PenFed Credit Union


Overview / Commentary
800-247-5626
7940 Jones Branch Drive
McLean, VA 22102

Written by Jessica Merritt | Edited by Becca Stanek | Published on 12/13/2024

PenFed Credit Union was established in 1935 and is one of the largest federal credit unions in the United States, with 2.9 million members and more than $33.5 billion in assets. It was initially exclusive to members in national defense organizations, including active-duty service members, reservists and National Guard members, as well as employees of the Department of Defense. It has since broadened its membership eligibility to include the general public but maintains a focus on serving the military community.

The credit union has more than 50 branches in the U.S. and its territories, including locations in Guam and Puerto Rico. Members can access more than 85,000 fee-free ATMs.

Financial products offered by PenFed Credit Union include checking and savings accounts, certificates of deposit (CDs), loans, credit cards, and investment services. PenFed’s notable offerings include its Free Checking, Access America Checking and Premium Online Savings accounts.

With Free Checking, you can get a checking account with no monthly maintenance fee or minimum balance requirement. An Access America checking account earns up to 0.35% APY on your deposits — and though there is a $10 monthly fee, it can be waived with a monthly direct deposit of $500 or more or a daily balance of $500 or more. Premium Online Savings earns 3.00% APY with no monthly maintenance fees.

Account holders can access robust digital banking services, including online banking, a mobile app and digital wallet compatibility. Customer service is available by phone from 8 a.m. to 8 p.m. Eastern time Monday through Saturday. Secure messaging is available in online banking and the mobile app 24/7.

Pros and cons of PenFed Credit Union

Pros:
• Wide range of financial products, including competitive savings accounts and CDs
• More than 85,000 fee-free ATMs
• User-friendly mobile app and online banking features

Cons:
• Limited number of branches nationwide
• Limited customer service availability
• Monthly checking account fee, though it can be waived

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 !

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 :(
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
4/1/17 - PenFed Ups CD Rates with Competitive Mid-Term CD Rates
3/20/17 - Penfed And Valor CU Prime Rate CDs
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
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
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
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
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
4/7/11 - Larger CD Early Withdrawal Penalties
3/8/11 - Update on Future PenFed 10-Year CDs
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
12/1/10 - PenFed Lowers CD Rates But Long-Term CD Rates Remain Competitive
9/28/10 - Update on PenFed's CD Reservation Promotion - New End Date
9/20/10 - Update on PenFed's CD Reservation Promotion
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%
8/2/10 - PenFed's New 7-Year CD and IRA CD Rate - Available Nationwide
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

No Problem Getting Money Out

Posted by: |

I was a little concerned about closing out my PenFed CD upon maturity and getting my money out, given a lot of the "horror story" reviews I've read.

I had set up an external bank account a few weeks ago and selected an ACH transfer to the external account as the maturity option (on my online account page).

The CD matured on a Saturday and the funds appeared in my external account the following Tuesday morning. Since ACH transfers don't occur on weekends, that means that PenFed took one business day to complete the transaction.

Can't argue with that.

Complaining Works

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.

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.

My Penfed Story

Posted by: |

This is my PenFed story. I wanted to open a new checking account and I initially chose PenFed because of relatively high ACH transfer limits, and a physical branch nearby.
I did the account registration/creation process online. At first it seemed to go fine, multiple form pages asking for the usual info and more. All required. I had to do phone text verification for the initial registration, then the password reset, then to login again, every login after that, and each time I linked an external bank account. I made initial deposits of $1000 into checking and $200 into savings. Email and phone notifications are all flowing every step of the way. Congratulations they say, my checks and ATM cards are on the way. I logged in the next day to validate initial deposits and account access is still good. I wait a week to get the checks and ATM cards before taking any further action. Cards and checks arrive. My plan was to activate the cards and setup direct deposits that day. First step of that was to login again to get direct deposit numbers for the checking account. This is when the trouble begins.
I can’t log in and a message says account locked, call this 800 number to unlock. Heavy sigh. I call the number, entering personal information such as my date of birth and social security number to be able to advance through the phone prompts and get to a human. Repeat all the same info to the service rep and then she’s ready to assist. I asked if she could help me unlock the account. I was put on a long hold while she checked details, then she came back and asked me some questions about when I created the account, then put me on a longer hold. After the second hold, she said I would need to provide more proof of identity using their secure upload site. I would need to provide scans of the driver’s license, social security card, and car registration for both the primary (me) and the joint account owner (my wife). I had to take note of the upload numbers and then wait until the next day and call back on the same 800 number. I followed all those instructions with no issues.
I call back the next day, get to a rep, and give them the case background and upload numbers. The rep says yes, I see all your documents right here, let me put you on hold while I check your case. After a lengthy hold, she comes back and says sorry can you please now also send us a copy of your phone bill. I say sorry I am on a family plan and don’t have a copy of the phone bill. She says sorry she can’t unlock my account then and since it’s not in my name they need a copy of the bill AND the driver’s license of the person the bill is being sent to. I don’t want to ask him to provide me a phone bill, much less his driver’s license, so that was it for me. Although I’d invested a lot of time and given all my personal info already, I decided at that point to cut my losses with PenFed. I tell the customer support rep this isn’t going to work and can she please help me reverse the deposits and close the accounts. She says “No, I can’t do that.” After I complained about them accepting my money without a problem but now refusing to let me have it back, she said MAYBE if I go into a branch with my ID and explain my case they can help me.
I felt so mad at that point I had to take a minute to try and calm my breathing. Looking back, I realize I was feeling anger, fear, and helplessness all mixed together. I realized how little I could do to access my money, and just how poor and non-cost effective all of my options were for fighting it. Anyway, I agreed to try going into the branch the next day and ended the call.
I went in first thing the next morning. They open at 10:00. Although they still weren’t able to immediately unlock the account, I felt like the branch manager there made an honest effort to clear it up. He even put it on speaker so I could hear it. We had to leave it with an email to the fraud department and a promise that he would follow up the next day. He did just that and let me know the account was unlocked. I was able to log in that day and transferred money out of the account. I appreciated his help, but was past my limit with PenFed already and couldn’t just let it all go. I went back the next day and closed the accounts.

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Health

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees2856
Primary Regulator
Profit Margin
Return on Assets - YTD0.24%
Return on Equity - YTD2.68%
Annual Interest Income$1.36B
Assets and Liabilities
AssetsQ3 2024vs Q3 2023$32.71B$35.36B
LoansQ3 2024vs Q3 2023$26.07B$29.3B
DepositsQ3 2024vs Q3 2023$28.11B$28.87B
Equity CapitalQ3 2024vs Q3 2023$2.91B$3.09B
Loan Loss AllowanceQ3 2024vs Q3 2023$717.8MM$655.6MM
Unbacked Noncurrent LoansQ3 2024vs Q3 2023$470.2MM$445.1MM
Real Estate OwnedQ3 2024vs Q3 2023$1MM$412K
Rates

Rates for PenFed Credit Union are currently being reviewed.

Locations

Availability

Washington Area

Interactive local rates map


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