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. The following list of PenFed alternatives includes some of those financial institutions plus top options from our list of the best business checking accounts.
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
60+ business bank accounts rated with our objective, comprehensive business bank account rubrics (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Does PenFed Offer Business Bank Accounts?
Does PenFed Offer Business Bank Accounts?
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Best overall online business checking account
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% 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.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Best overall online business checking account
Bluevine Business Checking
Best for Earning interest
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% 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.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer 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.
Navy Federal Credit Union Business Checking
Best for Military families
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer 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.
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
American Express® Business Checking
Best for Cashless businesses
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$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.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
- Supports Zelle for Business.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Chase Business Complete Banking®
Best for National business bank
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$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.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
- Supports Zelle for Business.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Digital Federal Credit Union Free Business Checking
4.6
Best for Easy-to-join credit union
APY
0.10%
With $0 min. balance for APY
Monthly fee
$0
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.
Digital Federal Credit Union Free Business Checking
Best for Easy-to-join credit union
4.6
APY
0.10%
With $0 min. balance for APY
Monthly fee
$0
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.
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via Allpoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Axos Bank® Basic Business Checking
Best for Online bank with ATM access
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via Allpoint ATMs.
- 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
4.7
Best for Credit union account with unlimited transactions
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.
First Tech Federal Credit Union Simple Business Checking
Best for Credit union account with unlimited transactions
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.
APY
N/A
Monthly fee
$0
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.
- Low monthly limits for cash deposits, incoming ACH transfers.
- Bill pay not included; must upgrade to Lili Smart or higher.
- Not available to nonprofit organizations.
- No spend controls on employee debit cards.
Lili Basic Business Checking
Best for Early access to payments
APY
N/A
Monthly fee
$0
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.
- Low monthly limits for cash deposits, incoming ACH transfers.
- Bill pay not included; must upgrade to Lili Smart or higher.
- Not available to nonprofit organizations.
- No spend controls on employee debit cards.
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.
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.
Last updated on April 3, 2024
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
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 2025, we introduced bonus points for notable built-in software features, like the ability to accept tap-to-pay payments from customers using a mobile app.
Final star ratings are presented on a scale of one to five stars, where 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.
