Does PenFed Offer Business Bank Accounts?

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Bank/institution Bank/institution	Best for Best for	NerdWallet rating NerdWallet rating	Monthly fee Monthly fee	APY APY	Bonus Bonus	Learn more Learn more
Bluevine Business Checking	2026 BEST Online Business Checking Account	5.0 /5	$0	1.30% With $0 min. balance for APY	$500 Requirements to qualify	Learn more at Bluevine, Deposits are FDIC Insured
Pros No required monthly fee, minimum opening deposit, excess transaction or overdraft fees. Earn 1.30% interest on account balances up to and including $250,000. Terms apply. Access up to $3 million in FDIC insurance with Insured Cash Sweep. No fees at MoneyPass ATMs. Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance. Cons No fee-free cash deposits. Fee for using out-of-network ATMs. Does not offer jointly-owned accounts.

Navy Federal Credit Union Business Checking	Military families	4.3 /5	$0	0.01% With $0 min. balance for APY	N/A	Read review
Pros No monthly fee and unlimited fee-free electronic transactions. No dollar limit on cash deposits (other limits may apply). 24/7 member service. No fees to deposit cash at Navy Federal or Co-Op Network ATMs. Cons High opening deposit (up to $255). $29 fee for overdrafts, insufficient funds. Eligibility limited to veterans, military members, Department of Defense employees and their families. Does not offer jointly owned accounts. No spend controls on employee debit cards.

American Express® Business Checking	Cashless businesses	4.8 /5	$0	1.30% With $0.10 min. balance for APY	30,000 Points Requirements to qualify	Learn more at American Express National Bank, Member FDIC
Pros No monthly fee, minimum opening deposit or excess transaction fee. 24/7 customer support. No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S. Earn 1 Membership Rewards® point for every $2 spent on eligible business debit card purchases. Cons Can’t deposit cash. No outgoing international wire transfers. Does not offer jointly owned accounts.

Chase Business Complete Banking®	2026 BEST Brick-and-mortar Business Checking Account	4.5 /5	$15.00 Waived with $2,000 minimum balance	N/A	Earn up to $500 Requirements to qualify	Learn more at Chase, Member FDIC
Pros No minimum opening deposit. Unlimited fee-free electronic and debit card transactions. Integrated credit card processing. No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount. No fees at thousands of Chase ATMs and access to around 5,000 branches. Receive and send payments via Zelle. Cons $15 monthly fee. Monthly limit on physical transactions (20). Fee for using out-of-network ATMs.

Digital Federal Credit Union Free Business Checking	Easy-to-join credit union	4.6 /5	$0	0.10% With $0 min. balance for APY	N/A
Pros Access to more than 80,000 ATMs nationwide via the Allpoint, SUM and Co-op networks and 5,000 branches via the Co-op network. No monthly fee or minimum opening deposit. APY of up to 0.10%. Anyone can join by donating to a participating nonprofit. Cons No customer support on Sundays. Can’t open an account online.

Axos Bank® Basic Business Checking	Online bank with ATM access	4.7 /5	$0	N/A	$200 Requirements to qualify Unlimited transactions	Learn more at Axos Bank®, Member FDIC
Pros No monthly fee, minimum opening deposit or excess transaction fee. Cash deposits at compatible ATMs. Automatic refunds of all ATM fees (domestic). Welcome bonus for new customers (terms apply). Cons $25 fee for insufficient funds/uncollected funds returned. No third-party app integrations.

First Tech Federal Credit Union Simple Business Checking	Credit union account with unlimited transactions	4.7 /5	$6.00 Waived with $1,000 minimum balance	N/A	N/A
Pros Access to more than 30,000 ATMs and 5,000 branches nationwide via the Co-op network. 24/7 phone support. No limits on transactions or cash deposits. Anyone can join by joining a participating association. Cons $33 overdraft fee with a grace window of just $5. Up to 5 overdrafts can be charged per day. Must make an appointment to open an account, though the appointment can be virtual.

Lili Core Business Checking	Early access to payments	4.3 /5	$0	N/A	N/A	Learn more at Lili, Deposits are FDIC Insured
Pros No monthly fees, transaction fees or incoming wire fees. No fees at MoneyPass ATMs. Cash deposits via Green Dot network (fees and limits apply). Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account. Direct integrations with Square, Shopify, Etsy and eBay. Cons Fee for using out-of-network ATMs. No fee-free cash deposits. Bill pay not included; must upgrade to Lili Smart or higher. No spend controls on employee debit cards.

