For businesses looking for an online business checking account, Nav could be a great choice. Nav Technologies, Inc. is a financial technology (fintech) company with banking services provided by Blue Ridge Bank, N.A., and Thread Bank. Founded in 2012, Nav is headquartered in Draper, Utah. Nav is primarily known as a financial health platform for small businesses, allowing companies to compare banking and lending products, check credit scores, and shop around for business services.
While Nav doesn’t have the range of banking products provided by other online banks and fintechs, it does offer an excellent, free business checking account. The account comes in four tiers, with the tier designation determined by Nav.
All rates and fees are current as of July 15, 2024, and are subject to change
Who is NAV good for?
Nav Checking Accounts
Nav offers four account tiers for its free business checking account: Standard, Medium, Premium, and High-Limit. These tiers are determined by your business’s identity theft score, revenue, and transaction history. Note that Premium and High-Limit tiers are not available to sole proprietorships. The primary differences between the tiers include the number of direct payments, ACH payments, POS transactions, and other debit card transactions.
Nav does not provide a sign-up bonus for new checking accounts, and none of the tiers offer interest-bearing accounts. Nav also does not offer savings accounts, money market accounts (MMAs), or CDs. You can open up to three accounts with three virtual cards.
Nav does not accept cash deposits by mail, paper checks, or foreign currency deposits. Deposits can be made via direct deposit, direct payments, ACH debits via ACH origination service, internal transfers between eligible accounts, or cash deposits at in-network ATMs. Withdrawals can be made via internal transfers, ACH transfers, ATM withdrawals (up to $1,000 per day in all tiers), domestic wire transfers, POS transactions, and other merchant transactions with your debit card.
Nav Standard Tier Checking Account
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 0.00% |
| Direct payments/ACH debits/ACH transfers | $1,500 per day and $10,000 per month |
| POS transactions and other transactions at merchants using debit card | $1,500 per day |
Nav Medium Tier Checking Account
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 0.00% |
| Direct payments/ACH debits/ACH transfers | $5,000 per day and $25,000 per month |
| POS transactions and other transactions at merchants using debit card | $5,000 per day |
Nav Premium Tier Checking Account
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 0.00% |
| Direct payments/ACH debits/ACH transfers | $10,000 per day and $100,000 per month |
| POS transactions and other transactions at merchants using debit card | $10,000 per day |
Nav High-Tier Checking Account
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 0.00% |
| Direct payments/ACH debits /ACH transfers |
$25,000 per day and $250,000 per month |
| POS transactions and other transactions at merchants using debit card |
$25,000 per day |
The Customer Support from Nav Platform
You can access your Nav checking account via desktop and the mobile app, Nav Business Financial Health. The app is highly rated, with 4.9 stars out of 5 on the Apple App Store from over 13,000 ratings and 4.7 stars out of 5 on the Google Play Store from over 2,500 reviews.
Note that many reviews are for Nav’s credit monitoring and loan marketplace products, not just the checking account.
For support, email Nav at support@nav.com, or reach out via phone or the contact form on their website.
