Credit unions are cooperative, member-owned, non-profit organizations, and one of the most significant advantages of a credit union for a small business is that they often offer small business loans at much more favorable rates than banks. The best credit union business accounts can be ranked based on the following criteria: availability, wide variety of financial products, variety of online and mobile service, and National Credit Union Administration.
Below are the top best credit union business accounts:
1. Digital Federal Credit Union: Digital Federal Credit Union offers just one business checking account, which is free and interest-bearing. It also includes no maintenance fees or minimum balance and offers a 0.10% annual percentage yield. On the Digital Federal Credit Union, you can make up to 20 free deposits each day, with additional transactions costing 10 cents apiece. It also offers a business Visa Card and business loans, including term loans and lines of credit.
2. Navy Federal Credit Union: This is the largest federally insured credit union by total members and assets, according to the most recent data from the National Credit Union Administration. It offers three business checking accounts, and each has unlimited electronic deposits but limits your non-electronic transactions monthly. However, it is limited to members of the armed forces, Department of Defense, and National Guard and their families.
3. America First Credit Union: This credit union offers four business checking accounts, but its Basic Business Checking stands out with no cost monthly and a large fee-free monthly transaction limit of 250, with each transaction thereafter costing 15 cents. The America First Credit Union membership is open to individuals living within certain areas in Arizona, Idaho, Nevada, New Mexico, and Utah.
4. First Tech Federal Credit Union: This credit union business account offers two business checking accounts that require a $100 opening deposit and charge a $6 monthly fee if your balance falls below $1,000. If your balance falls below $5,000, however, the charge fee will increase to $15.
5. Consumers Credit Union: To be eligible for this credit union, your business must be running in Illinois or Wisconsin. It offers four business checking accounts, including free and interest-bearing options, and its free community checking account is a strong option for eligible nonprofits, offering 300 fee-free transactions. However, to join the Consumers Credit Union, you are required to make a donation of $5 to the Consumers Cooperative Association.
6. Financial resources credit union: on this credit union business account, you can open two types of checking accounts, three types of savings accounts (Business Purple, Money Market, and Certificates), invest in real estate, equipment, and term loans.
7. Sound Credit Union: This credit union offers low interest rates, cashback options on certain loans, and they do a lot to support the local community. Also on this credit union business account, you can access a full suite of business services that includes terminals and point of sale systems, ecommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software.
Choosing any of these credit union business accounts enables your business operations to run smoothly and offers the best financial services for your business.