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PenFed Credit Union


Overview / Commentary
www.penfed.org
541-225-6801
7940 Jones Branch Dr
McLean, VA 22102

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.

Field of Membership Restrictions

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

Related Posts

Earn Up To $750 Bonus With Deposits - 3/5/2024

https://t.email.penfed.org/r/?id=h9fa39e44,4f74198,26ec7eb&cid=PRODDM45287&bid=-1616667068 Get up to a $750 bonus¹ and supercharge your savings with 3.00% APY³ Reach your savings goals faster when you open a NEW PenFed Premium Online Savings account and fund with $10,000 or more on or before March 31, 2024. Earn a $150 bonus for every $10,000 deposited, up to $50,000, when you fund from an external account and keep it funded until July 31, 2024. Take advantage of your tax refund and enjoy earning dividends with a 3.00% APY after you add it to your NEW PenFed Premium Online Savings account. Deposit Earn $10,000+ $150 $20,000+ $300 $30,000+ $450 $40,000+ $600 $50,000+ $750

Pen Fed Rate Changes: - 3/1/2024

CD rates take a tumble as of 3-1-2024 !

5.35% APY* On 15 & 18 Month Money Market Certificates - 11/1/2023

WHO??? PenFed...remember them?? Oh my goodness, I got an email to notify me that they had a 15 & 18 month certificate at 5.35%. Still not all that exciting but it may fit for someone looking for that term at that rate. I noticed these rates are already posted by Ken/DA and that they also have a 12 month term @ 5.25% APY. They have my $5.00 in their savings account but nothing else for quite sometime now.Maybe Navy FCU will arise from the dead.

View all posts from:

