide business, you can take advantage of the shared branching and cooperative ATM networks that some credit unions offer. Shared branching networks allow businesses to access accounts and conduct transactions at partner locations nationwide. This is helpful for business owners who need to deposit cash or check balances while on the go.
When credit unions are part of cooperative ATM networks, businesses can access thousands of surcharge-free ATMs nationwide, helping to avoid fees. Among the credit unions that offer shared branching and participate in cooperative ATM networks include Affinity Plus FCU, Self-Help FCU, Credit Union 1, and First Tech Federal Credit Union.
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Methodology
When I made the guide to the best credit unions for business accounts, I carefully reviewed each provider’s membership requirements, interest rate offers, monthly fees, initial deposit requirements, and transaction limits. I also paid close attention to minimum balance requirements, ATM access, and ATM fees, including the overall account features. Additionally, I considered other available business products and services, ensuring the credit unions offered valuable resources for small and growing businesses.
Credit unions vs traditional banks
When comparing credit unions to traditional banks, here are several key differences:
Ownership
Credit unions: Owned by members, so profits are returned to members through lower fees, better interest rates, and more personalized service
Traditional banks: Owned by shareholders, and profits are primarily distributed to stockholders
Fees
Credit unions: Typically offer lower or no monthly fees, reduced ATM charges, and more competitive loan rates
Traditional banks: May charge higher fees for account maintenance, overdrafts, and other services
Interest rates
Credit unions: Generally offer higher interest rates on savings and lower rates on loans
Traditional banks: Can offer lower rates on savings accounts and higher rates on loans
Customer service
Credit unions: Often provide more personalized customer service since they are smaller, community-based providers
Traditional banks: May have more impersonal customer service operations but often provide 24/7 support
Accessibility
Credit unions: Often have fewer branches and ATMs, which can be inconvenient for some users
Traditional banks: Generally have a wider network of branches and ATMs, making them more accessible if you need nationwide access
Membership
Credit unions: Specific membership requirements, but some offer easy membership via a small donation
Traditional banks: Open to everyone and will require meeting basic account qualifications to be an account holder
Ultimately, the choice depends on your business needs. If you value better rates and customer service, go with a credit union. For wider access and more convenience, a traditional bank is the better option.
Alternatives to the Best Credit Unions for Business Accounts
Aside from credit unions and traditional banks, you may consider opening a business account with a financial technology (fintech) company.
Here are three alternatives to consider:
Bluevine: The Bluevine Standard offers no monthly fees, unlimited transactions, and an APY of 1.3%. Read our Bluevine business checking review for more detailed information on fees and benefits.
Novo: Novo’s business checking account has no monthly fee, unlimited transactions, and express payments. See our Novo business checking review to discover its key features.
U.S. Bank: The U.S. Silver Business Checking account offers a cash deposit allowance, 125 free monthly transactions, and no monthly fees, which is uncommon with large traditional banks. Check out our U.S. Bank business checking review to learn more about its pros, fees, and features.
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Frequently asked questions
Is it a good idea to open a business account with a credit union?
Yes, opening a business account with a credit union can be a great idea. Credit unions typically offer lower fees, better interest rates, and more personalized service to their members. Additionally, they often provide more flexible loan terms with lower interest rates, which benefits small businesses.
What is the main downside to opening an account at a credit union?
The main downsides of credit unions are limited branch access and restrictive membership requirements at some institutions. However, credit unions like Affinity Plus FCU, Credit Union 1, and Bethpage Federal Credit Union allow membership through a one-time donation, reducing these barriers.
Robi Mansueto brings over a decade of experience in consumer and preferred banking, with expertise in investment services, client relationship management, and financial product sales. She has held key roles at the Bank of the Philippine Islands and CIMB Securities (Singapore), where she managed high-net-worth clients and oversaw investment, loan, and securities transactions. With a strong background in client onboarding, compliance, and risk management, Robi has ensured strict adherence to regulatory standards throughout her career.
