Dedicated to Deposits: Deals, Data, and Discussion

Friday is Last Day for PenFed's 6 Percent CDs


Pentagon Federal Credit Union
Update 10/13/07: The 3, 4, 5 and 7 year CD rates are now 5% APY.

I've just confirmed with a customer service rep that this Friday (Oct 12th) will be the last day to open the 6% Money Market Certificate. Pentagon Federal Credit Union (PenFed) started offering these 6.00% APY certificates on September 27th. Usually, the rates last for a month, but this time they were only going to offer them until they reached their deposit target.

These certificates have a yield of 6.00% APY for terms of 3, 4, 5 and 7 years. The minimum deposit is $1,000. For detailed information about these CDs and joining PenFed, please refer to this previous post.

The easiest way to open and fund the CD is by doing it online. I describe the ways to fund the CD in my last PenFed post. If you're a new member, the only problem with this is that your ACH transfer is limited to $25K. You should be able to do multiple online applications with each having a $25K ACH transfer. The customer service rep said you can also open the CD by phone and fund it with a wire transfer initiated by your bank. PenFed does not place any restrictions on wire transfers.

Thanks to the readers who mentioned this end date in the comments and emails.

  Tags: Pentagon Federal Credit Union, CD rates, IRA rates

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