Does PenFed Offer Business Bank Accounts?
Some nonprofits and clubs can create accounts at PenFed, but business owners need to look elsewhere.
| Lender | NerdWallet rating | Best For | Max loan amount | Min. credit score | APR range | Max term length | Learn more |
|---|---|---|---|---|---|---|---|
 at Bluevine, Deposits are FDIC Insured | 5.0
/5
| Best for Earning interest | Undisclosed | Undisclosed | Undisclosed |
| at Bluevine, Deposits are FDIC Insured |
 | 4.2
/5
| Best for Military families | Undisclosed | Undisclosed | Undisclosed |
| |
 at American Express National Bank, Member FDIC | 5.0
/5
| Best for Cashless businesses | Undisclosed | Undisclosed | Undisclosed |
| at American Express National Bank, Member FDIC |
 at Chase, Member FDIC | 4.6
/5
| Best for National business bank | Undisclosed | Undisclosed | Undisclosed |
| at Chase, Member FDIC |
 | 4.6
/5
| Best for Easy-to-join credit union | Undisclosed | Undisclosed | Undisclosed |
| |
 at Axos Bank®, Member FDIC | 4.7
/5
| Best for Online bank with ATM access | Undisclosed | Undisclosed | Undisclosed |
| at Axos Bank®, Member FDIC |
 | 4.7
/5
| Best for Credit union account with unlimited transactions | Undisclosed | Undisclosed | Undisclosed |
| |
 at Lili, Deposits are FDIC Insured | 4.1
/5
| Best for Early access to payments | Undisclosed | Undisclosed | Undisclosed |
| at Lili, Deposits are FDIC Insured |
penfed business account alternatives: More details
Bluevine: Best for Earning interest
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
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.
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.
at Bluevine, Deposits are FDIC Insured
Navy Federal Credit Union (Business): Best for Military families
Navy Federal Credit Union Business Checking
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$255
Free cash deposits
Yes
Unlimited
Overdraft fees
$29
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.
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.
American Express National Bank (Business): Best for Cashless businesses
American Express® Business Checking
at American Express National Bank, Member FDIC
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
N/A
Bonus
$30,000
Requirements to qualify
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.
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.
at American Express National Bank, Member FDIC
Chase (Business): Best for National business bank
Chase Business Complete Banking®
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$500
Requirements to qualify
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.
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.
at Chase, Member FDIC
Digital Federal Credit Union: Best for Easy-to-join credit union
Digital Federal Credit Union Free Business Checking
4.6 NerdWallet rating
APY
0.10%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
20 deposits free per day, 10¢ per item processing charge above 20
Overdraft fees
$15
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.
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 (Business): Best for Online bank with ATM access
Axos Bank® Basic Business Checking
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$400
Requirements to qualify
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.
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.
at Axos Bank®, Member FDIC
First Technology Federal Credit Union (Business): Best for Credit union account with unlimited transactions
First Tech Federal Credit Union Simple Business Checking
4.7 NerdWallet rating
APY
N/A
Monthly fee
$6.00
Waived with $1,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$33
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.
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: Best for Early access to payments
Lili Basic Business Checking
at Lili, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Bonus
N/A
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.
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.
at Lili, Deposits are FDIC Insured
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 - How often do you deal with cash?
Online business checking accounts - 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
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