BECU Business Account Review in 2024

The Boeing Employees Credit Union (BECU) business account is a popular option for eligible small to mid-sized businesses looking for a comprehensive, affordable credit union. As of 2021, BECU supported 1.3 million business and non-business members¹.

In this review, we take an in-depth look at the features and benefits offered by BECU's business account to help you decide if it's right for you. We also compare it with other leading business accounts on the market, like the Wise Business account, to give you an overview of what's available.

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Does BECU offer a business account?

Yes, BECU is a credit union, not a bank. That means they don't offer a business bank account as such, but rather a business membership that includes access to their suite of financial services.

These include checking accounts, savings accounts, credit cards, and loans - many of which are tailored specifically to businesses. BECU also offers an array of business-specific benefits including discounts on select products and services from partner companies.

BECU Membership and Eligibility

BECU, despite what its name suggests, is actually open to a broad range of customers, not just those associated with Boeing². Not sure how to open a business account with BECU? Read through their eligibility requirements thoroughly before applying.

Location eligibility

Any resident of Washington state is eligible to join BECU.

You're also eligible if you live in any of the following counties in Oregon or Idaho:

Work eligibility

Additionally, if you work for Boeing, any of its affiliates, or a credit union, you're eligible to join BECU.

Other affiliations

Lastly, any of the following associations also make you eligible to join BECU:

• University of Washington Alumni Association (UWAA) member, employee, volunteer, or retiree.
• Washington State University Alumni Association (WSUAA) member, employee, volunteer, or retiree.
• NW Credit Union Foundation (NWCUF) member, employee, volunteer, or retiree.
• KEXP donor/member, employee, volunteer, or retiree.
• Sea Hawkers Central Council (AKA Sea Hawkers Booster Club) member or donor

Open a free business
account with Wise 🚀

👆 US account opening is free while other markets may vary
👉 Pay contractors in 50+ currencies at fees from only 0.41%
👉 Pay a one-time fee for local bank account details and free incoming transfers (GBP, EUR, AUD, CAD, and more) transfers

BECU business checking, savings, loans, and more

BECU's business membership offers a suite of products and services designed to meet the needs of businesses³. Among them, their business checking account, business interest checking account, business savings account, and more.

BECU Business Checking Account

To begin, BECU offers two main types of business checking accounts: 1) The BECU business checking account 2) The BECU business interest checking account⁴.

Let’s dig deeper into what each account offers.

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👆 US account opening is free while other markets may vary

BECU Business Savings

BECU has a number of savings-oriented accounts designed for businesses.

The Business Member Share Savings account offers both interest rates and no monthly maintenance fees.

BECU also offers money market accounts that yield higher interest rates on balances over $10,000, as well as fixed-rate CDs for longer-term investments.

BECU Loans

BECU offers a business loan program, which includes lines of credit (LOCs)⁵, term loans, and reasonable equipment financing. All of these are designed to help business owners get the money they need quickly and easily. They also provide specific commercial real estate loans for businesses that need to purchase or refinance buildings and other properties, and offer BECU business credit cards for companies with smaller needs.

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BECU for Small Business

BECU offers a variety of services that are made for small businesses. These include:

• Easy setup and enrollment – very small minimum deposits are required, with no maintenance fees for most accounts.

• Low transaction fees – the majority of transactions are free, and there are no monthly account fees.

• Free online banking – you can access your accounts from anywhere and manage them on the go with the BECU mobile app.

• Business credit cards – BECU offers a range of business credit cards with competitive interest rates and reward programs.

BECU Online and Mobile Banking

BECU's online and mobile banking services are comprehensive, allowing you to manage your account from any device. The web interface is intuitive and easy to use, while the mobile app offers a range of features including remote check deposits, bill pay, and transfers.

BECU also offers 24/7 customer support via phone or live chat if you ever need help with your account.

BECU Business Account vs Wise Business

BECU can help you on the domestic front, but what if you’re sending or receiving money from abroad?

BECU outgoing wire transfers are $35, while incoming wire transfers are free⁶. The Wise Business account gives you the option to send and receive different types of transfers that vary by time and cost. Wise Business transfers, for instance, costs only $4.14 for wire transfers.

However, the even greater benefit of doing business internationally with Wise Business, is that you can send and receive free (non-wire) transfers in USD, EUR, GBP, CAD, and more. Why? Because you get free local bank account details. If you're looking to send payments to freelancers or suppliers, you can do so in 50+ currencies using Wise's competitive mid-market rate.

Open a free business
account with Wise 🚀

👆 US account opening is free while other markets may vary
👉 Pay contractors in 50+ currencies at fees from only 0.41%
👉 Pay a one-time fee for local bank account details and free incoming transfers (GBP, EUR, AUD, CAD, and more) transfers

Learn More: Find an account number on a business check

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