6 Best Credit Unions for Small Business

The best credit unions for small businesses offer outstanding business checking and savings products that earn interest on your business reserves. Unlike traditional banks, some credit unions have strict membership requirements. The ones we list are accessible across the US or have targeted geographic or employment requirements available to enough businesses to merit inclusion.

Check the membership requirements of any credit union before applying for a business account. While some credit unions have open membership nationwide, they may require your business to be organized in a specific location.

Here are the six best credit unions for small businesses, with links directly to the provider websites:

• Affinity Plus FCUFederally insured by the National Credit Union Administration : Best overall credit union for a wide range of business products
• Navy Federal Credit UnionFederally insured by the National Credit Union Administration : Best for military members, families, and DoD personnel
• Self-Help FCUFederally insured by the National Credit Union Administration : Best for loans for small businesses and social entrepreneurs
• Bethpage Federal Credit UnionFederally insured by the National Credit Union Administration : Best for interest-earning checking and savings
• Credit Union 1Federally insured by the National Credit Union Administration : Best for easy membership and scalable checking accounts
• First Tech Federal Credit UnionFederally insured by the National Credit Union Administration : Best for business insurance

In addition to the best credit unions for business accounts listed above, there are banks and financial technology (fintech) companies that provide outstanding business banking products. Those providers are listed below, with links directly to the provider websites:

• BluevineBluevine is a financial technology company, not a bank. Deposits are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC, and program banks. : Best overall fintech for high Annual Percentage Yield (APY), line of credit, and international payments
• NovoNovo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC : Best for businesses seeking rapid access to funds and faster payments
• U.S. BankMember FDIC : Best overall for free checking and businesses with low transaction volumes

Best Credit Unions for Small Businesses at a Glance

	Monthly Fee	Business Checking APY	Business Savings APY	Available to all Businesses?	Credit Union Promos
Small Business Checking	$0	0.05% or 0.10%	0.10%	Yes	Open a Visa Business Rewards credit card and earn 40,000 pointsSpend $4,000 within 90 days of account opening to receive a bonus of 40,000. Redeem for fee reductions, loan-rate reductions, and more.
	Visit Affinity Plus Federal Credit Union
Business Checking	$20; waivableMonthly service fee waived if average daily balance is $5,000 or more.	0.01% to 0.45%	Varies	NoTo become a member, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.	No current business promos
	Visit Navy Federal Credit Union
Business Checking	$15; waivableFee waived with: Combined average daily balance of $25,000 or more across all accounts under a single member number.	0.05%	0.30%	Yes	No current business promos
	Visit Self-Help Federal Credit Union
Free Business Checking	$0	0.20%	0.10%	Yes	No current business promos
	Visit Bethpage Federal Credit Union
Business Express Checking	$10; waivable$10 fee per month if minimum average daily balance falls below $1,500	N/A	N/A	Yes	$50 cash reward for each new line at Spectrum Mobile
	Visit Credit Union 1
Simple Business Checking	$6; waivable$6 fee if balance falls below $1,000	N/A	0.01%	Yes	No current business promos
	Visit First Tech Federal Credit Union

Affinity Plus Federal Credit Union: Best Overall Credit Union for a Wide Range of Business Products

When to Choose Affinity Plus Federal Credit Union

• You seek a wide range of business services and products: Affinity Plus FCU offers business checking and savings, which include money market accounts (MMAs) and certificates of deposit (CDs). A business credit card is also available.
• You want rewards for debit card purchases: Affinity Plus FCU has a rewards program that allows you to redeem points for gift cards, travel, cash back earnings, and more.
• You need interest-bearing account options: The provider offers an APY for its checking, savings, and CDs. While the checking and savings rates are low, CD rates go up to 4.506% APY, and business money market rates are up to 3.450% APY.

Navy Federal Credit Union: Best Credit Union for Military Members, Families & DoD Personnel

When to Choose Navy Federal Credit Union

• You want to join the largest credit union in the US: Navy FCU has more than 14 million members, branches in 30 states, and over $177,700 billion in assets.
• You want to save on fees and earn interest on your accounts: This CU offers interest-bearing accounts with no monthly fees under its basic tier and waivable monthly fees for premium accounts.

While it has the most restrictive membership requirements on this list, Navy FCU is an outstanding choice for a small business with qualified owners. It is limited to service members, their families, and Department of Defense personnel.

Navy FCU requires a $250 deposit for sole proprietorships and $255 for other legal entities, along with several required documents to open an account (see Navy FCU’s list of documents). All owners must be Navy FCU members in good standing.

Self-Help Federal Credit Union: Best for Loans for Small Businesses & Social Entrepreneurs

When to Choose Self-Help Federal Credit Union

• You require different lending products: Loans include SBA 7(a), SBA 504, charter school, child care facilities, faith-based, food system, small business and nonprofit, multifamily housing, and other commercial real estate (CRE).
• You prefer fee-free accounts with no minimum opening deposit and monthly balance requirements: Both checking and savings accounts do not require a minimum opening deposit and monthly balances. They are also interest-bearing with waivable monthly fees. Note that transaction limits and excess fees apply.
• You want to save on wire transfers and avoid non-sufficient funds (NSF) fees: SHFCU does not charge for incoming wires and non-sufficient funds.

