Navy Federal Credit Union has been recognized by MONEY.com as a "Best Bank for Small Businesses" in the category of “best rates.” The announcement highlighted the credit union's favorable rates and beneficial debit card features. Business members of Navy Federal can open checking accounts without fees, earning dividends, and utilize debit cards with perks such as the GO BIZ card, which includes a zero liability policy for confirmed unauthorized transactions.
The credit union also provides various business products and services, along with access to small business professionals, an educational center, and resources tailored for veteran business owners. Will Scott, Vice President of Navy Federal’s Business Solutions, commented on the recognition stating, “We are honored to be recognized as one of the nation’s top financial institutions for small business owners.” He emphasized their commitment to offering superior banking products and service to veteran business owners and military community members.
MONEY.com's selection process involved analyzing hundreds of retail and online banks, alongside regional and state banks and credit unions. The evaluation considered account options, fee structures, annual percentage yield (APY) rates, perks, and access to branches and ATMs. The assessment particularly valued banks with no-fee business checking options and robust mobile apps.
Noteworthy is MONEY.com’s experience, as it has been operational for over half a century and recognized Navy Federal in other categories previously, such as Best Banks in America and Best VA Loan Lenders.
Navy Federal Credit Union, founded in 1933 with only seven members, now serves more than 14 million members worldwide. As a member-owned and nonprofit organization, it prioritizes its members' financial needs. Membership is available to Department of Defense and Coast Guard active duty, veterans, civilian and contractor personnel, and their families. Navy Federal employs approximately 25,000 individuals and maintains over 365 branches globally.
For further information about Navy Federal Credit Union, their website navyfederal.org provides additional resources. The credit union holds federal insurance from the National Credit Union Administration and operates as an equal opportunity employer and housing lender.