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.
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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.
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.
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.
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.
|Bank||Top features||Best for|
|Bank of America Business Fundamentals Checking³||New small businesses|
|Chase Business Complete Banking⁴||Military members looking to waive fees|
|Capital One Spark Business Basic Checking⁵||Managing business cash flow|
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 service||Top features||Best for|
|BlueVine Business Banking⁹||A fast and easy banking account setup|
|Axos Business Interest Checking¹⁰||Perks and accruing interest|
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 account||Top features||Best for|
|Navy Federal Credit Union Business Checking⁶||Active military officer, veterans, and those who work in the Department of Defense|
|Security Service Federal Credit Union Business Checking⁷||Security and low fees|
|Armed Forces Bank Business Banking⁸||Scaling your business and finding the perfect account for the size of your company|
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.
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.
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 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.
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.
The best business accounts offer high interest rates. Though, there may be a minimum balance necessary and higher fees with these accounts.
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.
- USAA - Pilot program
- USAA - Business insurance
- Bank of America
- Chase Bank
- Capital One
- Navy Federal
- Armed Forces Bank
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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