If you need an affordable, no-frills business checking product, Self-Help Federal Credit Union’s Business Checking Account is a good option. The account earns 0.05% annual percentage yield (APY) and offers 100 fee-free transactions for a waivable monthly fee of $15. There are no opening deposit or minimum balance requirements. Aside from business checking, it offers savings accounts, money market accounts, business certificates, small business loans, and commercial loans.
Self-Help Federal Credit Union is a community-focused credit union, with brick-and-mortar branches in California, Illinois, Washington, and Wisconsin, that aims to provide affordable banking services to underserved families and communities. Its target customers are unconventional borrowers in need of accessible lending products. It uses revenue from banking services to invest in development projects.
Pros
- Up to 100 free transactions
- No incoming wire fees
- Easy membership requirements
Features
- Free Visa debit or ATM card
- Free ATM Usage
- Online and mobile banking
- Access to business resources
- Up to 20 free bill payments
- Small Business Administration (SBA) loans
- Commercial real estate (CRE) loans
How Self-Help Federal Credit Union Stacks Up With Its Competitors
APY | Monthly Fee | Monthly Transaction Limit Before Fees | Minimum Balance Requirement | |
|---|---|---|---|---|
Business Checking | 0.05% | $15; waivable | 100 | |
Visit Self-Help Federal Credit Union
Self-Help Federal Credit Union is National Credit Union Administration (NCUA)-insured.
| ||||
 Small Business Checking | 0.05% | $0 | 50 checks cleared and 50 checks deposited | $0 |
Visit Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union is National Credit Union Administration (NCUA)-insured.
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 Silver Business Checking | N/A | $0 | 125 | $0 |
When Is Self-Help Federal Credit Union a Good Fit
- Your business generates a low-to-moderate monthly transaction volume: Under Self-Help Federal Credit Union, business owners can make up to 100 free transactions per month. It also provides up to 20 free bill payments, and exceeding the limit raises the bill payment fee to $1.
- You struggle to secure loans from other institutions: Self-Help Federal Credit Union aims to provide financial assistance to unconventional borrowers—such as non-profits, churches, social service organizations, and green businesses. Businesses can access Self-Help Federal Credit Union’s loan options without providing valuable collateral.
- You want to support social justice causes: The credit union invests the revenue it generates directly into its members and partner communities. Deposits under Self-Help Federal Credit Union are used to support development assistance projects.
- You need various financing solutions: Self-Help Federal Credit Union is one of our top credit unions for small businesses because it offers multiple types of loan products, such as SBA, child care, small business, and CRE loans.
When To Consider Self-Help Federal Credit Union Alternatives
- You want to bank without a monthly fee or minimum balance requirements: Self-Help Federal Credit Union charges a monthly fee of $15 for businesses that don’t meet a combined average daily balance of $25,000 for all accounts. U.S. Bank charges no monthly fee for basic accounts. Read our U.S. Bank business checking review for more information.
- You want to earn high interest on checking deposits: Business checking accounts at Self-Help Federal Credit Union earn interest at a rate of 0.05%. If you want higher rates, we recommend Bluevine Standard Checking, which offers an APY of 2.0% on balances up to $250,000, provided you meet its activity requirements. To learn more about Bluevine’s activity requirements, read our review of Bluevine’s business checking.
- You make more than 100 transactions per month: The Self-Help Federal Credit Union business checking account has a fee-free transaction allowance of 100 transactions per month. Bank of America charges a similar monthly fee and offers a monthly allowance of 200 fee-free transactions. Learn more by reading our Bank of America business checking review.
Check out our list of the best small business checking accounts for additional recommendations.
Self-Help Federal Credit Union Business Checking Overview
Self-Help Federal Credit Union Business Checking Requirements
To open a business checking account with Self-Help Federal Credit Union, you need to be a member. Requirements for Self-Help Federal Credit Union membership are pretty flexible. To join, you only need to meet one of the following criteria:
- Live, work, worship, or attend school in one of Self-Help Federal Credit Union’s selected counties
- Have family or employee associations with Self-Help Federal Credit Union
- Pay a one-time $5 fee to join the Center for Community Self-Help.
