Best Credit Unions for Small Business (Bank Accounts Ranked): bank services for business

Best Credit Unions for Small Business

The idea that the only people who should join a credit union are those with student loans was prevalent years ago. However, this idea has changed dramatically in recent times. Below are the 7 Best Credit Unions for Small Businesses of 2022 we will talk about.

There has been a recent shift in the way people go about their business. More and more entrepreneurs have been considering credit unions over big-name commercial banks or online businesses because they provide certain advantages that can’t be found anywhere else, particularly when it comes to managing your company’s finances.

There are many financial institutions out there with “credit unions” in their name, but you should never just settle for the first one that you see.

The perfect credit union for your small business will have just what you need, an easy-to-use interface, ample services, and features to satisfy even the most demanding of customers.

If you are looking for an institution that will offer excellent customer service and valuable insights on how to improve your credit score, then look no further. The following list includes some of the best small businesses unions for entrepreneurs.

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From small businesses to large corporations, there are credit unions out there that can help you with any need. 

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1. America First Credit Union.

Best for small businesses that have low to medium volume sales.

America First Credit Union’s Business Checking account is a fantastic choice for small-business owners who want a high annual percentage yield (APY) account with their interest rates and needless maintenance.

With 250 free transactions every month and the low cost of transactions at a $0.15 fee, it’s easy to see why small businesses across America love this institution.

This is a perfect type of account for small businesses that require the flexibility of making payroll deposits, paying bills, and accepting credit card payments.

Key Features:

  •         Small businesses that don’t process high volumes of transactions may benefit from the Free transaction limit.
  •         They pride themselves on providing a low transaction fee for those businesses that need it most.
  •         The deb lender offers an easy-to-access debit card as well as additional lines of credit if needed.
  •         Include a business visa so you can get the benefit for travel and online transactions.

2.Navy Federal Credit Union.

Best for being a credit union that cares about military vets.

Navy Federal Credit Union offers many special programs to help business owners who have ties with the military and veterans.

Small business checking and savings accounts provide the perfect solution for any entrepreneur. With these types of financial institutions, you can plan ahead by looking at your short-term needs as well as long-term goals.

Credit cards are a great way to make business expenses easy and profitable. These credit card offers allow you competitive rates, as well as rewards that will help your whole process go smoothly.

Key Features:

  •         enhance your business’ purchasing power with APR as low as 5.9%.
  •         Earn 1x points per dollar spent in your business.

·         It helps you save up to 15% on qualifying business purchases from participating merchants.

3.Digital Federal Credit Union.

Best for controlling the amount of money your organization spends.

By taking advantage of Digital Federal Credit Union’s loan options, you can get the capital for your small business in a quick and easy manner. They provide plenty of options.

The best business visa platinum, or a business visa platinum plus, for entrepreneurs are available from this lender without limit. With a variety of account numbers and credit limits, you can open as many cards from them that have different credit limits.

With all of these features, you can opt to control your employee spending.

The process of buying a business vehicle is now easier than ever. They also have procedures in place if you’d like to buy business equipment, you don’t have to deal with lots of paperwork leading upfront that could slow down your start-up time or business.

Key Features:

  •         They can help you get the financing for your business auto loans or equipment, with procedures that are in accordance with what type of assets you want.
  •         Business credit cards are a great way to get the most out of your business, with different limits depending on how much capital you need.
  •         The loan calculator is a great way to understand how much you can borrow in your current situation and it’s easy.

4.Blue Federal Credit Union.

Best for getting approved through a simple application process.

What makes Blue Federal Credit Union so great? Its commercial loans have lower fees, making them more affordable for businesses.

Whether you need a commercial mortgage loan, vehicle financing, or any other type of business-related financial assistance. You’ll find what your company is looking for here.

The business owner will find it easy to get approved for any type of loan through their simple application process, so it does not take too much time for business.

You can reduce the payments on your loans by using Centennial Lending, which is a partnering entity of Blue Federal Credit Union. The best interest rates possible will help your business run better. The process to get a loan of your assets is very easy and simple.

Key Features:

Commercial lending experience for more than 100 years means you can ensure that your business is approaching the right direction.

With Blue Federal Credit Union, you can have the best of their service. They offer flexible terms and competitive interest rates for all business loans.

5. First Tech Credit Union.

Best for having a business account with no monthly charges.

The first time you open a business checking account with First Tech Credit Union, there is no analysis fee. This means that all of your financial needs will be taken care of and protected by their team.

There is no monthly fee to use this service, so you can keep more money in your account month after month.

