PenFed Credit Union
PenFed Credit Union Access America Checking
Open-to-everyone credit union checking with a modest interest tier
Insurance: NCUA insured to $250,000
Features
- ▸Interest-bearing checking with a two-tier dividend
- ▸Monthly fee waived by an easy $500 deposit or balance test
- ▸Early direct deposit up to 2 days
- ▸85,000+ fee-free ATMs through co-op networks
- ▸Anyone can join PenFed; the old military-affiliation requirement was dropped
- ▸Free Checking available as a no-fee, no-interest alternative
- ▸Pairs with PenFed's strong CD and auto-loan rates
Pros
- +Open membership: no military tie needed despite the Pentagon branding
- +Fee waiver thresholds are easy for anyone with a paycheck
- +Credit union pricing on the lending side is the real draw
- +Early direct deposit included
Cons
- −A $10 fee lurks if you slip below the waiver tests, unusual on this page
- −APY tops out at 0.35% and only between $20k and $50k
- −No ATM fee rebates
- −Digital experience trails Alliant and the fintechs
Our Take
Access America is a middle-of-the-road account from a credit union whose best products are elsewhere on the menu. The fee waiver is easy and the interest tier is better than a megabank, but Alliant beats it on ATM rebates and openness of experience, and any fintech here beats it on yield. Join PenFed for the certificates and auto loans, and take this checking account as the convenient sidecar.
Best for: PenFed members consolidating around the credit union's loans and CDs
Open at PenFed Credit Union →Last verified 2026-06-11
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