Established in 1935, Pentagon Federal Credit Union (PenFed) is the second-largest credit union in the United States with an open-membership charter. PenFed offers a wide range of bank accounts and loan products, with minimal fees on checking and savings accounts, and low deposit requirements.

For checking accounts, PenFed provides a Free Checking option with no minimum balance requirement or monthly fees, requiring only a $25 deposit to open. However, overdraft protection may involve a 17.99% interest rate. The Access America Checking demands more maintenance but offers 0.35% interest on balances between $20,000 and $50,000, with a $10 monthly maintenance fee waiver for meeting certain conditions.

In terms of savings accounts, PenFed's Regular Savings account requires a $5 deposit but yields only 0.05% APY. On the other hand, the Premium Online Savings account yields a better 2.90% APY on all balances.

PenFed also provides various credit cards, including cash-back, travel rewards, and balance transfer options. Additionally, they offer different types of loans such as home, auto, personal, and IRA certificates with varying terms and interest rates.

Fees at PenFed are minimal, with $0 monthly account fees, no application fees for auto loans, and access to a network of 85,000 fee-free ATMs. While the credit union has flexible membership criteria and offers solid banking options, some overdrafts may incur high-interest charges, and comparatively higher rates may be available elsewhere.

PenFed is known for its support for military personnel through its PenFed Foundation and donations to military-focused organizations. Becoming a PenFed member is straightforward by opening a savings account online or applying for an auto loan or mortgage.

Customer service is available during specific hours, and digital banking options include Zelle and mobile apps with good user ratings, though there have been complaints about app performance. PenFed is an NCUA-insured credit union, and its routing number is 2560-7844-6.