Does PenFed Offer Business Bank Accounts?

Does PenFed have business accounts?

How to choose a PenFed alternative business account

• 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 accounts. Neobanks like Lili and Bluevine tend to update products, fees and tools more often. They offer banking through an FDIC-insured partner bank.
• Do you value credit union customer service? Many credit unions are well-loved for their relationship banking. If in-person or phone support matters to you, look for one with branch access. Neobanks vary widely here — some offer 24/7, highly rated support, while others rely mostly on chat or email.
• How many fees can you tolerate? Brick-and-mortar banks often charge monthly fees, though these are usually waivable with a minimum balance. You're also more likely to encounter overdraft, wire transfer, ATM, and excess-transaction fees than you would at an online bank or neobank, which are more likely to offer free business checking accounts with few added fees.
• How often do you deal with cash? Online business checking accounts may charge fees for cash deposits or cap how much you can deposit at once, though they typically have no monthly limit. Brick-and-mortar banks generally cap free cash deposits around $5,000 a month, with fees for anything beyond that.
• 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 are more likely to offer sign-up bonuses — cash for meeting deposit or transaction requirements within a few months. Online banks are more likely to pay high interest rates and offer more sophisticated software for tasks like tax planning and invoicing.