Choosing the right financial institution for your business accounts can significantly impact your business’s finances. Credit unions are member-owned financial cooperatives that prioritize customer service and community engagement. They often provide competitive interest rates, lower fees and personalized customer support compared to traditional banks. For small businesses, these benefits can translate into cost savings, flexible lending options and a better banking experience.

The best credit unions for business accounts stand out for their banking solutions and customer-centric approach. Let’s explore what sets these credit unions apart — and why they may be the ideal choice for your business banking needs in 2024.

The Best Credit Union for A Business Account

We analyzed credit unions for their business account offerings, customer service, and financing options to discover the best credit unions for business accounts. Here’s what we found:

1. Best for Veterans: Navy Federal Credit Union

Navy Federal Credit Union was founded in 1933 by a small group of naval employees and has since grown to serve members of all military branches, veterans, and their families. Beyond personal banking, they offer business banking solutions designed to support small businesses at every stage of growth.

Navy Federal’s Business Checking accounts come with features to meet all your business needs, like dividends on all accounts, a Navy Federal GO BIZ® Debit Card, free starter checks and access to digital banking. Their account options include Business Checking for new businesses and Business Plus Checking for growing enterprises. For mature companies with higher transaction volumes and deposit balances, they offer the Business Premium Checking Account with tiered APY rates for higher transaction volumes and deposit balances

Navy Federal also offers savings solutions, like Money Market Savings Accounts and Certificates, designed to earn competitive rates. These accounts are ideal for businesses looking to maximize earnings on surplus funds while maintaining their liquidity.

In addition to traditional banking services, Navy Federal equips businesses with GO BIZ® Rewards Business Credit Cards that offer great purchasing power with no annual fees, variable APRs, and rewards options tailored to business expenses. Business members benefit from a range of financing options, including business loans, lines of credit and secured term loans. These options can support business needs, from equipment purchases to cash flow management.

2. Best for Business Accounts Overall: Consumers Credit Union

Consumers Credit Union (CCU) is a dedicated financial partner for businesses across Illinois and Wisconsin, offering a suite of tailored banking services designed to meet your business needs. CCU’s Freedom Business Checking and Community Checking for nonprofits offer no minimum balance requirements, making them ideal for new or smaller businesses. While their Power Business Checking and Choice Commercial Checking provide benefits for more established businesses with higher volumes. . All of their accounts come with generous transaction allowances, ensuring businesses can manage their finances effectively without unnecessary fees. 

Beyond traditional banking services, CCU offers ACH origination, merchant card services and mobile check deposits. These advanced features empower businesses with modern tools for efficient financial management. They are also complemented by robust security measures ensuring the protection of business funds against fraud. With 24-hour member service and VISA’s Zero Liability protection on business debit and credit cards, CCU provides peace of mind alongside financial support for businesses

Moreover, CCU supports business growth through a range of financing options, including secured lines of credit, commercial mortgages, and equipment financing.

3. Best for Perks and Features: Digital Federal Credit Union

Digital Federal Credit Union (DCU) is a financial institution dedicated to serving its members with integrity and innovation. Established in 1979 and headquartered in Marlborough, Massachusetts, DCU has grown to become one of the largest credit unions in New England, catering to over 1 million members nationwide. 

DCU’s flagship offering is its Free Business Checking account. This account imposes no monthly maintenance fees or minimum balance requirements, making it ideal for businesses minimizing operational costs. Additionally, DCU offers competitive rates and benefits such as unlimited check writing and up to 20 free deposits per day, ensuring that businesses have the flexibility and convenience they need to manage their finances efficiently.

DCU goes beyond basic banking services to support small businesses with policies and perks that foster growth and financial stability. For instance, the Business Earn More feature allows eligible balances in the Free Business Checking account to earn interest, with funds automatically swept to FDIC and/or NCUA-insured accounts at participating financial institutions. This feature not only helps businesses maximize their returns but also ensures the safety and security of their funds. 

DCU’s digital banking platform empowers businesses with convenient tools to manage accounts, pay bills, deposit checks and monitor transactions anytime, anywhere.

4. Best for Cost-Minded Businesses: America First Credit Union

America First Credit Union, established with a focus on community and member service, is a not-for-profit financial cooperative. It operates in various regions, including parts of Utah, Nevada, Arizona, Idaho, Oregon and New Mexico. Membership eligibility is broad, and includes individuals living, working or participating in activities within these areas. It also includes employees of select groups and their families. 

