PenFed Credit Union


Overview / Commentary
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

PenFed is a Credit Union and requires you to become a member before you obtain any products. You will need to maintain a $5 Savings/Share Account as part of your PenFed membership. Membership is 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). Membership is also open to anyone through membership in the National Military Family Association ($17 donation).
See current membership details

Related Posts

Sad Day :( - 11/19/2020

Got my maturity notice today for that 10 year 5% certificate. That 10 years flew by

PenFed Lowers CD And Savings Account Rates, 5-Year Falls To All-Time Low - 7/1/2020

I’m sorry to report that PenFed lowered rates on many of its products today: Product - New APY (Old APY) Premium Online Savings Account - 1.00% (1.05%) Money Market Certificates: 12 Month - 0.70% (0.95%) 15 Month - 0.70% (0.95%) 18 Month - 0.70% (0.95%) 2 Year - 0.75% (1.00%) 3 Year - 0.80% (1.00%) 4 Year - 0.85% (1.05%) 5 Year - 1.00% (1.20%) 7 Year - 1.05% (1.30%) The 5-year APY of 1.00% is the lowest APY that we have ever recorded for PenFed’s 5-year term since we began tracking rates in 2009. The previous low was 1.15% for the period of May 2013 through August 2013. On a positive note, it was December 2013 when PenFed increased the 5-year APY to 3.04% and kept this APY for two months. That was only three months after the 1.15% APY. Let’s hope for a similar rate turnaround in the next year.

Penfed Drops Rates - Now At 1.05% APY - 6/17/2020

https://www.penfed.org/accounts/premium-online-savings $5 min to open

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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 (154)

Very Good Service, As Always

Posted by: |

I recently conducted an important account transaction/transfer with PenFed, and it was handled very promptly and professionally. However, I wish I could do those transactions from the webpage, instead of having to mail a letter.

I'm very happy that you can now have the FULL AMOUNT of your maturing certificate sent back to your linked bank via ACH. I wish they would allow us to do the same with money in regular savings. (current ACH transfer limit is 5k per day?)

And lastly, I'm glad to see a new premium savings account with a 2% yield. That's a good start, PenFed. Any chance that rate may increase to 2.30 or 2.40%? :) Thanks for the great service.

Always Liked Penfed

Posted by: |

Not too happy with finding out that money moved between your own Penfed accounts is unavailable for 6 days! Never experienced that with any other of the many banks I have used. Most transfers from Outside institutions is only 3 days between most banks!

Horrible Security, Incompetent Customer Service

Posted by: |

PenFed is the worst credit union I've ever used.

I had two fraudulent charges on my debit card. I cancel the card and report the charges. One charge was refunded the next day. After 10 days of waiting for the other refund, I called them. They only submitted one of the charges as fraudulent.

I try to report the second fraudulent charge. Well, to do that, I have to speak to the woman handling my case. She doesn't answer her phone and never returns calls (after 4 messages). So, I can't report the second fraudulent charge. After multiple calls and making a big enough stink, eventually another employee takes care of it.

Seeing how bad the bank is, my wife calls to close her accounts and have the all the money mailed to us. Then we wait, and wait. After 10 days we call to see what is going on. Well, they just closed the checking account and put the money into the savings. So, she again asks to close all accounts and have a check mailed. Then we wait. After a week, we call again. They still didn't do it. Now she is going to have to call daily. And how bad will it be when I try to close my accounts, assuming I get my refunds?

So, fraudulent charges, very difficult to get refunds, nearly impossible to get your money out, and multiple customer service reps that are either too incompetent to handle simple requests or are told to make refunds and closures as difficult as possible.

Caveat emptor.

Satisfied Customer

Posted by: |

I've been a member of PenFed for about 10 years now. They're not my primary bank but I've do have a savings account, and previously refinanced an auto loan and my mortgage through them.

Although I live within a reasonable distance from on of their brick and mortar locations I've been able to do everything online or by phone. Even when it came to closing on my mortgage refi they set everything up and sent a notary to my house to sign all the paperwork.

The pluses is they have great rates on loans that beat other credit unions and banks I've done business with. If you're comfortable doing stuff remotely, their website and interface are pretty simple and easy to use. Paying your loans to Pen Fed via an outside account also has been super easy.

The minuses there are a lack of brick and mortar locations and some of their locations are on military bases or other government buildings where access might be limited. There aren't a ton of banking products to choose from as far as checking and/or savings accounts.

The main reason I never opened a checking account is I couldn't figure out the fees as it related to ATM withdraws for cash, it seemed based on the fee schedule on their website there was a fee for this or a fee for that related to checking accounts. So I opted to open a checking account elsewhere which gave me more freebies.

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Health

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees2613
Primary Regulator
Profit Margin
Return on Assets - YTD0.47%
Return on Equity - YTD1.66%
Annual Interest Income$517.2MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$25.92B$24.42B
LoansQ2 2020vs Q2 2019$20.51B$19.69B
DepositsQ2 2020vs Q2 2019$18.62B$18.41B
Equity CapitalQ2 2020vs Q2 2019$7.29B$2.60B
Loan Loss AllowanceQ2 2020vs Q2 2019$203.7MM$119.7MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$190.6MM$224.0MM
Real Estate OwnedQ2 2020vs Q2 2019$0$1.8MM
Rates

Rates for PenFed Credit Union are currently being reviewed.

Locations

Availability

Washington Area

Interactive local rates map


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