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Most Popular PenFed Credit Union Account

Account Type	APY	Account Name	Min	Max
CD	1.31%	1 Year Money Market Certificate	$1k	-	Details »

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Overview / Commentary

www.penfed.org

703-838-1000

2930 Eisenhower Ave
Alexandria, VA 22314

Pentagon Federal Credit Union ("PenFed") serves more than 1.4 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 $19 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 Credit Union is open to anyone through membership in Voices For America's Troops ($14 one-year membership fee) or the National Military Family Association ($15 donation). Membership is also open to the following: (1) members of the United States Military and Uniformed Services; (2) employees of the U.S. government; (3) live or work in Fort Hood, Fort Gordon, Fort Shafter, Belvoir, Virginia and other select military or U.S. government locations; (4) employees of American Red Cross, Anderson Air Force Base, and over 100 Select Employer Groups; (5) members of Marine Corps League, National Military Family Association, and over 40 military-related associations; (6) and to immediate family of those who are eligible. (Complete membership requirements are listed in the credit union's online application)
See current membership details

PenFed Ups CD Rates with Competitive Mid-Term CD Rates - 4/1/2017

Today’s rate increases at PenFed Credit Union aren’t impressive, but it’s nice to see any increases at PenFed during this time of the year.

Penfed And Valor CU Prime Rate CDs - 3/20/2017

I have received a letter from PenFed stating, in part: "Our records indicate that you have a Valor Credit Union (Valor) 84-month Prime Rate certificate. "While PenFed Credit Union does not currently offer a similar product, we will honor the Valor certificate agreement for the duration of the certificate term." I would like to thank those people who posted useful information re the merger of Valor and PenFed, and refrained from claiming that PenFed would not honor the Valor Prime Rate agreement.

Penfed Cuts 1-Yr, 15-Mo, 5-Yr And 7-Yr CD Rates - 3/1/2017

I’m afraid that PenFed lowered four of its CD rates today. This is typical for PenFed which usually offers their best CD rates in January and then lowers them in February and March. I’ve summarized the CD rate changes below: 1.26% APY 1-year CD (was 1.31%) 1.36% APY 15-mo CD (was 1.41%) 1.46% APY 2-year CD (no change) 1.61% APY 3-year CD (no change) 1.76% APY 4-year CD (no change) 2.07% APY 5-year CD (was 2.17%) 2.12% APY 7-year CD (was 2.22%) IRA CD APYs are 5 basis points lower. There is no 15-mo IRA CD.

View all posts from:

2017
2016
2015
Earlier

4/1 - PenFed Ups CD Rates with Competitive Mid-Term CD Rates
3/20 - Penfed And Valor CU Prime Rate CDs
3/1 - Penfed Cuts 1-Yr, 15-Mo, 5-Yr And 7-Yr CD Rates
2/1 - CD Rate Cut
1/1 - PenFed Kicks Off New Year with Competitive Long-Term CD Rates
1/1 - New CD Rates--APR/APY

12/1 - PenFed Credit Union Raises Short-Term CD Rates - Top 1-Year Rate
11/11 - PenFed Credit Union Raises CD Rates
11/11 - CD Rate Increases
11/1 - New November CD Rates At Penfed - Only Small Rate Increases
10/2 - Penfed Ups Short-Term CD Rates - Long-Term CDs Remain Disappointing
5/3 - PenFed CU Raises Rate On Access America Checking
4/4 - Belvoir Federal Credit Union Will Be Merging Into PenFed
4/4 - Penfed Merging With Belvoir FCU On May 1
2/23 - Penfed Lowers CD Rates
1/23 - PenFed Credit Union Offers New Competitive 15-Month CD
1/23 - 15 Mo CD 1.51% APY

6/29 - Pentagon Share Certificate (CD) Penalty Change
5/23 - Pentagon Federal Lowered 1 Yr. CD Rates
5/1 - PenFed CU Raise Rates On 1-Year And 2-Year CDs To Competitive Levels
5/1 - Penfed CD Rate Increase
1/14 - Another Rate Drop At Pen Fed
1/1 - Happy New Year! Update on PenFed CD Rates

Reviews (62)

PenFed Credit Union is Good

Posted by: vikkimedina1 | Jun 15, 2017

I joined PENFED about 5 months ago and have enjoyed banking with them. They offer great interest rates on savings and other options. Although I do not work for the government, it was an easy process to sign up with them. Just do a google search and you'll be able to find out how. The customer service is great when you're actually able to connect with someone. Many times, if you call after 3pm, you will get a busy signal when dialing their main customer service number and then have to go through a different number that takes you to their robot system and only then will you be able to connect to a service agent. A frustrating process if you need help fast. The service agents are very knowledgeable and friendly so you don't have to worry about having to call multiple times to get a trustworthy answer. Besides the calling in issue, banking with PENFED has been great.

