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PenFed CD Rates Going Down for New CDs in February
Pentagon Federal Credit Union

PenFed will be lowering most of its CD rates in February. This isn’t official since these rates are not yet posted on PenFed’s website. I learned of these rates from a PenFed customer service representative in a phone call this morning. Near the end of the month PenFed’s board of directors approves the CD rates for the next month. Once they’re approved, the CSRs are typically notified of these new rates by an internal email. Thanks to DA reader Lou for first reporting on this news in the forum.

One important...

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Update on Early Withdrawals from PenFed IRA CDs
Pentagon Federal Credit Union

PenFed IRA certificates have some nice features, but a reader has recently found out that they’re not as nice as you might think. We have long known that PenFed allows penalty-free partial withdrawals of IRA CDs when the owner has reached 59 ½ . However, there are limitations on the partial withdrawals. First, here’s what is stated in PenFed’s IRA Application Booklet:

Not only are partial withdrawals allowed, but there is no penalty "if the owner has reached age 59½ and takes a partial withdrawal." That is one of four early...

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Four Important Points about PenFed’s CDs and IRA CDs
Pentagon Federal Credit Union

I’m glad to see PenFed is still offering the very high CD rates. When I first reported on these on December 1st, I was concerned that they may not last through December. As I mentioned, PenFed no longer guarantees the CD rates will last for the entire month. However, I can’t remember a time when PenFed lowered CD rates before the end of the month. In addition, I see PenFed has a rotating banner on its home page advertising the 3.04% 5-year CD, and that banner says "your gift for...

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PenFed Comes Through With New Top CD Rates
Pentagon Federal Credit Union

Those 3% rumors turned out to be true. PenFed is now officially offering a 5-year and a 7-year CD with a 3.04% APY. The rates are listed at PenFed’s certificates overview page as of 12/01/2013. Thanks to the readers who reported on these early. There’s also good news for those who prefer shorter terms. PenFed’s 4-year CD rate increased to 2.22% APY, and the 2-year CD rate increased to 1.41% APY. PenFed’s 3-year CD still has a very competitive 2.02% APY. Below is a summary of the new December rates...

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PenFed Raises 3-Year and 4-Year CD Rates
Pentagon Federal Credit Union

Pentagon Federal Credit Union (PenFed) CD rates are getting better each month. Last month PenFed raised its 5-year and 7-year CD yields to 2.02%. Today PenFed raised its 3-year and 4-year CD rates to this same 2.02% APY. This is the first nationally available 3-year CD with a yield above 2% that we’ve seen in a long time. Thanks to DA member Shorebreak who posted on this news in the forum. Below is a list of these new CD and IRA CD rates in effect as of November 1, 2013:

  • 2.02%...
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PenFed Announces a Large CD Rate Increase for October
Pentagon Federal Credit Union

After several months of subpar CD rates, Pentagon Federal Credit Union (PenFed) will be making a pleasant change in October. On Sunday, PenFed advertised in the LA Times about its October CD rates. Thanks to DA member saverguy99 who posted on this news in the forum. Below is a list of these new CD and IRA CD rates that should be official by October 1st:

  • 2.02% APY 7-year CD (was 1.76%)
  • 2.02% APY 5-year CD (was 1.56%)
  • 1.76% APY 4-year CD (was 1.41%)
  • 1.51% APY 3-year CD (was 1.26%)
  • 1.26% APY 2-year CD (was 1.00%)
  • 0.75%...
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Higher CD Rates at Pentagon Federal Credit Union
Pentagon Federal Credit Union

The one-time CD rate leader, Pentagon Federal Credit Union (PenFed), made substantial rate increases on its long-term CD rates for September. However, the rates had been so low, the new CD rates are still far from the rate leaders. Nevertheless, it’s yet another sign that long-term CD rates are rising. Since so many DA readers are PenFed members, I thought it would be useful to review the rate increases even though the new rates are not exciting. Below are the new rates as listed in PenFed’s certificates page and IRAs...

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PenFed CD Rates Will Be Falling in March
Pentagon Federal Credit Union

If you had been planning to open a PenFed CD, you need to hurry before March. PenFed CD rates appear to be falling quite a bit for March. Thanks to the reader who forwarded me the new rates he received from his correspondence with PenFed. Below are the new rates that the reader received by email. I also included the current rates. All of the new rates are 25 bps lower.

  • 1.75% APY 7-year CD (was 2.00% APY)
  • 1.65% APY 5-year CD (was 1.90% APY)
  • 1.60% APY 4-year CD (was 1.85% APY)
  • 1.60% APY...
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Update on HomeStreet Bank, Its Financial Health and Checking Promotion
HomeStreet Bank

As I was reviewing old promotions looking for those that may still be available, I came across HomeStreet Bank which is still offering a checking account bonus of up to $300. It's also still offering a $50 refer-a-friend bonus. I last reviewed this promotion two years ago. The promotion details continue to be the same, and the bank still has a free checking account that qualifies for the promotion.

One thing that has changed in the last two years is the financial health of the bank. Two years ago it had...

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PenFed Increases CD Rates Again - Top 1-, 2- & 3-Year CD Rates
Pentagon Federal Credit Union

After two months of special CD rates, I was worried Pentagon Federal Credit Union (PenFed) would not extend the specials into January. So I was pleasantly surprised to see the new January CD rates at PenFed this morning. The 1-year CD rate had the biggest increase. It went up from 1.00% to 1.25% APY. The CD rates from terms of 2 to 5 years went up 10 basis points. The 7-year CD rate remains the same. This now makes PenFed's 1-, 2- and 3-year CD rates the clear nationwide leaders....

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PenFed CD Rate Changes - New Top 2- and 3-Year CD Rates
Pentagon Federal Credit Union

Pentagon Federal Credit Union (PenFed) changed its certificate rates for December. PenFed had been offering a very competitive 1-year CD rate in November. Unfortunately, that has ended. However, its 2-year and 3-year certificate rates went up and have become even more competitive. Below is the list of the new PenFed CD rates for terms of 1 to 7 years with the noteworthy rates highlighted. I've also listed the old rates in parentheses. These new rates are listed in PenFed's Money Market Certificates page as of 12/3/2012.

  • 2.00% APY 7-year (was 2.02%)
  • 1.80%...
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Big Rate Increases For Some of PenFed CDs
Pentagon Federal Credit Union

I was pleasantly surprised to see the new certificate rates at Pentagon Federal Credit Union (PenFed) for November. Rates went up for terms of 1 to 4 years. In fact, the new 1-, 2- and 3-year CD rates are very competitive. This is different than past PenFed CD promotions in which the best deals have been for the longer terms. Below is the list of the new PenFed CD rates for terms of 1 to 7 years with the noteworthy rates highlighted. I've also listed the old rates in parentheses....

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