Like many of its not-for-profit competitors, Pentagon Federal Credit Union, or PenFed, has a modest product selection. But it makes up for that with strong interest rates for checking and money market certificates. PenFed offers a handy mobile app and digital tools, plus it’s relatively easy to join. The credit union’s $30 overdraft fee, however, isn’t customer-friendly, especially when you consider there’s no cap on how many times PenFed can charge it in one day.
Ratings methodology | Reviewed May 10, 2017
Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average, though it’s possible to get higher rates elsewhere, particularly at top online banks. With daily balances under $20,000, you can earn 0.20% APY; $20,000 to $50,000 earns 0.50%.