Dedicated to Deposits: Deals, Data, and Discussion

PenFed's Special January CD Rates and Other Planned Promotions


Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed) has a history of starting off the new year with excellent long-term CD rates. Last year it was offering a yield of 6.25% APY for terms of 3 years and longer. I've heard that PenFed's board of directors has approved the rates for January. I wasn't told specific rates, but I was told they'll be over 5%. I have a feeling they'll be closer to 5% than 6%. In addition to today's lower rate environment, PenFed seems to be planning to keep the rates more even through the year so they don't have large spikes in demand. However, they might still have some certificate sales later in the first and second quarter depending on demand.

PenFed's Cash Back Reward Credit Card

Another change I was told about for January is in their Visa Platinum Gas Cash Reward credit card. I was told that they're adding 2% cash back for groceries on top of the 5% cash back for gas and 1.25% cash back on all other purchases.

One nice feature of this Penfed Visa Platinum card is that you are credited with cash rewards each month instead of having to wait for $50 or more to accrue in your account. The card has no annual fee.

Note, you will incur a hard credit inquiry by applying for this credit card and for joining Penfed. It has been mentioned that Penfed doesn't initiate a new hard pull for 60 days after it does a hard pull. So if you sign up for the card within 60 days of joining, you may only be hit with one hard pull.

Auto Loans

The new rate environment should be helpful for those looking for loans. Auto loan rates are planned to fall to 4.99% APR for terms up to 60 months on used cars and 72 months on new cars. These current auto loan rates are 5.29% APR.

PenFed Membership

Qualifying for PenFed membership and purchasing their CDs are easy. For these details and my experience with PenFed, please refer to my Pentagon FCU review.

  Tags: Pentagon Federal Credit Union, CD rates

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