12/17/21 - PenFed Credit Union Offers Special Holiday Rates On Short-Term CDs
12/16/21 - $150 Statement Credit When Adding Authorized User
12/8/21 - PenFed Raises 5-Year CD Rate Again
10/13/21 - PenFed Credit Union Ups Long-Term CD Rates
7/3/21 - PenFed Credit Union Ups All CD Rates
7/1/21 - 2 New CD Rates Available For Limited Time!
7/1/21 - 5 Year Increased To 1.00%
11/19/20 - Sad Day :(
7/1/20 - PenFed Lowers CD And Savings Account Rates, 5-Year Falls To All-Time Low
6/17/20 - Penfed Drops Rates - Now At 1.05% APY
5/13/20 - Penfed Online Premium Online Savings Drops To 1.25%
5/6/20 - PenFed Offers $200 Bonus for New Access America Checking Account
5/5/20 - PenFed - $200 For Opening A New Access America Checking Account
3/17/20 - Penfed Drops Rates On Cds
3/12/20 - Rates Lowered
10/24/19 - Penfed Lowers Premium Online Savings Account
8/22/19 - Penfed Lowers Premium Online Savings Account
7/1/19 - Penfed Slashes CD Rates
2/1/19 - PenFed Cuts CD Rates - Another Sign of Falling Rates
2/1/19 - Penfed Lowered All Rates, Except One
1/18/19 - EXPECTED RATE RAISE IS A MIRAGE
1/1/19 - Penfed Increases Rates On 15- And 18-Month Cds
12/31/18 - Penfed 15- And 18-Month CD Rates MAY Be Increasing In January
12/28/18 - Penfed 5-Year & 7-Year Rates MAY Be Increasing In January
12/17/18 - Penfed Rates Increased
12/13/18 - Pen Fed Savings Account 2%
12/1/18 - PenFed CD Rate Increases Are Modest
11/30/18 - Pen Fed May Increase Rates In December
11/5/18 - PenFed CDs Make Small Gains
11/1/18 - Penfed Increases All CD Rates Except For 5 And 7 Year
11/1/18 - Saving Rate Change
10/3/18 - New CD Rates Offered by PenFed Credit Union
10/3/18 - Penfed Raises 5 And 7 Year CD To 3.30% APY
8/27/18 - Penfed Premium Online Savings 1.65% APY
8/7/18 - Penfed Increases Their CD Rates
6/1/18 - PenFed Credit Union Begins June With New CD Rates
3/1/18 - First Of The Month CD Rate Increases At PenFed
3/1/18 - Certificates Rates Rise At Penfed
2/2/18 - Certificate Rate Increases
2/1/18 - CD Rates Up at PenFed But There Are No Rate Leaders
12/2/17 - Slight Rate Increase On Some Money Market Certificates
12/1/17 - Two Small CD Rate Increases at PenFed
10/24/17 - Interest Rates Up On Money Market Certificates
10/18/17 - PenFed Increases Rates On All Certificates
10/2/17 - PenFed’s New Money Market Certificate Rates
9/1/17 - Small CD Rate Hikes At Penfed
4/1/17 - PenFed Ups CD Rates with Competitive Mid-Term CD Rates
3/20/17 - Penfed And Valor CU Prime Rate CDs
3/1/17 - Penfed Cuts 1-Yr, 15-Mo, 5-Yr And 7-Yr CD Rates
2/1/17 - CD Rate Cut
1/1/17 - PenFed Kicks Off New Year with Competitive Long-Term CD Rates
1/1/17 - New CD Rates--APR/APY
12/1/16 - PenFed Credit Union Raises Short-Term CD Rates - Top 1-Year Rate
11/11/16 - PenFed Credit Union Raises CD Rates
11/11/16 - CD Rate Increases
11/1/16 - New November CD Rates At Penfed - Only Small Rate Increases
10/2/16 - Penfed Ups Short-Term CD Rates - Long-Term CDs Remain Disappointing
5/3/16 - PenFed CU Raises Rate On Access America Checking
4/4/16 - Belvoir Federal Credit Union Will Be Merging Into PenFed
4/4/16 - Penfed Merging With Belvoir FCU On May 1
2/23/16 - Penfed Lowers CD Rates
1/23/16 - PenFed Credit Union Offers New Competitive 15-Month CD
1/23/16 - 15 Mo CD 1.51% APY
6/29/15 - Pentagon Share Certificate (CD) Penalty Change
5/23/15 - Pentagon Federal Lowered 1 Yr. CD Rates
5/1/15 - PenFed CU Raise Rates On 1-Year And 2-Year CDs To Competitive Levels
5/1/15 - Penfed CD Rate Increase
1/14/15 - Another Rate Drop At Pen Fed
1/1/15 - Happy New Year! Update on PenFed CD Rates
12/10/14 - PenFed's Surprising CD Rate Hike
12/1/14 - Penfed's December Certificate Rates Nosedive
11/3/14 - PenFed’s New November CD Rates
11/1/14 - PenFed Lowers Most Money Market Certificate Rates But Raises 3-year Rate
10/3/14 - PenFed CU Raises Rates On CDs With 1-Year CD Very Competitive
10/2/14 - Penfed 1 Year Money Market Certificate Rate Increase
9/20/14 - How Can Penfed CU Change My Mailing Address Behind My Back?
9/2/14 - CD Rate Hikes at PenFed, 1-Year CD Now Competitive
8/8/14 - Rate Collapse Since March 2014
7/1/14 - Penfed Real Estate Rewards Changed To Favor ARM Mortgages
6/20/14 - PenFed Savings Account And Money Market Account Rates Bottom Out
5/16/14 - Have You Noticed The Dismal Money Market Certificate Rates At PenFed?
3/7/14 - Pentagon Federal CU Fourth Quarter Growth
3/1/14 - PenFed Slashes CD Rates for March
2/7/14 - Tips for Those with PenFed CDs Maturing in February
1/30/14 - PenFed CD Rates Going Down for New CDs in February
1/29/14 - C/R Told Me Penfed Will Be Lowering Their Certificate Rates For New Money
1/22/14 - Opening a Long-Distance CD at PenFed - A Personal Story
1/21/14 - DepositAccounts’ $100 million December…and $2.5 million in Penfed CDs
1/15/14 - Update on Early Withdrawals from PenFed IRA CDs
1/1/14 - Happy New Year! PenFed Continues Its Top CD Rates
12/27/13 - Heads Up Ref 3% CD's
12/24/13 - PenFed CDs - How Much Have You Invested?
12/17/13 - Four Important Points about PenFed’s CDs and IRA CDs
12/1/13 - PenFed Comes Through With New Top CD Rates
11/21/13 - PenFed May Hike 5- and 7-Year CD Rate in December
11/14/13 - Update on PenFed’s Top CD Rates
11/5/13 - 3 Yr Cd @.2.02%
11/1/13 - PenFed Raises 3-Year and 4-Year CD Rates
11/1/13 - PenFed Money Market Certificate Rate Increase
9/30/13 - PenFed Announces a Large CD Rate Increase for October
