In addition to a 3-year term, the 4.75% APY applies to 4, 5 and 7-year terms. PenFed's CDs have a minimum deposit of $1,000. They're also available as Coverdell Education Savings Certificates and as IRA Certificates. PenFed CD rates typically last through the month.
For more details about PenFed's CDs and joining PenFed, please refer to this PenFed review post. PenFed makes it easy for anyone to join and open accounts online. If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Please refer to How to Join Overview Page for details. Joining NMFA and Penfed can be done at the same time all online. The yearly membership for NMFA is $20, but your membership in the association does not need to be maintained to continue as a Penfed member
Credit Cards and Mortgages
In addition to high CD rates, PenFed has several other competitive banking products including a cash back Visa credit card with 5% cash back for gas purchases and auto loans with very low rates (see post). Also, PenFed is known for good mortgage deals. They currently have a 30-year fixed mortgage with an APR of 5.375%.
PenFed's financial rating for soundness at Bankrate.com has improved since last year. It's now 4 stars (sound) based on 9/30/08 data (up from 3 stars last year). PenFed's rating at BauerFinancial remains at 5 stars (superior) based on 9/30/08 data.
PenFed is one of the largest credit unions in the US with $12.7 billion in assets and 846,549 members. It's federally insured by the NCUA (Charter # 227).