Looking for a business banking solution that won’t nickel-and-dime you? BECU’s business banking services might catch your eye, especially if you’re based in the Pacific Northwest. While this credit union has grown far beyond its Boeing roots, it still maintains its member-first philosophy with competitive rates and minimal fees. 

We’ve researched BECU’s business banking offerings to help you decide if this community-focused credit union aligns with your business needs—or if a digital-first option might be more suitable.

About BECU Business Banking

BECU, originally founded as the Boeing Employees’ Credit Union in 1935, is a member-owned credit union dedicated to local communities and businesses. With roots in the Pacific Northwest, BECU has grown from exclusively serving Boeing employees to offering services to a broader range of members and businesses. 

Membership is open to individuals and businesses within Washington State, certain counties in Oregon (including Multnomah and Washington) and select counties in Idaho. Certain individuals affiliated with organizations like The Boeing Company, credit union service organizations (CUSOs) and groups such as the University of Washington Alumni Association are also eligible to join.

BECU is well-suited for businesses seeking accessible, low-fee financial solutions—especially for companies that serve their local communities. Businesses that want a financial partner with strong local ties—plus a commitment to supporting small enterprises and larger organizations—may find BECU to be a great fit. 

However, BECU does have restrictions on certain types of businesses. These include internet gambling, marijuana dispensaries and money services like payday loans. 

If you’re looking for a local, community-oriented credit union with full-service business banking options and attractive membership benefits, BECU might be the right choice.

BECU Business Features and Pricing

BECU offers business banking products designed to support businesses with varying financial needs. These services range from essential checking and savings accounts to specialized loans and cash management services. 

Here’s a breakdown of their main business accounts and services.

Business Checking Accounts

BECU provides two business checking options: Business Basic Checking and Business Interest Checking. Both accounts come with no monthly maintenance fees, no fees on electronic transactions and no foreign transaction fees. 

Both account types offer high-speed online and remote check deposits, and free access to online, mobile and telephone banking. Business Basic Checking is ideal for companies that want straightforward, non-interest-bearing checking. On the other hand, Business Interest Checking offers interest earnings for those who want their account balance to work for them. 

Both accounts allow a set number of free transactions based on combined account balances across all BECU accounts. They charge $0.20 transaction fee after that limit.

Business Savings Account

BECU’s Business Member Share Savings account helps businesses save without high fees or balance requirements. It has no minimum balance, no monthly maintenance fees and earns interest at 0.40 percent APY (as of 11/1/2024). With access to over 30,000 surcharge-free ATMs nationwide, businesses can conveniently withdraw funds as needed.

Business Certificates of Deposit (CDs)

For businesses looking to grow their savings at a fixed rate, BECU offers CDs with flexible terms from three to 60 months. They also have options like the Bump CD, allowing a one-time rate increase, and the Add-To CD, which enables recurring monthly deposits up to $1,000. 

Current APYs vary by term and deposit amount. BECU is currently offering a promotional rate of 4.40 percent for three to five month CDs.

Business Credit Cards

If you need a business credit card, BECU provides flexibility and rewards—and there’s no annual fee. The Business Cash Back Credit Card offers 1.5 percent cash back on eligible purchases. Alternatively, the Business Low Rate Credit Card provides one of the lowest available interest rates, ideal for paying back larger purchases over time. Both cards come with added benefits like purchase protection, travel accident insurance and 24/7 fraud monitoring.

Business Loans and Lines of Credit

When you need flexible working capital, business loans and lines of credit can be a lifeline. BECU’s lending solutions include term loans for equipment or machinery, business vehicle loans with financing up to 80 percent and business lines of credit. 

BECU also offers SBA PPP loans to support businesses affected by the pandemic.

Cash Management Services

Creating a smart cash management system can save your company time and money. BECU’s cash management services help streamline business financial management. They include accounts payable and receivable management, sweep accounts, zero balance accounts and merchant services with customized point-of-sale systems. These services help automate financial processes, optimize cash flow and simplify your payroll and vendor payments.

Ultimately, BECU’s range of flexible and affordable business products are designed to appeal to small to medium-sized businesses looking for comprehensive—and local—financial services.

