Free Checking
The Free Checking account does not carry any monthly fee and no minimum account balance requirements are in place. The minimum required opening deposit is just $25 and you will have access to over 85,000 no-fee ATMs across the US.
You can set up direct deposits that allow you to get your paycheck as many as two days early. There is a PenFed rewards card you can get that will give you 2% cash back on all purchases.
Account Type |
Key Features |
Bonuses |
Free Checking |
- No monthly fee
- Minimum required opening deposit is $25
- No minimum account balance requirements
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2% cashback on all purchases card available |
Access America
The Access America checking account is aimed at people who are going to have a higher account balance. There is a $10 monthly fee in place, but this can be avoided if you have direct deposits of at least $500 coming in each month or your daily balance is at least $500.
You will earn 0.15% APY on daily balances under $20,000 and 0.35% APY for balances between $20,000 and $50,000. You can set up direct deposits that allow you to get your paycheck as many as two days early.
Account Type |
Key Features |
Bonuses |
Access America |
$10 monthly fee easily avoided
Starting APY of 0.15%
Ability to get paycheck up to two days early |
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Premium Online Savings
This is a typical savings account that allows you to earn an APY of up to 2%. You need to deposit just $5 when opening this account type. There is no monthly maintenance fee and you can make free transfers.
Account Type |
Key Features |
Bonuses |
Premium Online Savings |
- APY of 2% on balance
- No monthly fee
- Minimum opening balance is $5
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Money Market Certificates
The money market certificates have terms between 6 months and 7 years. The minimum required deposit is $1,000 and you can decide to automatically renew at maturity if you wish. The APY for a 1-year term is 4.25%. Your returns are guaranteed and there are early withdrawal penalties in place.
Account Type |
Key Features |
Bonuses |
Money Market Certificates |
- APY of up to 4.35%
- Term lengths of between 6 months and 7 years
- Minimum required deposit of $1,000
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Regular Savings
The Regular Savings account gives you 0.05% APY on all of your balances. The minimum opening balance is just $5. Opening such an account allows you to establish your PenFed membership, giving you access to a variety of loan options. A debit card is a part of this account and free funds transfer feature.
Account Type |
Key Features |
Bonuses |
Regular Savings |
- APY of 0.05% on balances
- Minimum opening balance required is $5
- Access to a debit card
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Money Market Savings
You can get APY of 0.15% on all account balances of at least $100,000. For sums of $10,000 to $99,999, you will get a 0.10% APY and this drops to a 0.05% APY for balances lower than $10,000. There is no monthly fee and you can get free checks upon request.
Account Type |
Key Features |
Bonuses |
Money Market Savings |
- APY of up to 0.15%
- No monthly fee
- Free checks upon request
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