Among the Self-Help Federal Credit Union requirements is filling out a membership application form. You are required to submit this form via mail or in person.
Self-Help Federal Credit Union Business Checking Features
The Self-Help Federal Credit Union business checking features include free Visa debit or ATM cards, interest, access to Co-op Shared Branch locations, and free digital banking.
Free Visa Debit or ATM Card
Your Self-Help Federal Credit Union Business Checking account will come with a free Visa debit or ATM card. The card can be used to withdraw cash at Co-op ATMs nationwide.
Interest on Checking Account Balances
The Self-Help Federal Credit Union Business Checking account pays an APY of 0.05%. There is no minimum balance requirement to earn interest.
Access to Co-op Shared Branch Network Locations
Self-Help Federal Credit Union takes part in the Co-op Shared Branch network, which means you can access Self-Help Federal Credit Union’s banking services at any Co-op Shared Branch location. Currently, there are over 5,600 Co-op Shared Branch locations across the country.
Digital Banking
You can conduct banking transactions online through the Self-Help Federal Credit Union website or iOS or Android mobile app. The mobile app lets you do the following:
- View real-time transaction history for checking accounts, savings accounts, and loans
- Transfer money
- Deposit checks via mobile check deposit
- Send money via text or email
- View e-statements
- Pay bills
- Order checks
- Apply for loans
- View tax information
- Locate ATMs and branches
Users gave the Self-Help Federal Credit Union app average ratings of 3.3 on the App Store[1] from around 10 reviews and 3.7 on Google Play[2] from nearly 250 reviews. Some customers appreciated the app’s recent improvements and additional features. However, several mentioned the app lacked notification alerts, and others commented they had trouble viewing previous transactions, logging in, and depositing their checks.
Other Self-Help Federal Credit Union Business Products
Lending Products
- Small business loans: Loan amounts worth $15,000 and up are available for projects in Illinois and North Carolina. If your project is outside these two states, the minimum amount you are allowed to loan is above $500,000.
- SBA loans: Self-Help Federal Credit Union participates in the SBA 7(a) and SBA 504 loan programs.
- Commercial loans: Several sectors can apply for commercial loans from Self-Help Federal Credit Union. Loans for child care, charter schools, faith-based, food systems, multifamily housing, and other commercial real estate are available.
Savings Products
- Savings accounts earn an APY of 0.30% and have no monthly fees or minimum balance requirements. The minimum opening deposit is $5.
- Money market accounts (MMAs) earn an APY of 3.33%. The minimum balance requirement to earn dividends and waive monthly fees is above $500. The opening deposit requirement is also $500.
- Certificates offer APY from 0.10% to 4.71%, depending on term length. Terms from three months to five years are available. A $500 minimum deposit is required to open a term certificate.
Self-Help Federal Credit Union Business Checking Reviews From Users
Specific Self-Help Federal Credit Union business checking reviews are unavailable, but the credit union has a rating of 3.3 from around 25 reviews on WalletHub[3]. There is only one review written within the past two years. Some customers were satisfied with the helpful service they received, while others complained about blocked accounts from an overdraft.
Frequently Asked Questions (FAQs)
Yes, Self-Help Federal Credit Union’s deposit accounts—which include savings, checking, money market, and term certificates—are federally insured by the NCUA up to $250,000.
Yes, opening a business bank account at a credit union is recommended compared to banks since credit unions are not-for-profit. They also tend to offer higher interest rates, lower account fees, and lower loan rates than banks.
Some credit unions may perform a soft check when opening a checking account to review your banking history, but this seldom affects your credit score.
Bottom Line
Although Self-Help Federal Credit Union’s business checking accounts do not offer competitive rates, the credit union can meet business needs through its extensive range of services, which includes not just checking, but also various loans and savings accounts. Easy membership requirements make Self-Help Federal Credit Union accessible to all types of businesses.
