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C/R Told Me Penfed Will Be Lowering Their Certificate Rates For New Money

Wednesday, January 29, 2014 - 9:09 PMPentagon Federal Credit Union - Details
The certificate rates are going down in February unless you have a certificate which will mature and you intend to renew it. The C/R told me the new rate for 5 and 7-year certificates will be 2.25%. So Penfed will honor the 3.04% rate for maturing certificates but not for new certificates. I don't think Penfed has ever had two separate rate schedules for certificates in the past.

I should caution everyone that I am not sure if this C/R totally understood how this was going to work.
loulou552 posts since
Aug 3, 2010
Rep Points: 3,431
1. Thursday, January 30, 2014 - 8:01 AM
Thanks Lou for checking and reporting on this. I called this morning and the CSR read to me the February rate sheet. I posted on these in this blog post.

It is strange how they will have two rate schedules, but it should be a relief for those having PenFed CDs maturing in February.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
2. Thursday, January 30, 2014 - 8:10 AM
Would it be safe to assume the same two rate schedules also apply to their IRA CD accounts?
FARFAR108 posts since
Feb 26, 2013
Rep Points: 386
3. Thursday, January 30, 2014 - 8:41 AM
I think it is refreshing that Pen Fed is rewarding their customers. Usually benefits are afforded only to new customers. Good for Pen Fed and congrats to their customers. 
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
4. Thursday, January 30, 2014 - 9:48 AM
Good luck accessing your PenFed account this morning.

Today is Thursday, January 30, 2014 10:59:35 AM ET

ERROR Error Description:    PenFed Online is down for scheduled maintenance.  We expect PenFed Online to be available at approximately 11:00 AM Eastern Time.  Please try again then.
ShorebreakShorebreak2,683 posts since
Apr 6, 2010
Rep Points: 14,546
5. Thursday, January 30, 2014 - 11:24 AM
Thanks for the post and heads up.

I called today and got the CS REP to open a CD and do the funding from a bank draft just like a ACH (but those are limited to $5K).

FYI - my IRA CDs are past due by 30 days, but the funds are in the share accounts.  They assure me that the CDs will be back dated to the date the funds arrived.

I have always had good luck with PENFED, and they have some of the BEST CD rate specials.
Anon456Anon45630 posts since
Oct 30, 2011
Rep Points: 78
6. Thursday, January 30, 2014 - 11:59 AM
#4 Not sure what time it was this morning but was able to get into my accounts at Pen Fed. 
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727