Nerdwallet best-of awards

2026 BEST Online Business Checking Account

Bluevine Business Checking

Best for Online banking

5.0

Read expert review

APY

1.30%

With $0 min. balance for APY

Monthly fee

Bonus

$500

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

Pros

No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
Access up to $3 million in FDIC insurance with Insured Cash Sweep.
No fees at MoneyPass ATMs.
Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance.

Cons

No fee-free cash deposits.
Fee for using out-of-network ATMs.
Does not offer jointly-owned accounts.

Navy Federal Credit Union Business Checking

Best for Military families

Navy Federal Credit Union Business Checking

4.3

Read expert review

APY

0.01%

With $0 min. balance for APY

Monthly fee

Bonus

N/A

Read Review

Pros

No monthly fee and unlimited fee-free electronic transactions.
No dollar limit on cash deposits (other limits may apply).
24/7 member service.
No fees to deposit cash at Navy Federal or Co-Op Network ATMs.

Cons

High opening deposit (up to $255).
$29 fee for overdrafts, insufficient funds.
Eligibility limited to veterans, military members, Department of Defense employees and their families.
Does not offer jointly owned accounts.
No spend controls on employee debit cards.

American Express® Business Checking

Best for Cashless businesses

4.8

Read expert review

APY

1.30%

With $0.10 min. balance for APY

Monthly fee

Bonus

30,000 Points

Requirements to qualify

Learn more

at American Express National Bank, Member FDIC

Pros

No monthly fee, minimum opening deposit or excess transaction fee.
24/7 customer support.
No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Earn 1 Membership Rewards® point for every $2 spent on eligible business debit card purchases.

Cons

Can’t deposit cash.
No outgoing international wire transfers.
Does not offer jointly owned accounts.

Nerdwallet best-of awards

2026 BEST Brick-and-mortar Business Checking Account

Chase Business Complete Banking®

Best for National business bank

4.5

Read expert review

APY

N/A

Monthly fee

$15.00

Waived with $2,000 minimum balance

Bonus

Earn up to $500

Requirements to qualify

Learn more

at Chase, Member FDIC

Pros

No minimum opening deposit.
Unlimited fee-free electronic and debit card transactions.
Integrated credit card processing.
No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
No fees at thousands of Chase ATMs and access to around 5,000 branches.
Receive and send payments via Zelle.

Cons

$15 monthly fee.
Monthly limit on physical transactions (20).
Fee for using out-of-network ATMs.

Digital Federal Credit Union Free Business Checking

Best for Easy-to-join credit union

Digital Federal Credit Union Free Business Checking

4.6

APY

0.10%

With $0 min. balance for APY

Monthly fee

Bonus

N/A

Pros

Access to more than 80,000 ATMs nationwide via the Allpoint, SUM and Co-op networks and 5,000 branches via the Co-op network.
No monthly fee or minimum opening deposit.
APY of up to 0.10%.
Anyone can join by donating to a participating nonprofit.

Cons

No customer support on Sundays.
Can’t open an account online.

Axos Bank® Basic Business Checking

Best for Online bank with ATM access

4.7

Read expert review

APY

N/A

Monthly fee

Bonus

$200

Requirements to qualify

Unlimited transactions

Learn more

at Axos Bank®, Member FDIC

Pros

No monthly fee, minimum opening deposit or excess transaction fee.
Cash deposits at compatible ATMs.
Automatic refunds of all ATM fees (domestic).
Welcome bonus for new customers (terms apply).

Cons

$25 fee for insufficient funds/uncollected funds returned.
No third-party app integrations.

First Tech Federal Credit Union Simple Business Checking

Best for Credit union account with unlimited transactions

First Tech Federal Credit Union Simple Business Checking

4.7

APY

N/A

Monthly fee

$6.00

Waived with $1,000 minimum balance

Bonus

N/A

Pros

Access to more than 30,000 ATMs and 5,000 branches nationwide via the Co-op network.
24/7 phone support.
No limits on transactions or cash deposits.
Anyone can join by joining a participating association.

Cons

$33 overdraft fee with a grace window of just $5. Up to 5 overdrafts can be charged per day.
Must make an appointment to open an account, though the appointment can be virtual.

