For companies looking for an online business checking accountNav could be a great choice. Nav Technologies, Inc. is a financial technology (fintech) company with banking services provided by Blue Ridge Bank, NA and Thread Bank. Founded in 2012, Nav is headquartered in Draper, Utah. Nav is primarily known as a small business financial health platform, allowing businesses to compare banking and lending products, check credit scores, and search for business services.

While Nav doesn’t have the range of banking products offered by other online banks and fintechs, it does offer an excellent free business checking account. The account is available in four tiers, with the tier designation determined by Nav.

All rates and fees are effective as of July 15, 2024 and are subject to change.

Navigation

pros and cons

Professionals

• With just one account type, it’s a good choice for small businesses that don’t need savings accounts or CDs.
• Works well for large corporations with high-yield savings accounts elsewhere
• The Nav Prime product combines checking with credit products to help build or increase credit scores.

Against

• Lack of other types of deposit accounts, including the various types of current accounts provided by other banks and fintechs
• No interest-bearing account
• No branch

Who is Nav suitable for?

Because the only savings account Nav offers is a checking account, it’s the best choice for businesses that are just looking for an interest-free online checking account in a new savings account or certificate of deposit (CD). That makes Nav a logical choice for small businesses that don’t have enough cash reserves to need an interest-bearing account or for larger businesses with accounts at multiple fintechs or banks that might have interest-bearing accounts elsewhere. Finally, Nav is a good choice for businesses interested in Nav Prime, which bundles its business checking product with Nav Credit Health, the Nav Prime Card business credit card, and up to two lines of credit. That’s a great way for businesses to build or increase their credit scores.

Who shouldn’t use Nav?

Nav only offers a savings account. Many banks and fintechs offer savings, money market, and CD accounts, as well as multiple checking account options. Businesses looking to expand their savings accounts with their business may want to consider an alternative. Additionally, Nav does not offer interest-bearing accounts. Finally, as an online-only fintech, there are no branches.

Navigation Current accounts

Nav assigns businesses one of four account levels for its free business checkup: Standard, Medium, Premium, and High-Limit. Nav determines this based on the business’s identity theft score, revenue, and transaction history. The Premium and High-Limit levels are not available to sole proprietors. The only other differences in the levels are the number of direct deposits, ACH (Automated Clearing House) payments, Point-of-Sale (POS) transactions, and other merchant transactions that use your debit card.

Nav is not advertising a novelty Current account sign-up bonus. None of Nav’s account levels offer interest-bearing accounts, and Nav does not offer savings accounts, money market accounts (MMA), 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 to your account may be made via direct deposit, direct payments, or ACH debits via ACH Origination Service, internal transfers between eligible accounts, or cash deposits at in-network ATMs. Withdrawals may be made via internal transfers, ACH transfers, ATM withdrawals with a limit of $1,000 per day at all tiers, domestic wire transfers, POS transactions, and other merchant transactions with your debit card.

Standard Current Account Nav Tier

Nav’s Standard tier limits you to $1,500 per day in direct deposits, ACH debits, ACH transfers, and POS transactions using your debit card.

Nav Medium Tier Current Account

The Medium tier increases your limits to $5,000 per day in direct deposits, ACH debits, ACH transfers, and POS transactions using your debit card.

Nav Premium Tier Current Account

The Premium tier increases your limits to $10,000 per day for direct deposits, ACH debits, ACH transfers, and debit card POS transactions.

High Level Current Account Nav

Finally, Nav’s High-Tier account increases the limits of daily direct deposits, ACH debits, ACH transfers, and debit card POS transactions to $25,000. Businesses can apply to upgrade their account to the High Tier.

Other services offered by Nav

While Nav only offers one type of business savings account with its business checking account, it also offers other business-related services, including:

• Nav Prime Card: A credit card linked to your Nav Business Checking Account or another checking account. Automatically pays every day to avoid a high credit balance.
• Nav Health Credit: You can check your business credit scores from Experian and Equifax and your personal credit scores from Experian and TransUnion. It provides you with real-time alerts, as well as credit trends and credit factors that affect your score.
• Loan and credit card market: On Nav’s website you can find the best business loans and business credit cards for your business in one place.
• Business Services Market: In addition to being a credit marketplace, Nav lets you compare providers of business services, including company formation, cash flow, business insurance, business services and more.

Online Banking

You can access your business checking account information through Nav’s Online Banking platform. You can access transaction history, monitor multiple accounts, and get real-time insights by tracking income, expenses, transactions, and balance trends.

You can also set up payments via free domestic ACH transactions, including recurring payments.

The Nav platform and customer support

Your Nav checking account is accessible through desktop and mobile applications. The mobile app, called Nav Business Financial Health, is very well rated. It has a 4.9 out of 5 star rating on the Apple App Store from over 13,000 reviews and a 4.7 out of 5 star rating on the Google Play Store from over 2,500 reviews.

It is worth noting that many of these reviews are about credit monitoring and lending market products and not necessarily the Nav checking account.

Nav notes that the best way to contact him is via email at support@nav.comYou can also contact Nav by phone or via the contact form on their website.

Is Nav safe?

Nav does not appear to have had any major data breaches. However, the only security notice listed on the Nav app is the use of Plaid to link your account to other bank accounts. Plaid uses bank-level encryption for a high level of security. You can monitor your credit through the mobile app, and with Nav Credit Health you can get real-time alerts.

An additional safety feature is the extended insurance of the Federal Deposit Insurance Corp. (FDIC) through Thread Bank’s sweep deposit program. This program increases your FDIC Insurance at $2.5 million.

Nav User Reviews

Nav has received mostly positive reviews on Trustpilot, earning a score of 4.1 out of 5 stars based on over 300 reviews. Positive reviews praised Nav’s staff and their helpfulness. Many were also grateful for the credit monitoring that comes with the Nav app. Negative reviews complained about delays in transferring money to open an account and frozen accounts.

Compare alternatives to Nav

Is Nav right for you?

Nav could be a great choice if you own a small business and are simply looking for an online-only business checking account. It’s also a great option for larger businesses with high-yield savings accounts elsewhere who are looking for a simple business checking account. If you want your business checking account to earn interest, many other banks and fintechs offer interest control on business accounts. Additionally, many other banks and fintechs offer full-service banking products and services, which Nav doesn’t. However, Nav has you covered for a simple, free business checking account.

Frequent questions

What is Nav banking?

Nav banking is an online business checking product provided by Blue Ridge Bank, NA and Thread Bank. It is a free account with no monthly fees or minimum deposit requirements.

How can I contact Nav checking?

Nav Control offers you three ways to contact him. The best way is via email to support@nav.comYou can also call Nav at (855) 387-3345 or fill out a contact form on the company’s website.

What is Nav for business?

Nav not only provides business control products, but also offers loan, credit card and business services marketplaces where you can compare providers and choose the one that best suits your business needs.

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