Comment

Customer Service

Posted by: cheriehess70 | Jun 7, 2017

I have been a loyal member of PenFed Credit Union for over 10 years and I am completely satisfied! Their customer service is second to none. I have multiple accounts with PenFed to include my home mortgage, checking, savings and insurance. They work with me and understand exactly what I need. When I call or visit one of their branches I am always treated with respect and tremendous customer care. I have recommended PenFed to all of my immediate family members and most of my friends. I will continue to be a proud member of this institution for as long as I live. They know how to treat their customers right.

Comment

Excellent Experience with Penfed Deposit Products; Need Higher Rates

Posted by: rondawatkins61 | Jun 21, 2017

I have been a longtime customer of PenFed Credit Union (10+ years). My initial experience was with the share account and checking account and I later opened a Money Market account and Traditional IRA. Having always used direct deposit, I have always been pleased with the ease of the deposit, the timeliness of availability, and the ease of transferring funds from one account (checking) to another (share savings or money market). I have rarely needed customer service support but when I have, I have been served by friendly, upbeat, and helpful representatives. Most recently, I had an experience where my PIN didn't seem to be working on my debit card. I rarely EVER use the debit card so I called to inquire regarding the accurate PIN. The CSR was helpful, explained all the verification processes, and allowed me to select a more reasonable PIN that I would more easily remember.

My only cons with the credit union are the subpar rates. Many of the rates probably pay average on a nationwide scale but they seriously lack and I have opened an additional savings at another institution at a much higher rate. I also can say the same regarding the IRA products. For someone just starting out in building a savings goal, this would be highly frustrating as the rates are practically nothing. The online / mobile banking is attractive enough but could probably use an upgrade in terms of modernizing the look. However, it is VERY easy to find information and do transfers.

Comment

PenFed ease

Posted by: tawandafernandez | Jun 12, 2017

I joined PenFed (Pentagon Federal) when I was stationed in Washington D.C. The bank had an ATM in the building I worked in. They charged high fees if you did not use a PenFed debit card, so I switched my accounts. The bank offers really good rates and ease in resolving transactions. I wish they had more brick and mortar locations and offered more products. The customer service reps are easy to understand and really know all parts of banking as well as all services PenFed offers. I highly recommend this bank to all of my coworkers, friends and family. In fact, I recently opened accounts for my kids st the bank and have started a savings account that earns a nice interest for all three kids.

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Health

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
NCUA #	227
Year Chartered	1935
Employees	1852
Primary Regulator

Profit Margin
Return on Assets - YTD	0.77%
Return on Equity - YTD	7.84%
Annual Interest Income	$189.8MM

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$22.40B$19.92B
Loans	Q1 2017vs Q1 2016	$19.23B$17.52B
Deposits	Q1 2017vs Q1 2016	$17.42B$15.40B
Equity Capital	Q1 2017vs Q1 2016	$2.15B$1.97B
Loan Loss Allowance	Q1 2017vs Q1 2016	$65.2MM$48.0MM
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$70.5MM$46.2MM
Real Estate Owned	Q1 2017vs Q1 2016	$5.9MM$6.7MM

Rates

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Checking
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* 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

APY	MIN	MAX	ACCOUNT NAME
0.05%	-	$2,500	Regular Share Savings
0.05%	$25	-	IRA Share Account
0.05%	-	-	IRA Premier Account

PenFed Credit Union Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.15%^*	$100k^*	-	Money Market Savings Account
OTHER TIERS: 0.05% → Up to $10k \| 0.10% → $10k - $100k

PenFed Credit Union Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.50%^*	$20k^*	$50k	Access America Checking w/ direct deposit
OTHER TIERS: 0.20% → Up to $20k

PenFed Credit Union CD Rates

APY	MIN	MAX	ACCOUNT NAME
2.17%	$1k	-	7 Year Money Market Certificate
2.12%	$1k	-	5 Year Money Market Certificate
1.81%	$1k	-	4 Year Money Market Certificate
1.76%	$1k	-	3 Year Money Market Certificate
1.51%	$1k	-	2 Year Money Market Certificate
1.41%	$1k	-	15 Month Money Market Certificate
1.31%	$1k	-	1 Year Money Market Certificate
0.85%	$1k	-	6 Month Money Market Certificate

PenFed Credit Union IRA Rates

APY	MIN	MAX	ACCOUNT NAME
2.12%	$1k	-	7 Year IRA
2.12%	$1k	-	7 Year Roth IRA
2.12%	$1k	-	7 Year CESA
2.07%	$1k	-	5 Year Roth IRA
2.07%	$1k	-	5 Year IRA
2.07%	$1k	-	5 Year CESA
1.77%	$1k	-	4 Year Roth IRA
1.77%	$1k	-	4 Year IRA
1.77%	$1k	-	4 Year CESA
1.71%	$1k	-	3 Year Roth IRA
1.71%	$1k	-	3 Year IRA
1.71%	$1k	-	3 Year CESA
1.46%	$1k	-	2 Year Roth IRA
1.46%	$1k	-	2 Year IRA
1.46%	$1k	-	2 Year CESA
1.26%	$1k	-	1 Year Roth IRA
1.26%	$1k	-	1 Year IRA
1.26%	$1k	-	1 Year CESA

Locations

PenFed Credit Union has 50 locations. Click to view all PenFed Credit Union locations.