Can I open a USAA business account? (Best USAA alternatives)

Panna Kemenes
03.04.21
6 minute read

USAA is a financial institution that focuses on banking, investing and insurance. The Fortune 500 firm aims to help you, the customer, streamline and manage your everyday finances.

Customers of USAA can open checking accounts, manage mortgages, and get credit cards. Yet many people want to know if USAA offers a business account.

In this post, find out if there is a USAA business account, and what the best alternatives are.

If you’re looking for a business account that will help your business operate internationally, then check out Wise business. You can avoid the high fees, hefty admin, and headaches of a local bank.

Find out more about Wise

Table of contents

Can I open a business account with USAA?

Unfortunately, it isn’t currently possible to open a USAA business checking account.

This wasn’t always the case, though.

Back in 2018, USAA ran a pilot program¹ with veteran-financed Streetshares Inc. The USAA business banking program gave perks to small businesses turning over at least $25,000 a year. This pilot program ended, though, and USAA hasn’t tried a similar initiative since.

One thing the USAA does offer today for its customers is business insurance². If you run a small business and you want to protect your finances, USAA can help. There are many insurance plans, so you can pick the policy that suits your business:

  • Business owners policy
  • General liability
  • Workers’ compensation
  • Professional liability
  • Cyber liability
  • Umbrella insurance
  • Commercial auto

Business insurance is useful if you want to protect your money, but it isn’t the same as having a business account. With that in mind, let’s explore what some of the best alternatives are.

Business account with USAA

Best alternatives to USAA business account

Since USAA doesn’t offer a business account, you’ll have to shop around to find the best alternatives.

There are plenty of banks out there, both physical and online, with business accounts. To save you the effort of tracking them down, this post will cover some of the top options for business banking.

Wise Business

If your company needs a solution for international transfers, then Wise Business could be the best option. Banks will often charge high fees, and setting up can be a hassle. As a business owner, you will know that every dollar (and second!) counts.

With Wise Business, you can pay invoices with the real exchange rate in 70+ countries, even from your phone or app. 50% of payments are instant or arrive in an hour. You can also save money on international payroll, employee reimbursements, or recurring payments. Not to mention saving hours of admin time.

You can set up an account for free an instantly enjoy the features of Wise Business. You can also choose to pay a one-time set up fee of 31USD to access account details like an IBAN, sort code, routing number, and more.

Bank alternatives

We live in a digital age in which everything is available at our fingertips. Yet, there’s still something special about brick-and-mortar stores.

Unless you think online bots are a good replacement for humans, go to a bank branch for a personal customer experience.

In-person, you can talk through your options in excruciating detail if you need to. This way, you can feel comfortable about your decision. You can ask all the questions you have and get the answers straight away. This can be reassuring, and it’s a great way to make sure you don’t get caught out with hidden fees.

With a physical bank, you may not be able to work with businesses outside of the country. This might be an issue if you plan on dealing with employees and customers on an international scale.

BankTop featuresBest for
Bank of America Business Fundamentals Checking³
  • Digital Cash Flow Monitor
  • Industry-leading security
  • Options to waive fees
  • $100 for opening an account
New small businesses
Chase Business Complete Banking⁴
  • $300 sign-up bonus
  • No minimum fee to open an account
  • Various options to waive fees
Military members looking to waive fees
Capital One Spark Business Basic Checking⁵
  • Unlimited transactions per month
  • Free Overdraft Protection (with Capital One small business deposit account)
  • Free business debit card
Managing business cash flow

Online banking services

You can open a business account online in a few clicks, which is ideal if you prioritize convenience. If you lead a busy life, using an online banking service can save you a lot of time.

You can also read this guide to find out how to open a business account online.

Of course, the downside to using an online banking service is that you miss out on the personal touch. If you have doubts or questions, your only options will be calls, text-based chat, and online help bots. This is far from the personal customer experience you get with physical banks.

Rather than driving to the bank and waiting in line, check out these online banking services to see if they're a good fit.

Online banking serviceTop featuresBest for
BlueVine Business Banking⁹
  • Unlimited Transactions
  • Live support
  • No monthly fees
  • 1.0 interest on a balance up to $100,000
A fast and easy banking account setup
Axos Business Interest Checking¹⁰
  • Earn 0.81% APY
  • No monthly maintenance fee with average daily balance of at least $5000
  • Unlimited domestic ATM fee reimbursements
Perks and accruing interest

Military business banking

USAA offers excellent deals for service members, but there’s no business account, unfortunately.

If you’re in the military, and you’re trying to find the best account for your business, there are alternatives. Here are some of the other military banking options to consider for your business.

Military business accountTop featuresBest for
Navy Federal Credit Union Business Checking⁶
  • Three tiers of business checking with varying fees and perks
Active military officer, veterans, and those who work in the Department of Defense
Security Service Federal Credit Union Business Checking⁷
  • No monthly service fee
  • No minimum balance requirement
  • Free online banking
Security and low fees
Armed Forces Bank Business Banking⁸
  • Four business checking accounts, each one intended for a different stage of growth
Scaling your business and finding the perfect account for the size of your company

Military business accounts

Factors to consider when choosing a business account

All businesses are different, so look for an account that suits the needs of your business. While one business account might be widely-praised, it doesn’t mean it’s the best option for you.

You’ll need to think long and hard about which business account is right for your company. If you don’t, you can expect high fees and opening deposits, and wish you’d gone with one of the alternatives.

There are many factors to consider, such as limits on the account, ATM access, and the interest rate. Crunch the numbers and choose a business account that allows your company to thrive.

Opening deposit

The opening deposit refers to how much you need to deposit when you open the account. While some business accounts will be free to set up, many will require you to invest an initial sum of money.

Fees

There are a couple of fees associated with business accounts. There are monthly fees and extra fees. Keep an eye out for business accounts that let you waive the fees in various ways, especially if you’ve served in the military.

Limits

Limits can affect how much you can deposit and how many transactions you can make. Find an account that won’t restrict how you manage your business’ finances.

ATM access

There may be ATM fees with the business account. Plus, see if there are withdraw and deposit cash, and which ATMs you can use your business account with.

Interest rates

The best business accounts offer high interest rates. Though, there may be a minimum balance necessary and higher fees with these accounts.

Grow and go global with Wise Business

If you do business with customers around the world, you’ll need an account that gives you the best global fees and security.

The Wise business account is great for doing business on an international scale. You can pay invoices, manage your business finances, and pay and receive money without large fees.

With the Wise business account, you’ll always get the real exchange rate. There are no hidden fees and the currency conversion fees are low, so you could save a fortune.

But don’t just take our word for it. Opening a Wise business account is free, and easy to do, so you can try it out for yourself.

Open a business account today

Sources:

  1. USAA - Pilot program
  2. USAA - Business insurance
  3. Bank of America
  4. Chase Bank
  5. Capital One
  6. Navy Federal
  7. SSFCU
  8. Armed Forces Bank
  9. BlueVine
  10. Axos

Sources checked 3 March 2021


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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