Navy Federal Business Accounts
Rasika Lakshan ·
Last updated:
This is general information, not legal or tax advice.
Who this is for: Veterans, service members, DoD civilians and their family or household members who own a business and are weighing Navy Federal Credit Union for business banking.
In short: Navy Federal business accounts are open to businesses whose owners are Navy Federal members, so eligibility starts with personal membership. The credit union lists an opening deposit of $250 for sole proprietorships and $255 for other legal entities, three business checking tiers, and an online application followed by a call with a representative.
Navy Federal Credit Union is a credit union, and its business accounts are tied to membership in it. This guide summarizes what Navy Federal publishes, as read on 2026-10-16. Fees, rates and requirements can change, so confirm on its site. This is general information, not financial advice, and we do not score Navy Federal in our ranking of business bank accounts.
Step 1: Check eligibility for membership
Navy Federal says that to be eligible for business membership, business owners must first be members of Navy Federal Credit Union. Its personal membership page lists these groups:
- Active duty, retired and veterans, including members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force, the Delayed Entry Program, DoD officer candidates and ROTC, DoD reservists, and veterans, retirees and annuitants.
- Family members: parents, grandparents, spouses, siblings, children (including adopted children and stepchildren), grandchildren, and household members.
- Department of Defense civilians: DoD civilian employees, U.S. Government employees assigned to DoD installations, DoD contractors assigned to U.S. Government installations, and DoD civilian retirees and annuitants.
If you are not in one of these groups, check Navy Federal’s eligibility page directly. We do not interpret eligibility for individual situations.
Step 2: Gather documents
Navy Federal says all owners, whether individuals or entity owners, must be individual members with accounts in good standing. The documents it asks for depend on your business type:
| Business type | Documents Navy Federal lists |
|---|---|
| Sole proprietorship | Federal Tax ID Number (TIN) letter; valid business license or permit, or a fictitious name or assumed name certificate |
| Limited liability company | Good Standing Certificate (filed within 60 days of the application); TIN letter; Beneficial Owner form; fictitious name certificate if applicable |
| Corporation (S corp or C corp) | The same list as an LLC |
Navy Federal also lists documents for general and limited partnerships on its FAQ page. A beneficial owner is, in Navy Federal’s words, any individual who directly or indirectly owns 25% or more of a business entity, plus one individual with significant responsibility for controlling or managing it. Sole proprietors are not required to submit beneficial owner information. If you are forming an LLC first, see how to start an LLC; an EIN is free from the IRS.
Step 3: Apply and fund the account
Navy Federal describes the process like this:
- Sign in with your personal Navy Federal credentials and start the business membership application. If you cannot finish, you can save it and resume within 5 days.
- Upload the required documents.
- Call 1-877-418-1462 within 2 business days after uploading. Navy Federal says the review with a representative can take up to an hour, and representatives are available Monday through Friday, 8 am to 7 pm ET.
- Fund the membership. Navy Federal says the opening deposit is $250 for sole proprietorships and $255 for separate legal entities such as LLCs and corporations, which can be transferred from your personal Navy Federal account or paid with a non-Navy Federal debit or credit card.
Business checking: what each tier lists
| Account | Monthly fee | Signers | Non-electronic transactions included | Dividends |
|---|---|---|---|---|
| Business Checking | None | 2 | First 30, then $0.25 each | 0.01% APY |
| Business Plus Checking | $8 | Unlimited | First 50, then $0.25 each | 0.01% APY |
| Business Premium Checking | $0 if average daily balance is $5,000 or more, otherwise $20 | Unlimited | First 100, then $0.25 each | 0.35% APY ($1,500 to $9,999), 0.40% ($10,000 to $24,999), 0.45% ($25,000+) |
Navy Federal defines non-electronic transactions as checks processed and in-branch transfers, deposits and withdrawals, and says up to 12 checks deposited at a branch count as one transaction. For Premium dividends, a minimum daily balance of $1,500 is needed. Navy Federal also says rates on variable rate accounts can change after you open the account and that fees may reduce earnings. Its page links to a Business Checking Schedule of Fees and Charges, which we did not read; check it for other charges.
Savings options
Navy Federal lists a Money Market Savings Account (a minimum balance of $2,500 is needed to earn dividends), a Jumbo Money Market Savings Account (a jumbo dividend rate on balances of $100,000 or more) and Certificates with terms from 3 months to 7 years and minimum purchases as low as $100. It lists no dividend rates on the page we read, and we did not check its current rates page.
What to weigh
- Eligibility comes first. The account is only available through Navy Federal membership.
- Opening deposit. $250 or $255, depending on your business type.
- Transaction allowances. Each checking tier includes a set number of non-electronic transactions; heavy check or in-branch activity can add $0.25 charges.
- Card payments are separate. Navy Federal says business membership comes with partnerships for services like payment processing, payroll and HR. We have not reviewed those partners; to compare processors, see how to accept credit card payments.
What we did not verify
We did not read Navy Federal’s fee schedule, current rates page, overdraft or line-of-credit terms, or international wire policy. We also did not verify the partner offers. Check those on Navy Federal’s site.
Frequently asked questions
Who can open a Navy Federal business account?
Navy Federal says that to open a business account you first need a business membership, and that all owners must be individual Navy Federal members with accounts in good standing. Personal membership is open to groups it lists, including service members, veterans, DoD civilians and contractors, and eligible family and household members.
Is there a minimum opening deposit?
Navy Federal says a deposit of $250 is required for sole proprietorships and $255 for separate legal entities such as LLCs and corporations, at the time of opening.
What documents do I need?
It depends on your business type. For an LLC, Navy Federal lists a Good Standing Certificate filed within 60 days before the application, a federal Tax ID (TIN) letter, a Beneficial Owner form, and a fictitious name certificate if applicable. A sole proprietorship needs a TIN letter and a valid business license or fictitious name certificate.
Do sole proprietors have to give beneficial owner information?
Navy Federal says no: sole proprietors are not legal entities, so they are not required to submit beneficial owner information.
What does business checking cost?
Business Checking has no monthly service fee, Business Plus has an $8 monthly fee, and Business Premium has a $0 or $20 monthly fee depending on balance. Each includes a number of non-electronic transactions, then $0.25 per transaction. Read the linked fee schedule for the full list.
Does Navy Federal offer merchant services?
Navy Federal says business membership includes partnerships with other organizations for services like payment processing, payroll and HR. We have not reviewed those partners or their rates.
Keep reading
Sources
- Navy Federal: Business Checking & Savings Accounts (checked 2026-10-16)
- Navy Federal: Business Membership (checked 2026-10-16)
- Navy Federal: Business Solutions FAQs (checked 2026-10-16)
- Navy Federal: Membership Eligibility (checked 2026-10-16)