The Simple Business Checking account is perfect for small business owners who want to keep their finances simple and focused. It’s the ideal choice if you don’t need big cash handling ability, but still, need a reliable form of daily capital at $1000 with minimal risk involved in maintaining it.

Key Features:

  •         First Tech Credit Union offers a checking account without any monthly fees if the balance stays above $1000. This means that you will save some money when opening one of these business accounts.
  •         Your business is protected against fraud and other cyber crimes with the help of a comprehensive security system.
  •         You can earn points for a variety of activities and purchases made through your account. You may then use these to get cash deposited directly into the business checking account.
  •         Convenient online banking makes it easy for you to save time and money.

6. CreditUnion1.

Best for helping different types of businesses achieve their goals.

CreditUnion1 is the perfect place for entrepreneurs with all kinds of needs. They provide everything from business checking accounts, savings goals, and credit cards that can help you to run your business.

CreditUnion1 is the perfect place for entrepreneurs with all kinds of needs. They provide everything from business checking accounts, savings goals, and credit cards that can help you to run your business.

Accepting payments with your business checking account is an easy way to get up to 95% off the usual costs.

Credit Union 1 has close to 30,000 ATMs and 5000 branches available for your business’s every need. With CreditUnion1 being such a huge part of small businesses success stories.

Key Features:

  •         The optimal processing power for a credit card acceptance system is allocated to help you be up and running quickly.
  •         Their decreased fees policy when accepting credit cards is a popular feature that helps small business owners save money.
  •         You can always be sure that they will give you the most transparent pricing of any bank or credit union.

7. Consumers Credit Union.

Best for having a no-nonsense, no-monthly fee account.

Consumers Credit Union is the perfect place for small business owners with its range of helpful programs and competitive rates. Their Freedom Business checking account comes with 100 free transactions that do not require any minimum balance, making it easy to keep your finances running smoothly.

It comes with other programs such as the Power Business Checking and the Choice Commercial Checking which provide more useful features to support your business better.

You can finally stop worrying about how much it costs to run a business each month because, with the low monthly fee, you won’t have any worries left, they are ready whenever you need them.

Key Features:

  •         The company’s starter program doesn’t have a monthly balance requirement, so even if you have very little funds, it’ll be okay for your beginning business checking account.
  •         By setting up an online business banking account, you can manage aspects of your company from anywhere with peace of mind because it’s Secure.
  •         The fee structure is straightforward, so you’ll have no problem controlling your account’s expenses.
  •         Small businesses have a lot of options when it comes to checking accounts, and the type you choose will depend on what your needs are.

What are Credit Unions for Small Businesses?

A business credit union account is one that can be opened by businesses, with the only difference being they aren’t managed through banks. Credit unions have been a great way for small business owners like you to maintain their financial well-being and make sure that you’re getting all of the benefits needed in order to succeed.

Credit Unions are a great place to find small business checking accounts, savings accounts, loans, credit cards, or business services that can help you with your entrepreneurial endeavors.

They offer a wide range of financial services including 401k plans, commercial real estate loan financing, and more.

It said that the best way to manage your small business is by taking control of its finances. A credit union account for this purpose will allow you not only access but also save money in doing so.

Features to look for when choosing the top credit union business account

It is very important for you to consider the following features when looking at credit union accounts.

Expenses involved with the account

Credit union memberships offer many great benefits and one of the best is that you can open a free account.

There are many different checking accounts out there, but if you want to avoid monthly maintenance fees and have an account that will never require a balance fee then it’s the best. The business will be able to save money every month with these two options.

The best way to enjoy all the benefits of this service is by making sure you have one form of direct deposit or ACH transfer each month.

Business savings accounts

By setting aside some money for future investments, you can be sure that your enterprise will always remain profitable.

One of the best ways to ensure that your business’s funds are safe and ready when needed is by having an adequate amount available for this purpose. because each type of account has its own risk.

With a business savings account, you can choose from more diverse features than with an ordinary personal checking account.

The interest rates may be higher, but your deposits will also be insured by the National Credit Union Association. This is one of the top credit unions available for small businesses.

Business savings account at a good credit union is the perfect way to ensure that your funds are managed wisely and still ensure your property is safe.

Money market savings accounts

It’s a great feeling knowing that you have all your financial resources at hand and can access them when needed. Money markets provide this service without any pesky fees, so they make sure your business runs smoothly.

Credit union accounts are often more expensive than other types of savings or checking accounts, but they also usually come with higher interest rates. If you’re willing to accept this trade-off then consider opening an account at your local credit union.