9/29/13 - New Higher CD Rates At Penfed Starting Oct 1st
9/2/13 - Higher CD Rates at Pentagon Federal Credit Union
8/12/13 - Closing A Penfed Account
8/8/13 - Penfed Offers Chip Enabled Platinum Rewards Card
7/19/13 - New Paper Statement Fee at Pentagon Federal Credit Union
5/1/13 - PenFed May 1st CD Rate Cuts - Rates Fall 25 bps
4/1/13 - Monthly Rate Drop
3/8/13 - Penfed ATM Cards
3/5/13 - Penfed Platinum Cash Rewards Card
2/27/13 - PenFed CD Rates Will Be Falling in March
1/2/13 - PenFed Increases CD Rates Again - Top 1-, 2- & 3-Year CD Rates
12/27/12 - Will Penfed Have A January CD Special?
12/6/12 - Preventing Accounts From Being Labeled Inactive - Review of PenFed's Policy
12/3/12 - PenFed CD Rate Changes - New Top 2- and 3-Year CD Rates
11/1/12 - Big Rate Increases For Some of PenFed CDs
8/1/12 - PenFed Slashes its Long-Term CD Rates
6/18/12 - PenFed's New ACH Online Transfer Service
3/6/12 - Website Change At Pentagon Federal Credit Union
3/2/12 - CD Rates Drop at PenFed, But They Remain Competitive
3/1/12 - Pen Fed CD Rate Drop
2/12/12 - Penfed Money Market Certificate Renewals
1/2/12 - Update on PenFed's January 2012 CD Rates
12/28/11 - Rumors Of New Penfed 3.00% 10-Year CD In January
11/23/11 - New Service Fees At Pentagon Federal As Of Sept 2011
10/5/11 - PenFed's Long-Term CD Rates are Now Competitive
8/20/11 - Pen Fed Branch Offices Are Useless
7/29/11 - Penfed Contingency Plan In Case Of Government Default
5/26/11 - Penfed CD Penalty Change Alert
4/7/11 - Larger CD Early Withdrawal Penalties
3/8/11 - Update on Future PenFed 10-Year CDs
3/1/11 - PenFed Cuts CD Rates By 25 Basis Points
2/2/11 - February 2011 Maturing CD's Bonus 25 Basis Points
1/11/11 - Malware on Laptop Caused Security Breach at PenFed
1/1/11 - PenFed CD Update for January
12/30/10 - Important Note For Those Who Reserved CDs In The Penfed Watch It Grow CD Promotion
12/1/10 - PenFed Lowers CD Rates But Long-Term CD Rates Remain Competitive
11/11/10 - Why PenFed's 7-Year CD Is A Hot Deal
9/28/10 - Update on PenFed's CD Reservation Promotion - New End Date
9/20/10 - Update on PenFed's CD Reservation Promotion
9/18/10 - PenFed Cutting Costs by Eliminating a Toll-Free Number
9/1/10 - PenFed Lowers CD Rates But Some Rates Remain Competitive
8/19/10 - Select PenFed Members Can Reserve CDs with Yields from 3.50% to 5.00%
8/19/10 - New CD Rollover Promotion At Pentagon Federal Credit Union
8/2/10 - PenFed's New 7-Year CD and IRA CD Rate - Available Nationwide
7/9/10 - Penfed Offers Remote Deposit To Members With Checking Accounts
3/31/10 - CD Rates Fall at Pentagon Federal Credit Union
3/23/10 - Pentagon FCU Adds Private Student Loan Program to Education Loan Portfolio
3/3/10 - PenFed's New No-Fee Credit Card, the PenFed Promise Card
2/1/10 - Penfed Keeps Its Competitive CD Rates into February
1/24/10 - Joining PenFed When You Have a Credit Freeze
1/9/10 - Updates on Pentagon FCU's Rewards Credit Cards
1/9/10 - PenFed's New Cash Back Credit Card Feature
1/6/10 - Update on PenFed CDs and CD Rollovers
1/5/10 - Happy New Year! PenFed Raises CD Rates for January
12/2/09 - Certificate and Credit Card Deals at Pentagon Federal Credit Union - Available Nationwide
12/2/09 - Update on PenFed CDs for January - New and Rollover CDs
9/20/09 - Tips for Those With Maturing CDs at PenFed and Other Credit Unions
9/1/09 - 4.00% 7-Year CD Continues But Other CD Rates Have Fallen at Pentagon FCU
8/5/09 - PenFed's Cash Back Credit Card Back-to-School Promo
7/28/09 - Useful IRA CD Feature at Pentagon Federal Credit Union
7/1/09 - Update on Pentagon Federal Credit Union's Certificates - Update
6/2/09 - Update on Pentagon Federal Credit Union's Certificates
5/19/09 - Update on Pentagon Federal Credit Union CDs, Credit Cards and Other Products
5/10/09 - PenFed's Cash Back Credit Card Adds Another 5% Category
3/3/09 - Pentagon Federal Credit Union's March CD Rates
2/3/09 - Pentagon Federal Credit Union's February CD Rates
1/1/09 - New CD Rates at Pentagon Federal Credit Union
12/17/08 - Pentagon Federal Credit Unioin's 4.75% 3-Year CD
11/25/08 - Last Days of 5% CDs at Pentagon Federal Credit Union
11/1/08 - PenFed Extends the 5% CDs into November
11/1/08 - Last Week for 5% 36-Month CD at Pentagon Federal Credit Union
10/2/08 - 5% CDs at Pentagon Federal Credit Union - Nationally Available
8/3/08 - Update on PenFed's 6.00% CDs
5/1/08 - Higher Long Term CD Rates at Pentagon FCU
2/28/08 - New PenFed CD Rates - Down But Still Competitive - Update
2/1/08 - New PenFed CD Rates - Down But Still Competitive
2/1/08 - It's Official: 6.00% 3 to 7 Year CDs at Penfed
12/27/07 - New PenFed Certificate Rates Released
12/20/07 - PenFed's Special January CD Rates and Other Planned Promotions
10/13/07 - New High Yield CDs From Penfed? 6.00%?
10/13/07 - Friday is Last Day for PenFed's 6 Percent CDs
6/14/07 - It's Official: 6.25% CDs at Penfed
6/14/07 - Change in Policy on Pentagon FCU's IRA Certificates
2/1/07 - Penfed's CD Rates Drop More Than Expected
1/28/07 - Update on Penfed's 6.25% CDs
1/26/07 - Early Withdrawals from IRA CDs (Penfed vs. Navy FCU)
12/31/06 - Penfed's Visa Platinum Cash Rewards Credit Card
12/29/06 - Updates on Penfed and its 6.25% CDs
12/21/06 - 6.25% CDs Coming to Penfed?
9/17/06 - Joining Penfed and Purchasing a Money Market Certificate
8/31/06 - Penfed Surprise: 6.00% 3 to 5 Year CDs
4/27/06 - 6.00% 36-Month CD at Penfed CU
12/29/05 - New High-Rate Long-Term CDs

