ALEXANDRIA, Va.—The $18-billion Pentagon FCU has introduced a new “Access America” checking account that offers higher dividends on balances above $5,000, ID theft protection and other enhancements.
There is no minimum balance but $25 is required to open the account, which carries no monthly service fee for daily balance or a monthly direct deposit of $500 or more. The product offers free online bill payment, access to 56,000 free ATMs through the Allpoint Network, and overdraft protection.
Access America has three dividend tier levels. On balances to $5,000, no dividends are paid; on balances between $5,000-$19,999, a dividend of .25% is paid, and on balances of $20,000-$50,000, a dividend of .50% is paid. Those rates are variable and the latter two tiers also require a direct deposit of $1,000 or more.
The identity theft protection from Equifax, which PenFed said is a $155 value, is free to the primary member for the first year, and afterward is $2.95 per month.