Lili Core Business Checking

Best for Early access to payments

4.3

Read expert review

APY

N/A

Monthly fee

Bonus

N/A

Learn more

at Lili, Deposits are FDIC Insured

Pros

No monthly fees, transaction fees or incoming wire fees.
No fees at MoneyPass ATMs.
Cash deposits via Green Dot network (fees and limits apply).
Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
Direct integrations with Square, Shopify, Etsy and eBay.

Cons

Fee for using out-of-network ATMs.
No fee-free cash deposits.
Bill pay not included; must upgrade to Lili Smart or higher.
No spend controls on employee debit cards.

Does PenFed have business accounts?

PenFed does not offer business checking accounts. The credit union does have so-called “organizational accounts,” which include both checking and savings options. However, these are only available to certain nongovernmental organizations and clubs — not businesses.

If your company is interested in working with a credit union, you will have to shop around for a different small-business bank.

How to choose a PenFed alternative business account

PenFed was founded to serve government staffers, but membership is now open to anyone. If you want to do your business banking with a credit union, explore your local options as well as those on our list of the best credit unions for business accounts.

Beyond that, if you were interested in a PenFed business account, isolating the features you liked most about that credit union can help guide your search:

Do you want access to a branch? If so, avoid online-only options like American Express, Bluevine and Axos. Focus instead on national banks, like Chase and Bank of America, as well as regional banks and credit unions.
Do you prefer a longstanding institution? Traditional banks (online and brick-and-mortar) rarely make sudden changes to their business bank accounts. The same can't be said for neobanks — financial technology companies like Lili and Bluevine that offer banking services via an FDIC-insured bank. Neobanks often pride themselves on innovation and tend to make more frequent changes to their product lineups, fee schedules and software tools.
Do you value credit union customer service? Many credit unions are well-loved for their relationship banking. If getting help in person or over the phone is important to you, stick to credit unions and banks that offer branch access. Neobanks vary widely in their customer service offerings — some boast 24/7 or highly rated customer support, but with others, support may be provided mostly via live chat or email.
How many fees can you tolerate? One drawback of brick-and-mortar banks is that they tend to charge monthly fees (though these can usually be waived if you maintain a certain average balance). You’re also more likely to encounter fees for overdrafts, ATM usage, wire transfers, and excess transactions or cash deposits at a traditional bank versus. Online banks and neobanks are more likely to offer free business checking accounts with few additional fees.
How often do you deal with cash? Online business checking accounts may charge fees for cash deposits or have low limits on how much you can deposit at one time, although they generally have no monthly limits. Brick-and-mortar banks generally cap free cash deposits around $5,000 per month, though you can deposit more for a fee.
What benefits are most important to you? If you take advantage of PenFed’s member discounts, sticking with a credit union may be your best bet. Brick-and-mortar banks may be more likely to offer sign-up bonuses, which offer cash to new users who meet certain deposit or transaction requirements within a few months. Online banks are more likely to pay high interest rates, and they also tend to have more sophisticated software tools to support tasks like tax planning and invoicing.

» MORE: Current business bank account promotions

Note on American Express® Business Checking: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.

To view rates and fees of The American Express Blue Business Cash™ Card, see this page.

To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page.

To view rates and fees of the American Express® Business Gold Card, see this page.

Last updated on January 5, 2026

Methodology

NerdWallet’s writers and editors evaluate more than 60 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets and the largest credit unions by membership, along with notable and emerging fintech companies and online banks.

We consider more than 20 data points for each account, including services, fees, features and rewards. We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives.

Our editorial team regularly reviews and updates our data to ensure consistency and accuracy. We also update our scoring on an ongoing basis to reflect changing industry norms and business owner needs. For instance, in 2026, we adjusted our expectations for APYs due to falling interest rates.

Final ratings range from one to five stars. A five-star score represents the best available product for the largest number of business owners. Learn more about how we rate business checking accounts.

Meet the editorial team

Rosalie Murphy

Lead Writer & Content Strategist | Small business, business banking, business credit cards

Rosalie Murphy has covered small-business banking, credit cards, insurance and lending at NerdWallet since 2021. She writes and edits the Starting Small newsletter, and her reporting has appeared in publications like the Associated Press, MarketWatch and Nasdaq. Rosalie is an MBA candidate at Kent State University and has a bachelor's degree in journalism from the University of Southern California.