Making a $5 initial deposit in either of these top savings accounts is all you need to do to become a member of PenFed. PenFed offers two savings accounts: PenFed Credit Union Regular Savings and the PenFed Credit Union Premium Online Savings. The line of credit has a fixed 17.99% APR. The Free Checking account also offers free bill pay and a no-fee overdraft line of credit starting at $300. PenFed does not charge fees for out-of-network ATM use with the Access America Checking account, although there may be a surcharge fee from the third-party ATM operator. With this debit card, you can access a fee-free ATM network of 85,000+ Allpoint and CO-OP ATMs. The Access America Checking account comes with a free Visa contactless debit card, which is fully compatible with Apple Pay, Samsung Pay and Google Pay. Dividends are compounded daily and paid monthly. Eligible accounts earn 0.15% APY when you maintain a monthly recurring direct deposit of $500 or more and maintain a daily balance of up to $19,999.99 and 0.35% APY on daily balances between $20,000 and $50,000. Setting up a minimum $500 recurring direct deposit also makes the account eligible for dividends. However, you can waive this fee with either a direct deposit of at least $500 per month or by maintaining a daily balance of at least $500. Unlike the best checking accounts, the PenFed Credit Union Access America Checking has a $10 monthly service fee. Note that you must establish membership at PenFed by opening a savings account with a $5 minimum initial deposit before you can gain access to the credit union’s checking accounts. PenFed offers two checking accounts: Free Checking and Access America Checking.
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