USAA Business Audit Review – Forbes Advisor
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When it comes to banking, business owners and military personnel have unique needs that not all financial institutions are equipped to handle. USAA Federal Savings Bank is a financial institution that offers products and services specifically designed for military members and their families. But does USAA have a corporate checking account?
Details and annual percentage yields (APY) are correct as of November 4, 2022.
Does USAA offer a business bank account?
USAA Bank the only commercial product is small business insurance. Although USAA does not offer a business bank account, it offers a full range of personal banking products that may meet your needs.
If you’re still trying to decide if you need a business bank account, personal USAA accounts might be sufficient for now. However, if you are fixated on a business bank account specifically, you will have to go with another institution.
USAA Personal Checking Accounts for Business Owners
One of the most popular products offered by USAA is its USAA Classic Checking. Although it is a personal account, it is packed with features that make it ideal for business owners. The account has no monthly maintenance fees and includes online and mobile banking as well as free access to cash through over 60,000 ATMs nationwide. And USAA doesn’t limit the number of transactions you can make, which is rare among business checking accounts.
Even though you can’t use USAA Personal Checking and Savings Accounts for Business, they can still be convenient options for personal banking. The bank offers three free current account options: a classic current account that earns 0.01% APY (annual percentage return)a cashback checking account that earns rewards on qualifying transactions and a youth checking account for those under 18.
Although USAA Savings Rates are not the best, they are on par with traditional banking institutions. Additionally, members enjoy zero monthly service fees on all accounts.
Other USAA Business Banking Products and Services
USAA has a clear gap in business banking. Currently, the only commercial product they offer is small business insurance. Specifically, it offers these types of coverage:
- Business Owners Policy (BOP)
- General liability insurance
- workers compensation
- Professional liability insurance
- Cyber liability insurance
- Umbrella insurance
- Commercial auto insurance
- Health, dental and vision insurance
- Life insurance
Some of these products are underwritten by Garrison Property & Casualty Insurance Company or another third-party insurance company, rather than USAA.
Access on the go
Overall, USAA’s mobile banking app gives you everything you need to manage your finances on the go. With the app, you can check your balance, transfer funds, pay bills, find a nearby ATM and more, all from your smartphone or tablet.
Its user-friendly interface makes it easy to navigate through the application. And if you ever have questions or need help getting started, an in-app chat assistant can answer questions or connect you with a live representative. The USAA Mobile app is available and highly rated on the App Store and Google Play.
- A free personal checking account could be good for some small business owners
- Extensive range of insurance products for small business owners
- Access to several small business resources on its website
- Uniquely positioned to serve small business owners with military backgrounds
- No USAA corporate checking account
- Services are geared more towards individuals and families than business owners
- Only military members and their families are eligible for accounts
How USAA Business Checking Stacks Up
It is difficult to compare the USAA Business Checking Account to other business accounts because it does not exist. However, we can examine some of the characteristics of personal checking accounts vs business bank accounts to see how they compare.
Overall, USAA offers several features with its personal checking account that business owners may find useful. The bank’s personal current account has no monthly fees; it earns interest and gives you access to over 60,000 ATMs free of charge. In comparison, many business accounts charge monthly fees and have transaction limits.
However, there are a few downsides to consider. Primarily, the account may not be robust enough for small business owners with payroll or merchant services needs. Also, business bank accounts are ideal for protecting your assets and simplifying accounting and tax reporting.
If you are looking for a USAA business checking account, you will not find one because it is not offered. However, that doesn’t mean USAA isn’t an option for your business banking needs.
USAA has personal checking and savings accounts with no monthly fees, and it offers a wide range of insurance products for small businesses. So even if there isn’t a dedicated USAA checking account, it may be worth considering it as your go-to bank for managing your business finances, depending on your situation.
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