Bethpage Federal Credit Union: Best for Interest-earning Checking & Savings

When to Choose Bethpage Federal Credit Union

• You want to gain an excellent yield: Bethpage offers good interest rates on its business checking, savings, and MMAs, specifically CDs that earn up to 4.40% APY.
• You need a fee-free checking account: Its business checking accounts feature unlimited fee-free transactions and do not require minimum deposits and monthly fees. To continue drawing interest on your account, you only need 1 cent.
• You seek multiple lending products: Bethpage Federal Credit Union offers vehicle loans, CRE loans, lines of credit, and term loans.

Bethpage FCU branches are located in New Jersey and New York.

Credit Union 1: Best for Easy Membership & Scalable Checking Accounts

When to Choose Credit Union 1

• You seek multiple checking accounts: Credit Union 1 has three business checking accounts, including a multi-tiered checking account product that can scale as your business grows.
• You need more monthly transactions and cash deposits: Middle- and top-tier accounts have high limits of free monthly transactions and cash deposits.
• You want to withdraw fee-free from out-of-network ATMs: Under its highest tier account, Business Express Premium Plus Checking, free ATM withdrawals are unlimited. This account requires an average daily balance of $25,000 to avoid the $50 monthly fee.

Credit Union 1 offers CRE loans and a business credit card. It also has Cannabis Banking and robust business services—including direct deposit payroll, employee accounts, sweep accounts, online wire transfers, and ACH payments.

First Tech Federal Credit Union: Best for Business Insurance

When to Choose First Tech Federal Credit Union

• You’re looking to secure insurance with the same company where you hold a business account: First Tech FCU offers different types of business insurance, such as directors and officers liability insurance, inland marine insurance, business umbrella insurance, professional liability insurance, workers’ compensation insurance, commercial vehicle insurance, employment practices liability insurance, crime insurance, builders risk insurance, and a business owner’s policy.
• You want higher interest rates through CDs: It offers a 6-month certificate with up to 3.75% APY. You can open a CD for as little as $500 with six different deposit terms to choose from.

How We Evaluated the Credit Unions for Small Businesses

We reviewed dozens of credit unions nationwide to compile this buyer’s guide. When considering the best credit unions for small businesses, we looked at the following criteria:

• Nationwide availability
• APY on checking and savings accounts
• Required minimum opening deposits and balances
• Monthly fees and how waivable they are
• Transaction limits before fees
• Wire fees and ATM fees
• Availability of customer services
• Other business products and services
• Lending products, if available

When to Consider a Credit Union for Your Small Business

When deciding whether to go with a credit union vs a bank for your small business, you want to compare what features and perks you are getting from a credit union compared to a bank. You also need to consider the membership and monthly fees that might be associated with credit unions. While initial fees are often higher, APY on checking and savings accounts are usually higher with a credit union. In addition, loan rates are often lower.

It may come down to convenience, however. If you need a branch, you might choose a small business checking account instead, as large traditional bank franchises offer more physical locations. Either way, check out our guide on how to open a business bank account before you proceed.

How to Choose a Credit Union for Your Small Business

Here are three things you should consider before choosing a credit union for your small business.

Step 1: Check if Your Business Is Eligible

Credit unions tend to have stricter qualification requirements when it comes to business accounts than banks. Depending on how your business is organized and in what state it operates will determine whether you will be eligible for a business account at a particular credit union.

Step 2: Understand the Fee Structure and the Potential Cost to Your Business

Some credit unions have more fees than banks. This doesn’t mean that it will be more expensive for your business, but rather, there may be more types of transactions that come with a fee. Depending on your company’s banking activities, this still may be a less expensive option than a traditional bank.

Estimate your typical monthly banking activity and compare it with the fee schedule of one of these credit unions. This is especially important if they charge waivable monthly fees. You need to make sure you meet the criteria necessary to get those fees waived.

Step 3: Read Customer Reviews

Each section of this buyer’s guide includes a link to our review of the credit unions featured. Near the end of those reviews is a section where we highlight the user reviews for each provider. This can help you avoid any potential pitfalls with a credit union before signing up for an account. Glowing reviews might also make your decision easier.

Keep in mind that these reviews will contain both personal and business account customers, so they may not completely reflect the experience you may have with your business account.

Alternatives to the Best Credit Unions for Business Accounts

If you decide to choose a traditional bank or financial technology (fintech) company over a credit union, consider these three alternatives.

	Account	Monthly and Transaction Fees	APY	Our Review
	Bluevine Standard	$0	1.3%	Read our Bluevine business checking review
	Visit BluevineBluevine is a financial technology company, not a bank. Deposits are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC, and program banks.
	Business Checking	$0	N/A	Read our Novo business checking review
	Visit NovoNovo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC
	Business Essentials Checking	None	None	Read our U.S. Bank business checking review
	Visit U.S. BankMember FDIC

Frequently Asked Questions (FAQs)

Bottom Line

Credit unions can provide excellent accounts and services for your business. However, before considering a credit union, ensure your business can meet the membership requirements for a business account. Check the other services offered by the credit union that match the needs of your business.