With its strong interest rates and modest product selection, Pentagon Federal Credit Union has the trappings of a typical credit union.
But unlike many of its not-for-profit competitors, PenFed also offers a user-friendly mobile app and an engaging website.
Ratings methodology | Reviewed June 24, 2016
There is a lot to like about PenFed’s sole checking option. Access America Checking comes with solid interest rates and an extensive ATM network, and members shouldn’t have a hard time avoiding the monthly fee.
The $10 monthly fee is easily waived; you just need to keep a minimum balance of $500 or receive direct deposits totaling at least $500 each month. There's a 0.20% APY on balances under $20,000, and an excellent 0.50% APY on balances between $20,000 and $50,000. To qualify for either rate, members must receive direct deposits of at least $1,000 per month.