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.
We evaluated dozens of business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. All of our picks for the best business checking accounts are chosen by our editorial team, who follow strict editorial guidelines to ensure fairness and accuracy in our coverage.
Does PenFed Offer Business Bank Accounts?
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Navy Federal Credit Union Business Checking | 4.2/5 Best for Military families | $0 | 0.01% With $0 min. balance for APY | $0 | |
Digital Federal Credit Union Free Business Checking | 4.6/5 Best for Easy-to-join credit union | $0 | 0.10% With $0 min. balance for APY | $0 | |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for Online bank with ATM access | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 Best for Cashless businesses | $0 | 1.30% With $0 min. balance for APY | $0 Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 Best for Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 Best for National business bank | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
First Tech Federal Credit Union Simple Business Checking | 4.7/5 Best for Credit union account with unlimited transactions | $6.00 Waived with $1,000 minimum balance | N/A | $0 | |
Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.3/5 Best for Early access to payments | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Navy Federal Credit Union Business Checking | 4.2/5 Best for Military families | $0 | 0.01% With $0 min. balance for APY | $0 | |
Digital Federal Credit Union Free Business Checking | 4.6/5 Best for Easy-to-join credit union | $0 | 0.10% With $0 min. balance for APY | $0 | |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for Online bank with ATM access | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 Best for Cashless businesses | $0 | 1.30% With $0 min. balance for APY | $0 Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 Best for Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 Best for National business bank | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
First Tech Federal Credit Union Simple Business Checking | 4.7/5 Best for Credit union account with unlimited transactions | $6.00 Waived with $1,000 minimum balance | N/A | $0 | |
Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.3/5 Best for Early access to payments | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
I'M INTERESTED IN:
Our pick 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
$0
Our pick 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
$0
Digital Federal Credit Union offers a free interest-bearing checking account. Users get up to four business debit cards and unlimited checks.
Membership is based on your employer or where you live, but you can also become a DCU member by donating to certain participating nonprofits. DCU has branches in Massachusetts and New Hampshire. But if you don’t live in those areas, DCU still makes it easy to access your cash by offering the use of more than 80,000 ATMs nationwide via the Allpoint, SUM and Co-op networks.
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.
Our pick for
Online bank with ATM access
Axos Bank® Basic Business Checking
Learn more
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
If you don’t need to bank in person, Axos is an online bank that stands out for its generous approach to ATM access: You can use any ATM in the U.S. without incurring a fee from Axos, plus Axos will automatically refund any fees charged by the banks and ATM operators. Customers can make cash deposits at compatible AllPoint and MoneyPass ATMs. This makes it a good choice for business owners who regularly deposit cash but want an online banking experience.
Axos’s free business checking account offers unlimited transactions, as well as a 24/7 customer support phone line.
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 MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
Cashless businesses
American Express® Business Checking
Learn more
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
$0
Bonus
$0
Requirements to qualify
American Express business checking has no monthly service fee and offers a competitive APY. The account has no minimum opening deposit, monthly service fee or overdraft fees. Customers pay no ATM fees at more than 70,000 MoneyPass and Allpoint ATMs, and AmEx promises 24/7 customer support.
AmEx doesn’t currently support cash deposits, which may be a dealbreaker for businesses dealing with cash regularly. You also won’t have access to branches.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees or overdraft fees. No charge for incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Our pick for
Earning interest
Bluevine Business Checking
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
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
$0
Bluevine’s free business checking account pays an industry-leading interest rate. Like most online business bank accounts, it charges no monthly fees and has no minimum opening deposit, monthly transaction limits or minimum balance requirements. Users can withdraw cash for free at ATMs across the MoneyPass network and deposit it (albeit not for free) at Green Dot locations and Allpoint+ ATMs.
Bluevine is a financial technology company, not a bank itself, and there are no branches. Customer funds are held on deposit with Coastal Community Bank, which provides up to $3 million in FDIC insurance coverage through an insured cash sweep network.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% 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 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Our pick for
National business bank
Chase Business Complete Banking®
Learn more
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
$300
Requirements to qualify
Chase is our top-rated national brick-and-mortar bank for business checking accounts. It’s a reliable choice for customers seeking in-person banking support — Chase has one of largest branch networks in the U.S. and has committed to opening 140 new branches in the greater Washington, D.C., area between 2018 and 2025. Chase also offers sophisticated digital tools, including integrated payment processing.
The account’s $15 monthly fee can be waived if you maintain a certain average balance. Chase currently offers a welcome bonus to qualifying new customers who create and fund an account (terms apply).
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic 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.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
- Limit of $5,000 per month in free cash deposits.
Our pick 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
$0
First Tech Federal Credit Union’s two business checking accounts offer unlimited transactions, which is unusual among brick-and-mortar banks and credit unions. Both accounts charge monthly fees (which can be waived) and require a minimum opening deposit of $100.
In addition to locations in eight states, First Tech members have access to more than 5,000 partner branches nationwide via the Co-op shared branch network. You can join via participating employers or by joining certain associations.
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.
Our pick for
Early access to payments
Lili Basic Business Checking
Learn more
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
$0
If you appreciate that PenFed makes direct deposit payments available to you up to two days early, consider Lili, which offers a similar service to businesses. When Lili customers receive ACH transfers, their funds can be available up to two days early.
Like Bluevine, Lili is a financial technology company, not a bank. Customer funds are held by Choice Financial Group, an FDIC-insured bank. Lili doesn’t offer branch access; fee-free ATM access is available via the MoneyPass network and users can make cash deposits (for a fee) at Green Dot locations.
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.
Cons
- Fee for using out-of-network ATMs.
- Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
- No checkbooks; can’t send wire transfers.
- Limits of $2,000 per day or $5,000 per month on incoming ACH transfers. No outgoing wire transfers.
- No bill pay feature in the free plan.
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
