For Businesses and Non-profit Organizations
Your business banking needs differ from your personal needs. Our business transaction account can keep things running smoothly. Interested in earning dividends? Spirit of Alaska has a dividend bearing business checking account option as well, Business Prime Checking.
Transaction account solutions for your business
Earn Rewards with your Debit Card!
Spirit of Alaska and uChoose Rewards® give you more flexibility and choice than ever when it comes to redeeming reward points for stuff, including cash back!
You can choose from millions of options like merchandise, travel experiences and activities, event tickets, merchant gift cards, cash and more, just by using your Spirit of Alaska debit card every day.Read More
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*Our $10 monthly fee is waived for accounts with balances over $1,000 and less than $5 in activity fees on the account, and we don’t require a minimum balance to open. You will also have the choice of adding overdraft protection** on business transactions for those who would benefit from that added feature. See our “Rates” tab for current rates and breakdowns.
Making your bookkeeping even easier, business checking is improved by our Online Banking for Business platform with e-Teller.
Over 5,000 branches through shared branching. NCUA insured up to $250,000.
Check depositories available at our branch ATM’s and Peger Road ATM.
*Minimum daily balance must be above $1,000 and activity fees must be less than $5 for the month.
**We do not offer our regular overdraft protection for Business Checking. Overdraft transfers from savings and our Overdraft Line of Credit are available options.
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Account Type Monthly Maintenance Fee Min. Bal. to avoid fee Min. Bal. to Earn Dividends Dividend Rate APY*
Business/ Non-Profit Checking**
$10.00 $1,000.00 N/A N/A N/A
Business Prime Checking (Dividend Bearing)
$10.00 N/A $0.01 0.25% 0.25%
*Annual Percentage Yield. Refer to our Pricing Guide (PDF) for all fees. Fees may reduce earnings. Rates are subject to change at any time. Current as of 7 October 2022.
**Federal law requires us to verify all identities when opening new accounts. If you are applying with a joint applicant, their consent is implied when the application is submitted with the on-line checking account application.
Frequently Asked Questions
What will I need to bring to open a business account?
Exactly what you need to bring will depend on the structure of your business. In general, to open an account you will need the following:
- Business License
- Proof of EIN
- Corporate documentation
- Resolution with authorized signers.
Will I need to have a savings account too?
Yes. Because we are member owned, a minimum “share” in the credit union must be established before opening a business checking account. The share can be held in a savings or money market account.
How much are the activity fees?
20¢ per deposit, 5¢ per item, and 20¢ per debit item.
What are the features of a business checking account?
These are the primary account features. There are also dividend bearing options available (see rate tab).
- Low activity fees
- $10 monthly fee waived with balance over $1000*
- Overdraft protection available
- No minimum balance to open
- Access to Shared Branching network
- Telephone Account Access
- Online services with e-statements
Can my non-profit business open an account?
Yes. Spirit of Alaska business accounts can meet the needs of all types of businesses.
Does this account earn rewards?
Yes! Spirit of Alaska and uChoose Rewards give you more flexibility and choice than ever when it comes to redeeming reward points for stuff, including cash back! After accumulating 2,000 points, you can choose from millions of options like merchandise, travel experiences and activities, event tickets, merchant gift cards, cash and more.
To get started, visit uChooseRewards.com. Click the Register link (under New to uChoose Rewards) and follow the prompts to create your User ID and password.
Spirit of Alaska debit cards earn 1 point per $2 spent on signature purchases, PIN-less debit transactions (such as bill pay), and PIN point-of-sale transactions.
- What will I need to bring to open a business account?