America First Credit Union offers a comprehensive suite of business banking solutions designed to support the financial health and growth of small businesses. Their most popular option, the Basic Business Checking account, is ideal for businesses with fewer than 250 transactions per month. This account is user-friendly, with a minimal fee of $0.15 per transaction beyond the 250 transaction threshold. Additionally, business members gain access to a range of supplementary financial products, including Money Market Savings, Lines of Credit, Business Visa cards and convenient debit card access. These features ensure that businesses have the flexibility and resources they need to manage their finances effectively.

The Business Share Savings account is included for all members. This account allows businesses to deposit and withdraw money anytime, online, over the phone, or at an ATM or branch. For those aiming to earn higher dividends while maintaining liquidity, the Business Money Market Savings account offers tiered APYs and dividend rates. Businesses expecting large future expenses can benefit from Dedicated Savings accounts, which offer attractive rates when funds are left untouched for a specified period.

Additionally, America First provides a variety of Certificate Accounts, including Regular, Bump Rate, Flexible and Ladder Certificates. These options allow businesses to manage their savings strategically, balancing high returns with necessary access to funds. The Business Visa Credit Card, with no annual fees, low interest rates and robust security features, offers businesses a reliable credit solution with the added benefits of cashback or rewards options. The Business Visa Debit Card also provides immediate access to Business Checking accounts.

5. Best for Merchant Services: Redwood Credit Union

Redwood Credit Union (RCU) is a trusted and reliable credit union for local Bay Area businesses. Business membership at RCU is available to businesses with principal places of operation within the San Francisco Bay Area.

Redwood Credit Union offers various business accounts, including basic checking and savings accounts, business credit cards, money market accounts and savings certificates. 

Businesses can manage their payments seamlessly with Business ACH services and self-service wires through digital banking. This ensures that payments are processed efficiently, reducing administrative burdens. With RCU’s merchant services, businesses can process card and digital payments from customers. Their payroll services offer personalized solutions to manage employee data and payroll needs effectively, streamlining operations and saving time.

RCU Insurance Services provides commercial insurance to protect businesses, while their wealth management and investment products help business team members achieve financial security. As an SBA Preferred Lender, RCU can expedite funding for businesses through SBA loans. They also offer term loans, lines of credit and competitive financing for commercial real estate purchases or refinancing, providing the necessary capital for business expansion and growth.

Finally, Business members have free access to mobile banking and 30,000 Co-op® Network ATMs and 55 RCU ATMs, along with 19 local branches throughout the North Bay and San Francisco. 

Best Credit Union Alternative: North One

Traditional credit unions are known for their community focus, personalized service and member-first philosophy. However, they often require physical branch visits for certain transactions and may have limited online capabilities. North One, on the other hand, operates entirely online, providing 24/7 access to banking services without the need for branch visits. This means faster, more efficient service and the ability to manage finances from anywhere at any time. 

North One offers transparent, low-cost banking with no hidden fees. This includes no overdraft fees, no minimum balance requirements and straightforward pricing that helps businesses save money. With North One, businesses can easily manage their finances through an intuitive mobile app. This includes real-time transaction tracking, easy transfers and instant access to account information. North One also integrates with popular accounting and business management tools like QuickBooks, Xero and PayPal. Finally, North One provides 24/7 customer support through chat and email, ensuring that business owners can get the help they need whenever they need it. This level of support is crucial for small businesses that may not have dedicated financial staff.

For those who value convenience, cost-effectiveness and cutting-edge technology in their banking experience, North One presents a compelling alternative to traditional credit unions.

How to Choose a Credit Union for Your Business Account

Selecting the right financial institution for your business is crucial. The best credit union business account will offer low fees, competitive rates and access to a range of financial services. While accounts at alternative providers may be able to offer more advanced digital tools and seamless integration.

Whether you opt for traditional credit unions or innovative solutions like North One, each offers unique benefits for small businesses. Just keep account offerings, ease of access, fee structures, integration with business tools and customer support quality in mind as you search for the right account.

By thoroughly exploring your options and understanding the resources available to help your business, you can find a financial partner positioned to help you achieve success.