BECU Business Banking Pros and Cons

BECU’s business banking services offer numerous advantages, particularly for small to medium-sized businesses, but also have some limitations. Here’s a look at the pros and cons:

Pros

  • No monthly fees on checking accounts: BECU’s business checking accounts come with no monthly maintenance fees. This bonus can significantly reduce costs for small businesses managing fluctuating cash flow.
  • Free transaction allowances: Both the Business Basic Checking and Business Interest Checking accounts include a generous monthly allowance for free transactions based on combined account balances. This is ideal for businesses with moderate transaction volumes.
  • Interest-bearing options: For businesses looking to earn on their checking balance, BECU’s Business Interest Checking account offers a competitive APY. It’s an easy way to allow funds to grow while still remaining accessible when you need them.
  • Wide range of cash management services: From accounts payable and receivable solutions to zero balance and sweep accounts, BECU’s cash management tools are designed to make it easier to handle daily business operations and optimize cash flow. These can be particularly helpful if your business will scale up in size later on.
  • Nationwide ATM access: BECU members have access to over 30,000 surcharge-free ATMs nationwide. This provides easy access to cash on the go—great for businesses with mobile or remote needs.
  • Flexible lending and credit options: BECU’s business loans, including term loans, vehicle loans and lines of credit, come with competitive rates and flexible terms. Their business credit cards also offer attractive benefits with no annual fees. These options can help small businesses finance vehicles and equipment, scale up operations and manage fluctuating cash flow.

Cons

  • Limited branch and membership availability: BECU’s membership and branches are limited to Washington State, Idaho and Oregon, which limits your access in-person services. Your business also may not be eligible to join.
  • Limited industry eligibility: BECU does not support businesses in certain high-risk industries, including gambling and cannabis-related enterprises. 
  • Transaction limits on checking accounts: While BECU offers free transaction thresholds, businesses with higher transaction volumes should carefully review their limits. Companies may incur additional fees after the limit is reached, so these accounts are less suitable for those who make frequent deposits or withdrawals.
  • Basic business credit card rewards: BECU’s cash-back credit card offers a flat 1.5 percent on eligible purchases. However, other credit card providers may offer specialized—and better—rewards. Consider whether there are other options that might suit your needs better.
  • Minimal specialty accounts: BECU’s business account lineup is focused on fundamental banking needs. There are fewer options for highly specialized accounts, such as those specifically tailored to nonprofits or certain industries.

BECU’s business banking offerings are well-suited for small to medium-sized businesses, especially those that prioritize low fees, competitive rates and flexible lending options. However, if you live out of the area or require extensive branch access and high-volume transaction capabilities, you may want to look elsewhere.

North One: A Digital-First Business Banking Alternative

For small businesses, startups and entrepreneurs who want a flexible, tech-forward banking experience, North One may be a better option. North One is a digital-first financial institution focused on providing essential banking tools—all without the overhead of physical branches. This makes North One especially suitable for business owners who operate outside BECU’s limited service area or who don’t need in-person banking. For industries that face restrictions with BECU, North One’s inclusive approach may offer a better alternative.

North One’s business checking account is particularly attractive due to its lack of monthly fees and high transfer limits. Its seamless integration with popular business management tools like QuickBooks, Gusto and Stripe simplifies everything from accounting to payroll and payment processing. 

For businesses with varied needs, North One also offers multiple sub-accounts to help organize funds for purposes such as savings, taxes or project-specific budgets. This feature is beneficial for growing businesses or those with fluctuating cash flow requirements.

The digital-only nature of North One’s services is great for tech-savvy businesses or solo entrepreneurs who don’t rely on traditional banking hours or branch locations. With a highly accessible app and online platform, North One makes it easy for business owners to manage their finances anytime, anywhere—a definite advantage over the location-based limitations of traditional banks like BECU. And although North One currently doesn’t offer financing options, they partner with lenders to help companies find funding.

If you value streamlined, budget-friendly banking with modern tools for efficient financial management, North One is a versatile nationwide option.

Is BECU the Right Banking Solution for You?

Whether BECU is the right choice for your business ultimately depends on your location, industry and banking needs. Pacific Northwest businesses seeking a community-oriented financial partner with competitive rates and minimal fees could find BECU an attractive option. Their suite of services, from basic checking to advanced cash management tools, can support your business as it grows. 

However, if you’re outside their service area or need extensive branch access, you might want to consider alternatives like North One. The key is finding a financial partner that not only meets your current needs but can also scale with your business—and BECU could be that partner for eligible businesses in their service region.