Reviews (200)

Genisys Credit Union

Posted by: |

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.

5

Complaining Works

Posted by: |

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.

15

Too Many Cds

Posted by: |

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.

14

20 Years Strong, But Stuck In The 70'S, UPDATED***

Posted by: |

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!!
---------------------------------------------------

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.

6
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Health
A

Data as of Q4 2023

Learn why bank health matters

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees3087
Primary Regulator
Profit Margin
Return on Assets - YTD0.14%
Return on Equity - YTD1.69%
Annual Interest Income$1.83B
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$34.82B$35.53B
LoansQ4 2023vs Q4 2022$28.93B$29.73B
DepositsQ4 2023vs Q4 2022$29.49B$27.72B
Equity CapitalQ4 2023vs Q4 2022$2.93B$7.29B
Loan Loss AllowanceQ4 2023vs Q4 2022$690.7MM$280.8MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$344.4MM$469MM
Real Estate OwnedQ4 2023vs Q4 2022$640K$0
Rates
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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.

PenFed Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%--Premium Online Savings
0.05%--Regular Savings

PenFed Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%*$20k*$50kAccess America Checking
OTHER TIERS: 0.15% → Up to $20k
0.00%--Free Checking

PenFed Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-1 Year Money Market Certificate
4.00%$1k-2 Year Money Market Certificate
4.00%$1k-15 Month Money Market Certificate
4.00%$1k-18 Month Money Market Certificate
3.40%$1k-3 Year Money Market Certificate
3.20%$1k-4 Year Money Market Certificate
3.20%$1k-5 Year Money Market Certificate
3.00%$1k-6 Month Money Market Certificate
3.00%$1k-7 Year Money Market Certificate

PenFed Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.90%$1k-1 Year IRA
3.90%$1k-2 Year IRA
3.90%$500-1 Year CESA
3.90%$500-2 Year CESA
3.30%$1k-3 Year IRA
3.30%$500-3 Year CESA
3.10%$1k-5 Year IRA
3.10%$1k-4 Year IRA
3.10%$500-4 Year CESA
3.10%$500-5 Year CESA
2.90%$1k-7 Year IRA
2.90%$500-7 Year CESA
Locations

Availability

Washington Area

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.