Mobile banking

The ability to access your credit union business checking online, but the option of using mobile apps for common tasks such as paying bills or managing cash flows always makes life easier.

The best business checking accounts will offer you mobile banking apps that are easy to use on smartphones or tablets. With these, it’s possible for people with any scheduling flexibility can manage their funds from anywhere at any time with ease.

Small business loans

If you’re a small business owner and need money, it can be tough to get the funds. Luckily there are some credit unions out there that offer loans for members of their network.

With these types of loans, you can take advantage of tax exemptions and low-interest rates that will be paid back over an extended period. You can never be too careful when it comes to finances. You should always have a backup option, in case the needs of your cash flow exceed what you expect them to.

If you’re planning on taking out any loans, be sure they are regulated by the NCUA. This will ensure that there’s a safety net in case things go bad.

Member discounts

The value of credit unions is that they can offer different services and benefits to meet the needs of every member such as discounts, which means you’re sure to find something with particular appeal.

The customer is offered a variety of services and products at different businesses in order to make their experience as convenient as possible.

The better the service, the happier customers are going to be. With access to promotions, you’ll always have something nice in store for your banking needs.

Overdraft fees

It’s important to know the risks associated with overdraft fees. You could end up spending more than expected or even be left in debt due to an expensive charge for failed financial transactions.

You will never have to worry about overdraft fees when using a business checking account in a credit union. With balances automatically refilling themselves, there’s no need for you and your company ever to experience those pesky charges again.

The best way to maintain your finances is by keeping an adequate amount of money in case something goes wrong.

In some situations, you may have to pay a fee when your usage reaches or exceeds certain limits. These are sometimes called “transaction” fees and they vary depending on the provider. It’s important to understand the terms you’re agreeing to before signing on any dotted lines.

Online banking security

Security should be your top priority when choosing an account. You need something that will not only offer good services but also keep you safe from hackers or identity thieves.

despite Credit Unions are committed to keeping all of your money safe. But, there have been situations where they failed in the past and as a result, people lost some or even all their funds.

There are some great security features offered by credit unions that will make your experience using their online services easy and worry-free when you choose the right one.

Credit unions vs traditional banks

Credit Unions have a lot to offer. For example, they tend to be more flexible with services and benefits as well as provide convenient mobile banking options that you can use from anywhere at any time without hassle.

The truth is that even though traditional banks may seem like a safer option when it comes to your money, they can still fail.

Credit Unions have been popping up all over the place these days and there’s a credit union for everyone, but not every one of them can guarantee high-quality service or offer some cool perks.

The benefits of being a credit union member are numerous and diverse. From great rates on loans to savings accounts with no monthly fees, there’s something for everyone.

The best thing about being a member of this labor union is that they offer free checking accounts, and loans without interest rates as well. There are plenty more offers out there just waiting for you.

Credit unions offer some of the best customer services in this industry. With their high ratings and low rates for loans, it’s no wonder why they’re so popular. They prioritize long-term relationships with their members over any other kind of business decisions or changes.


Credit unions may be the perfect option for business owners who want to avoid expensive bank fees and maximize their savings. These institutions offer plenty of great perks that can really help you out as an entrepreneur, so it’s worth checking them out.

FAQ- Best Credit Unions for Small Business:

Do nonprofit organizations qualify for help from credit unions?

Credit unions are a great option for nonprofit organizations. They offer many of the same benefits and features as banks, with lower interest rates than traditional loans, like regular credit cards, and are reported to the main major bureaus.

Startup business credit cards are available for those who have just started their own company. They can give a new organization a needed boost as it grows and scales, providing more stability in finances with less risk.

What is the importance of the right credit score when it comes to credit union eligibility?

The credit score is what determines whether or not you can get a loan from your local credit union, and it’s an important factor in deciding which loans are available to you.

Someone with a good score may be able to get better rates and lower fees. They also have the chance of receiving an increased line credit, which could make your business easier.

What is credit card routing?

The routing number is a key component in identifying financial institutions that produce credit cards, ACH, and other electronic banking transactions.

Your credit score is important because it helps networks process your transactions, find the account and make sure you have enough money in there when needed.

What disclosures should I receive before applying for a small business credit card?

Small business credit cards are a great way to get started with your own company, but it’s important that you read the terms and conditions before signing up.

These may include but are not limited to:

  •         the interest rates on purchases and cash advances
  •         certain types of fees charged by the bank
  •         your rights as a consumer
  •         and much more.

What are business lines of credit?

Your business can now take advantage of the flexibility and convenience that come with a LOC. It’s easy, just set up your line, choose how much you want to borrow, then start paying back what you owe each month.

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