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Does PenFed Offer Business Bank Accounts?

Some nonprofits and clubs can create accounts at PenFed, but business owners need to look elsewhere.
By Rosalie Murphy
Last updated on April 3, 2024
Edited byRyan Lane
Fact checked and reviewed

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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.

Does PenFed Offer Business Bank Accounts?

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Navy Federal Credit Union Business Checking

4.2/5

Best for Military families

$0

0.01%

With $0 min. balance for APY

N/A

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

N/A

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5

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

N/A

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

N/A

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/AN/A

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/AN/A

Learn more

at Lili, Deposits are FDIC Insured

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Navy Federal Credit Union Business Checking

4.2/5

Best for Military families

$0

0.01%

With $0 min. balance for APY

N/A

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

N/A

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5

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

N/A

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

N/A

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/AN/A

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/AN/A

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
N/A

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
N/A

Our pick for

Online bank with ATM access

Axos Bank® Basic Business Checking

Read Review
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

Our pick for

Cashless businesses

American Express® Business Checking

Read Review
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
N/A
Bonus
N/A

Our pick for

Earning interest

Bluevine Business Checking

Read Review
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
N/A

Our pick for

National business bank

Chase Business Complete Banking®

Read Review
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

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
N/A

Our pick for

Early access to payments

Lili Basic Business Checking

Read Review
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
N/A

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
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