Navy Federal Credit Union Business Solutions Review
If you’ve been in the military or you have a family member or friend who has, you’ve presumably heard of Navy Federal Credit Union. And, you probably already know that it’s a great organization. But, did you know that you don’t have to be active in the military to become a member? And, did you know you can open a business account to leverage the perks for your company?
It’s true. There are quite a few benefits your business can take advantage of with Navy Federal. In this Navy Federal business account review, you’ll find a summary of them. Read on to decide if a Business Solutions account is right for you.
What is the Navy Federal Credit Union?
Navy Federal Credit Union is an NCUA-insured financial institution exclusively operated for the military and their families. To qualify for membership, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.
And, What are the Benefits of a Navy Federal Membership?
The institution offers powerful financial products and services with low rates, fees, and charges as well as convenient banking and home buying. Members can take advantage of exclusive special offers and discounts from various partners.
Here are the Navy Federal Credit Union’s exclusive member partners and programs.
- Visa – Access discounts of up to 15% for card use with select retailers.
- Geico – Leverage member discounts on auto insurance.
- RealtyPlus – Receive $4K to $8K cashback on a home purchase.
- Enterprise Rent-A-Car – Get elite member discounts off everyday low rates.
- Hertz Rent-A-Car – Save up to 20% off car rentals.
- Auto Buying Program – Experience a hassle-free vehicle purchase process and exclusive savings.
Furthermore, Navy Federal is a portfolio lender, which means that they lend their own money. Because they’ve cut out the middle man, they are able to offer lower rates on loans and lines of credit than most lenders. So, this is a valuable company for a small business in need of banking or lending to work with.
What Financial Services Can You Access with a Navy Federal Business Account?
Business Solutions by Navy Federal is centered on delivering the most beneficial financial tools and resources available to small business members. What products and services can you leverage to help you meet your company goals?
The program for qualified members with military ties offers several financial services for small businesses including loans, lines of credit, checking, and savings accounts. Learn more about each of them below.
Business Loans
Navy Federal Credit Union business loans can help you improve business cash flow. Leverage real estate, vehicle, and term loans with low rates and fees.
Real estate loans taken from the credit union can help you purchase residential rental properties, commercial real estate, multi-family dwellings, or pay for a property renovation. Pay for a new purchase, refinance, or remodel an existing building.
Loan to value on real estate loans through Navy Federal ranges from 65% (remodel) to 80% (new purchase). There are fixed and variable rate options. And, you’ll experience no prepayment penalties.
Vehicle and term loans give you access to permanent working capital, equipment, company cars, heavy-duty trucks, and more. Purchase or refinance your auto or equipment. Loan to value on these loans is 75% and there are no prepayment penalties.
Business Lines of Credit
Navy Federal business credit card can elevate your business’ purchasing power. Apply for a Visa™ or MasterCard™ and pay an APR as low as the prime rate +5.9% with no annual fee. Earn Business Rewards of one point per $1 spent and redeem them for airline tickets and more.
Here’s a taste of what you can earn through Navy Federal’s Business Rewards card.
- Redeem 5K points for a $50 BestBuy gift card.
- Redeem 10K points for $100 cashback.
- Redeem 15K points for a $150 round-trip airline ticket.
- Redeem 50K points for a $500 round-trip airline ticket.
Plus, Navy Federal Credit Union business lines of credit come with no foreign transaction fees or earning cap. The cards are great for business travel expenses.
Business Checking and Savings
Navy Federal Credit union business checking and accounts provide essential financial building blocks for your business. The best part is that all accounts earn dividends.
Business checking accounts include the first 30 transactions for free. Each transaction thereafter will cost 25 cents. There is no monthly service fee. These accounts are recommended for new businesses and those with limited cash flow activity.
Business Plus checking accounts include the first 50 transactions for free. And, like the standard business checking account, each transaction thereafter will cost 25 cents. There is an $8 monthly service fee. These accounts are recommended for growing businesses with steady banking activity.
Business Premium checking accounts include the first 100 transactions for free. And, each transaction thereafter, as with the standard and Business Plus accounts, will cost 25 cents. The monthly service fee will range from $0 to $20. These accounts are recommended for mature businesses with large transaction volumes and high deposit values.
Business savings accounts come in three options at Navy Federal.
- Money market savings accounts
- Jumbo money market savings accounts
- Certificates
Minimum deposits range from $100 to $100K. Market savings accounts come with no term restrictions. And, these accounts will typically earn more than a traditional savings account.
How do You Open a Navy Federal Business Solutions Account?
If you think you meet the Navy Federal business account requirements (LLC, Sole Proprietors, and Corporations), here are the steps to take to leverage Business Solutions.
- Check your eligibility. If you are a military service member, Department of Defense civilian, or spouse, parent, grandparent, sibling, child, or grandchild of one, you may qualify for Navy Federal membership.
- Become a Navy Federal Credit Union member. Apply for membership online through the organization’s website. Or, if you are not the service member, you will need to go into a branch to sign up.
- Enroll in digital banking. Once your application has been approved, enroll in personal digital banking.
- Complete a Navy Federal Credit Union business account application. Fill out the appropriate documents and submit them online or call 1-877-418-1462 to apply over the phone.
Once you’ve been approved by the organization for a business account, you can access all of the services listed above.
Related Answers:
Can a business join a credit union?
Yes. Many credit unions provide financial solutions for both personal and business members.
Can you join Navy Federal if you were not in the military?
Yes. Navy Federal was designed for veterans and active military, but you can apply for a membership if you have direct ties to someone who has served.
What do I need to open a bank account with Navy Federal?
To open a bank account with Navy Federal, you must become a Navy Federal Credit Union Member. To qualify, you or someone in your household must have ties to the military.
Does Navy Federal give small business loans?
Yes. Navy Federal Credit Union has several types of small business loans and lines of credit to extend to Business Solutions account holders.
Does Navy Federal offer business credit cards?
Yes. Navy Federal Credit Union has several types of credit lines and small business loans to extend to Business Solutions account holders.
Does Navy Federal check your credit?
Yes. When you apply for a line of credit or loan through Navy Federal, like most lenders, they will run a credit check. The institution may sometimes extend a credit line to someone with little to no credit history.
Does Navy Federal have a minimum balance?
Yes. Navy Federal has a minimum $5 savings balance for members with a checking account, IRA, ESA, or certificate and $50 minimum balance for members with a standalone savings account.
Does Navy Federal have Zelle?
Yes. Navy Federal members have free access to Zelle, a way to easily send money between US banking accounts within minutes.
How do you build business credit?
To build business credit, you must apply for and make responsible payments on lines of credit extended to your business using your EIN or DUNS™ number. Learn more about credit for business via Business Credit Workshop.
Final Thoughts
Navy Federal is a fantastic financial institution that doesn’t cost an arm and a leg to leverage. When you need to leverage working capital solutions or you want to open an account to build your business credit, this is an excellent channel to do so, if you can qualify. For more credit boosting advice, sign up for our free secrets to get $100K in business credit in 30 days.