Pentagon Federal Credit Union ("PenFed"), a DepositAccounts.com advertiser, serves more than 1.6 million members, including many in the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, and the Veterans of Foreign Wars. PenFed is one of the largest credit unions in the country and offers a range of banking products and services, in addition to credit cards and loans.
On its personal banking side, PenFed offers savings accounts including checking accounts, Money Market accounts, Certificates, Coverdell Education Savings Certificates, and IRA accounts. PenFed’s Access America Checking earns dividends and comes with free online bill payment and mobile check deposit. PenFed’s regular savings account earns dividends, which are compounded daily and credited monthly. Money Market Savings accounts are available and come with free checks, have no regular service fees, and offer tiered rates of dividends for greater account balances. DepositAccounts.com has featured PenFed’s Certificates, referred to as ‘Money Market Certificates,’ repeatedly in the past for their competitive dividend rates. IRA accounts are also available, providing a retirement savings alternative.
PenFed online banking is a secure banking platform through which members can access their accounts, transfer funds, pay bills, and view transaction history. The credit union has optimized its website for mobile banking and released a mobile app to make account management easy and convenient on the go. The credit union introduced its ACH online transfer service in the spring of 2012, making it easy for members to transfer funds into and out of these liquid accounts.
Pentagon Federal Credit Union has more than $23 billion in assets. It was originally established in 1935 and is headquartered in Alexandria, Virginia. The credit union serves members in each U.S. state and at military bases in Puerto Rico, Guam, and Okinawa. PenFed is federally insured by the NCUA.
Membership in PenFed is now open to all U.S. citizens/resident aliens who open a Share Savings Account with a $5 minimum deposit.
See current membership details
I would like to thank Shawanda Estelle, financial service representative, who works in Genisys Credit Union, 2881 Crooks Road, Rochester Hills MI. It was my first visit to this bank and Shawanda made her best to help me. She is very professional, helpful and polite.
UPDATE 02-10-2024 - Of late, PenFed has finally pulled their heads out and apparently hired a new webmaster. What a drastic improvement! Their website now makes logical sense and is easy to navigae. I now issue 5 stars.
I have purchased Cds from Pen Fed for many years as they usually are very competitive on their rates. Recently I was unable to gain access to info on the CDs I currently own. When I sent a request to list my CDs the response was I had too many CDs to list. If I had a specific request about a particular CD they would give me access to it. This is really a poor program and makes me want to stop purchasing any more CDs from PenFed. I immediately purchased a CD from another financial institution with a better rate.
Updated May-02-2024.
I closed my accounts with Penfed, They never followed up on their ticket numbers provided weeks ago.
I filed a BBB complaint to which they provided the bank 14 days to respond, they answered 19 days after providing notice.
Also as of today 05-02-2024, there's not a single complaint in the BBB for this year,
Penfed as it stands is a lingering headache.
Steer Clear!!
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Apr-02-2024
I've been a PenFed customer for nearly 20 years, trusting them with my mortgage two car loans, and the credit cards. Their experience in the industry is undeniable (almost 90 years!), but their technology feels stuck in the 1970s.
Every time I need assistance, it's a paper chase. Dealing with any issue requires mountains of paperwork, and follow-ups are a nightmare. I have to re-explain the entire situation, often for over 30 minutes, just for them to say they're "helping."
It's baffling that PenFed lags behind in streamlining procedures after all these years. Other banks and credit unions comply with the same regulations with a fraction of the paperwork. Why does PenFed require so much?
Equally frustrating is having to repeat myself on follow-up calls. It seems they're incapable of referencing previous notes.
Overall | |
---|---|
NCUA # | 227 |
Year Chartered | 1935 |
Employees | 3087 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.14% |
Return on Equity - YTD | 1.69% |
Annual Interest Income | $1.83B |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2023vs Q4 2022 | $34.82B$35.53B |
Loans | Q4 2023vs Q4 2022 | $28.93B$29.73B |
Deposits | Q4 2023vs Q4 2022 | $29.49B$27.72B |
Equity Capital | Q4 2023vs Q4 2022 | $2.93B$7.29B |
Loan Loss Allowance | Q4 2023vs Q4 2022 | $690.7MM$280.8MM |
Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $344.4MM$469MM |
Real Estate Owned | Q4 2023vs Q4 2022 | $640K$0 |
Always verify rates and promotions with the bank or credit union. We are not PenFed Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
3.00% | - | - | Premium Online Savings | |
0.05% | - | - | Regular Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.35%* | $20k* | $50k | Access America Checking | ||
OTHER TIERS: 0.15% → Up to $20k | |||||
0.00% | - | - | Free Checking |