Finding the right financial partner for your business is crucial, and if you’re considering USAA (United Services Automobile Association), you might be wondering if they provide business accounts. While USAA is renowned for its commitment to serving military members and their families, it does not currently offer business checking or savings accounts. However, USAA does provide business insurance, which could be a valuable resource for small business owners.

Keep reading to learn more about what USAA offers and discover a better banking solution tailored to entrepreneurs.

About USAA

USAA is a financial services organization primarily focused on serving the military community. Founded in 1922, USAA’s mission is to help military families achieve financial security through a range of products, including insurance, banking, investment and retirement solutions. 

With a deep commitment to military values, USAA offers its members tailored support and resources to navigate the unique financial needs of military life. Membership at USAA is available to:

  • Active duty, guard and reserve members of the U.S. military across all branches
  • Veterans who have honorably served
  • Eligible family members, including spouses and children of USAA members
  • Cadets and midshipmen at U.S. service academies 
  • ROTC members with officer commissions

Overview of USAA Accounts and Pricing

USAA offers a suite of financial products and services, including personal accounts, loan options, credit cards and business insurance solutions. Here’s an overview of the accounts, fees and unique benefits available to USAA members.

Personal Checking Accounts

USAA’s Classic Checking Account provides convenient personal banking with no monthly service fees and no minimum balance requirements. Members gain access to USAA’s large network of over 60,000 ATMs, and USAA reimburses up to $10 per month for out-of-network ATM fees. 

Account holders also have access to online and mobile banking tools, including bill pay, budgeting tools and early direct deposit for qualifying military pay. The minimum opening deposit for this account is $25, making it an accessible option for USAA members.

Personal Savings Accounts

The USAA Savings Account is another fee-free option with no monthly charges, requiring only $25 to open. For members with higher balances, the USAA Performance First Savings Account provides an opportunity to earn higher interest rates, starting with a minimum opening deposit of $10,000. Both accounts offer competitive annual percentage yields (APYs) and are accessible through the USAA mobile and online platforms, giving members control and visibility over their savings.

Certificates of Deposit (CDs)

USAA offers several CDs with terms from 91 days to 7 years, with interest rates that generally increase with longer terms. Members can open a CD with a minimum deposit of $1,000. 

USAA CDs offer fixed interest rates for the full term and automatic renewal upon maturity. Early withdrawal penalties apply and vary depending on the term length, making them ideal for members looking to lock in a safe, stable savings option for specific durations.

Personal Credit Cards

USAA provides a variety of credit card options. These include cash-back, rewards and low-interest cards. The USAA Cashback Rewards Plus American Express Card allows members to earn cash back on gas, dining and grocery purchases, while the USAA Rate Advantage Visa Platinum Card is a low-interest option for those with strong credit. 

Many USAA credit cards come with special military benefits, such as no foreign transaction fees and reduced interest rates during deployment or PCS (permanent change of station) moves. USAA credit cards typically have no annual fees, though specific rates and fees do vary by card.

Personal loans

USAA members have access to multiple loan products, each designed with competitive rates and terms to fit the needs of military families. 

USAA’s auto loans offer flexible terms and discounts for automatic payments, as well as special assistance for military members stationed overseas. For general borrowing needs, USAA provides unsecured personal loans ranging from $2,500 to $100,000. These loans do not require application or early repayment fees. 

The bank also offers a variety of home loans. These include fixed- and adjustable-rate mortgages, VA loans and refinancing options, along with home equity loans and HELOCs for members with property equity.

Business Insurance

In addition to its personal finance offerings, USAA provides a selection of business insurance options designed to protect small businesses and their owners. Members can choose from several types of policies to cover a range of business risks:

  • Business owners’ policy: This policy combines property and liability coverage to protect both the physical assets and liabilities of a business.
  • General liability: General liability insurance covers legal costs and damages if a business is held liable for bodily injury, property damage or other issues.
  • Workers’ compensation: This policy provides coverage for employee injuries and illnesses that occur on the job, meeting state requirements for worker protection.
  • Professional liability: Also known as errors and omissions insurance, this policy protects against claims of negligence or mistakes in professional services.
  • Cyber liability: Cyber liability insurance is designed to protect businesses from financial losses related to data breaches or cyberattacks.
  • Umbrella insurance: This policy provides additional liability protection that goes beyond the limits of standard liability policies.
  • Commercial auto: This covers vehicles used for business purposes, including liability and physical damage.

North One: Digital-First Business Checking

USAA has a range of financial services, but crucially, it doesn’t offer business banking solutions. For business owners still in search of a business banking partner, North One is a practical and feature-rich option. 

As a digital-first banking platform, North One offers tools to simplify financial management and reduce operational costs. Their fee-free standard checking account eliminates monthly maintenance fees, which can help small businesses avoid common banking expenses. This makes it ideal for entrepreneurs looking for a straightforward, affordable solution to manage daily business finances.

Beyond cost savings, North One equips business owners with helpful digital tools. Through a user-friendly mobile app, North One offers instant access to transaction histories and easy mobile check deposits. The platform also supports automatic budgeting and customizable sub-accounts, so users can set funds aside for taxes, payroll or other business expenses. 

North One’s integration capabilities are great for businesses that rely on third-party tools for payroll, accounting and expense management. The bank connects with major platforms like QuickBooks and Xero. Plus, North One’s compatibility with payment processors such as Stripe, Shopify and PayPal means you can manage business transactions directly through your North One dashboard.

Overall, North One is an attractive alternative for small business owners who want a low-cost, highly functional bank that supports day-to-day operations and long-term growth. 

Business Owners Need to Look Beyond USAA

While USAA serves military members’ personal banking needs and offers valuable business insurance options, its lack of business banking services means entrepreneurs need to look elsewhere for their business accounts. 

The good news is that modern digital banking alternatives like North One offer features specifically designed for small business owners, without any membership restrictions. By choosing a financial partner that combines intuitive business tools with competitive pricing, you can build a strong foundation for your budding business’s future.

FAQs About USSA Banking

Does USAA offer business accounts?

Currently, USAA does not offer dedicated business banking accounts. While they provide a range of personal banking products and insurance options, their banking services are focused on individual members. However, USAA does support small business owners by offering comprehensive business insurance policies, including liability, property and cyber risks.

Can personal accounts be used for business purposes?

USAA’s personal accounts are designed solely for personal use, and using them for business transactions may violate their terms and conditions. Mixing personal and business funds can also complicate accounting, taxes and financial reporting.

To avoid these challenges, business owners should consider dedicated business banking options designed for seamless transactions, payments and record-keeping.

Does USAA offer a business credit card?

USAA does not currently offer a business credit card, as its credit cards are designed for personal use. These cards provide benefits like rewards programs, cash back and competitive rates, which are ideal for personal expenses.

For business needs, USAA members should consider credit cards from other institutions that offer features such as expense tracking, higher credit limits and rewards tailored to business spending.