Pen Air Federal Credit Union Falls Off 5-Year CD Rate Leader Spot

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APYMINMAXINSTITUTIONPRODUCTDETAILS
1.80%$500-Pen Air Federal Credit Union60 Month CD
1.80%$500-Pen Air Federal Credit Union60 Month IRA (Traditional, Roth, SEP, CESA)
Accounts mentioned in this post. Rates as of September 30, 2016.

Pen Air Federal Credit Union had the top spot for the highest 5-year CD rate that's nationally available. Yesterday, Pen Air FCU reduced its CD rates. Its standard 5-year share certificate APY fell from 2.00% to 1.85%. Jumbo certificates used to have rates 20 basis points higher than the published standard rates. That has also gone down. According to a Pen Air FCU representative, the premium is now 10 basis points. So the new Jumbo 5-year share certificate APY is now 1.95%. Minimum deposits for the Jumbo certificates is $100,000. The regular CD and IRA CD rates are listed in the credit union's share rates page as of 1/3/2013.

For more details about Pen Air Credit Union's certificates including the early withdrawal penalties, please refer to my November Pen Air CD review.

Eligibility

The credit union used to limit membership to active duty or retired military and current or retired federal civil service employees. However, there's now an additional way to qualify. Membership is now open to Friends of the Navy-Marine Corps Relief Society Member. Please refer to the credit union's membership page for the full details.

There's an online application which allows people to join and open accounts. On the first page of the application, the user is required to select an eligibility option. Below is the option which appears to allow anyone to join:

Join the "Friends of the Navy Marine Corps Relief Society" association and become eligible for Pen Air FCU membership. A $3 membership fee required.

Credit union membership also requires a one-time $2 fee and a minimum balance of $25 in the savings account.

Credit Union Overview

Pen Air FCU branches are located in the Pensacola metro area in Florida and in the Mobile metro area in Alabama. The credit union is also part of the CU Service Centers which is a nationwide network of shared branches.

The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.45% (above average) based on September 2012 data. Please refer to financial overview of Pen Air Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1303).

How These CD Rates Compare

The new highest 5-year CD rate that's nationally available is 2.05% APY at Citizens State Bank in Florida (see CD review). The next highest for 5-year CDs is 2.00% APY at Mountain America Credit Union and at Communitywide Federal Credit Union. These rates are accurate as of 1/3/2013.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Comments
Top 5-Year Jumbo CD Rate at Pen Air Credit Union - Easy Membership

When I last reviewed Pen Air Credit Union in August, I noted the competitive 5-year CD yield of 2.00%. That is still available for CDs and IRA CDs with a minimum deposit if $500 as of 11/8/2012. Sometimes an institution will offer higher rates for Jumbo CDs. This wasn't apparent at Pen Air since there are no Jumbo rates listed. Thanks to a reader's tip, I emailed the credit union and was informed of the higher rates. The 5-year Jumbo CD has a 2.20% APY and the 4-year Jumbo CD...

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Top 5-Year CD Rate at Pen Air Credit Union - Easy Membership

When I last reviewed Pen Air Credit Union in April, I mentioned that its CD rates were competitive. After 4 months, Pen Air CD rates have held while the rates of many other institutions have fallen. For example, in late April I had listed 5 all-access credit unions which had 5-year CD rates of 2.20% or higher. In my last CD rate survey, I had listed only one all-access credit union with a 5-year CD rate over 2.00%. So now Pen Air Credit Union CD rates are much more competitive....

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Competitive CD Rates at Pen Air Credit Union - Easy Membership

It has been a while since I last reported on Pen Air Credit Union. It continues to have competitive CD rates. One thing that has changed for the better is an expanded field of membership. The credit union's best CD rate is its special 42-month CD which has a 1.75% APY. There's also a special 13-month CD with a 1.00% APY. The most competitive standard CD is the 5-year term which has a 2.00% APY. The same rates are also available in IRAs. These rates are listed in the credit...

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3.70% 10-Month CD at a Florida / Alabama CU (Pen Air)
Pen Air Federal Credit Union is offering a special 10-month certificate with a yield of 3.70% APY. The minimum deposit is $500.

My last report on this credit union was in April when it had a 3.65% 6-month CD special. Last year it was offering a 6% 10-month CD. The current 10-month CD is not nearly as good as that one, but it's still competitive in today's interest rate environment.

Field of membership includes active duty or retired military and their immediate families, current or retired federal civil service employees and their...



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3.65% 6-Month CD at a Florida / Alabama CU (Pen Air).
Update 5/17/08: The 6-month CD rate has gone down. Please refer to the credit union's website for the latest rates.

Pen Air Federal Credit Union is offering a special 6-month certificate with a yield of 3.65% APY. The minimum deposit is $500.

My last report on this credit union was in June 2007 when it was offering a 6% 10-month CD. The current deal is not nearly as good as that one, but it's still competitive in today's interest rate environment.

Field of membership includes active duty or retired military and their immediate...





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