Nav Review July 2024: A fintech with business checking and business marketplaces

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. 

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Checking accounts:

Starting at $0 per month

Pros and Cons

Pros

• With only one type of account, it is a good choice for very small businesses not in need of savings or CD accounts
• Works well for large businesses with high-yield savings accounts elsewhere
• Nav Prime product combines checking with credit products to help build or boost credit scores

Cons

• Lack of other types of deposit accounts, including multiple types of checking accounts other banks and fintechs provide
• No interest-bearing accounts
• No branch locations

Who is Nav good for?

Because the only deposit account that Nav offers is a checking account, it is best for businesses only looking for an online-only checking account with no interest in a new savings or certificate of deposit (CD) account. This makes Nav a logical choice for small businesses that don’t have enough financial reserves to need an interest-bearing account or larger companies 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 combines its business checking product with Nav Credit Health, the company’s charge card Nav Prime Card, and up to two tradelines. This is an excellent way for businesses to build or boost their credit score.

Who shouldn’t use Nav?

Nav only offers one deposit account. Many banks and fintechs offer savings, money market, and CD accounts as well as multiple checking account options. Companies that want their deposit accounts to scale with their business may consider an alternative. In addition, Nav offers no interest-bearing accounts. Finally, as an online-only fintech, there are no branch locations.

Nav checking accounts

Nav assigns businesses one of four account tiers for its free business checking: Standard, Medium, Premium, and High-Limit. Nav determines this based on the business’s identity theft score, revenue, and transaction history. Premium and High-Limit Tiers are not available to sole proprietorships. The only other differences in the tiers involve the number of direct payments, automated clearing house (ACH) payments, point-of-sale (POS) transactions, and other transactions at merchants using your debit card.

Nav does not advertise a new checking account sign-up bonus. None of Nav’s account tiers offers interest-bearing accounts, and Nav 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 into your account can 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 can be made via internal transfers, ACH transfers, ATM withdrawals with a limit of $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

Nav’s Standard Tier limits you to $1,500 daily in direct payments, ACH debits, ACH transfers, and POS transactions using your debit card. 

Nav Medium Tier Checking Account

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

Nav Premium Tier Checking Account

Premium Tier increases your limits to $10,000 daily for direct payments, ACH debits, ACH transfers, and POS transactions using your debit card. 

Nav High-Tier Checking Account

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

Other services Nav offers 

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

• Nav Prime Card: A charge card tied to either your Nav business checking account or another checking account. It autopays daily to avoid a high credit balance.
• Nav Credit Health: You can check business credit scores from Experian and Equifax and personal credit scores from Experian and TransUnion. It gives you real-time alerts as well as credit trends and credit factors impacting your score.
• Loan and credit card marketplace: You can shop around for the best business loans and business credit cards for your company in one place on Nav’s website.
• Business service marketplace: In addition to a credit marketplace, Nav allows you to compare business service providers, including business formation, cash flow, business insurance, merchant services, and more.

Online banking

You can access your business checking account information via 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 can be accessed via desktop and mobile applications. The mobile app, named Nav Business Financial Health, is very well-rated. It is rated 4.9 stars out of 5 on the Apple App Store out of more than 13,000 ratings and 4.7 stars out of 5 on the Google Play Store out of more than 2,500 reviews. 

It should be noted that many of these reviews are related to credit monitoring and loan marketplace products and not necessarily to the Nav checking account.

Nav notes that the best way to contact it is via email at [email protected]. You can also contact Nav via phone or the contact form on its website.

Is Nav secure?

Nav doesn’t appear to have suffered any major data breaches. However, the only security note listed on Nav’s app is using Plaid to connect your account to other bank accounts. Plaid uses bank-level encryption for a high level of security. You can track your credit through the mobile app, and with Nav Credit Health, you can get real-time alerts. 

One additional piece of security is extended Federal Deposit Insurance Corp. (FDIC) insurance through Thread Bank’s deposit sweep program. This program increases your FDIC insurance to $2.5 million.

Nav user reviews

Nav has mostly positive ratings on Trustpilot, receiving a score of 4.1 stars out of 5 based on more than 300 reviews. Positive reviews have raved about the Nav staff and how helpful they are. Many were also grateful for the credit tracking that comes with the Nav app. Negative reviews complained about delayed cash transfers to open the account and frozen accounts.

Compare Nav alternatives

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 is also an excellent option for larger companies with high-yield deposit accounts elsewhere looking for a simple business checking account. If you want your business checking to draw interest, many other banks and fintechs offer interest checking on business accounts. In addition, many other banks and fintechs offer full-service banking products and services, which Nav does not provide. However, Nav has you covered for a simple, free business checking account.

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