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PenFed Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
1.21%6+ Year CD7 Year Money Market Certificate
1.21%5-year CD5 Year Money Market Certificate
1.16%4-year CD4 Year Money Market Certificate

Overview / Commentary
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

You are eligible for membership through your employment, association membership, or volunteerism. Membership is open to anyone who is in the United States Military & Uniformed Services; an employee of a qualifying organization; an employee of the United States government; a relative or housemate of someone who is eligible; or anyone who lives or works at an eligible location. Additionally, your membership eligibility may also be established through either the National Military Family Association or Voices for America's Troops. Membership into these two associations is open to anyone for a low, one-time only donation or membership fee.
See current membership details

Related Posts

PenFed CU Raises Rate On Access America Checking - 5/3/2016

PenFed Credit Union (easy membership) has raised the rate on its Access America Checking (1.01% APY on qualifying balances between $20k and $50k).

Belvoir Federal Credit Union Will Be Merging Into PenFed - 4/4/2016

In more credit union merger news, it was announced last week that Belvoir Federal Credit Union will be merged into PenFed effective May 1, 2016.

Penfed Merging With Belvoir FCU On May 1 - 4/4/2016

PenFed to Merge Belvoir FCU May 1

View all posts from:

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
1/5/10 - Update on PenFed CDs and CD Rollovers
1/1/10 - Happy New Year! PenFed Raises CD Rates for January
12/2/09 - Update on PenFed CDs for January - New and Rollover CDs
11/20/09 - Certificate and Credit Card Deals at Pentagon Federal Credit Union - Available Nationwide
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
5/10/09 - PenFed's Cash Back Credit Card Adds Another 5% Category
4/3/09 - Update on Pentagon Federal Credit Union CDs, Credit Cards and Other Products
3/2/09 - 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
10/28/08 - Last Week for 5% 36-Month CD at Pentagon Federal Credit Union
10/1/08 - 5% CDs at Pentagon Federal Credit Union - Nationally Available
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
1/2/08 - PenFed's New Cash Back Credit Card Feature
12/27/07 - New PenFed Certificate Rates Released
12/20/07 - PenFed's Special January CD Rates and Other Planned Promotions
10/9/07 - Friday is Last Day for PenFed's 6 Percent CDs
10/3/07 - Update on PenFed's 6.00% CDs
9/27/07 - It's Official: 6.00% 3 to 7 Year CDs at Penfed
9/26/07 - New High Yield CDs From Penfed? 6.00%?
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
12/28/06 - It's Official: 6.25% CDs at Penfed
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

PenFed Credit Union Review - 5 Stars

Posted by: RockyCX | Jun 14, 2016

Penfed Credit Union has really shined for me in so many ways. From the day I opened my account, and in every encounter, the customer service has been exceptional. I first opened a savings account and made some regular deposits, then I decided to also open a checking account. They helped me manage my money easier, with a great web site interface that I use daily. The best aspect is having no fees for anything, no monthly service charge, no fee for bill paying, and deposits update quickly. The mobile app allows me to easily make deposits on the go, which I require, they always go through without issues. One thing that makes them far superior to other institutions is the applications travel notifications. I love this feature, which saves me the hassle when I travel of getting my accounts frozen, like other banks often do. On my last trip, Penfed saved me from being short on cash, because my other bank locked my account because I was out of the country. Penfed had no issues because of the travel notification feature. I highly recommend Penfed Credit Union- virtually no fees, an intuitive application, and competitive rates on all their products.

PenFed Review From Out of State Customer

I've had both checking and savings accounts with Penfed Credit Union for about 10 years, although currently I only have a savings account. I do not live in the area where Penfed has branches, so all my interactions with them have been through the mail or online. I can therefore speak best to the online experience. Penfed's website is easy to use and intuitive, and you can handle everything you need in one place. Tabs are easy to find and the services work well. The reason why I don't have a checking account with them anymore is because it required a minimum $500 daily balance or direct deposit to avoid fees. Other credit unions, like USAA, do not have this requirement so I ended up closing the checking account to avoid these fees.

Penfed Fcu

Posted by: jjcpa | May 26, 2016

I opened a checking account within the last 12 months and closed it on the same day because I found out i was not allowed to ACH transfer more than $5000 a day out of the credit union. on the other hand they allowed me to ACH whatever into the credit union, if I don't have the right to ACH transfer my money in and out of the credit union I do not want to use that account. I like their credit cards and will purchase their cds if the rates are high enough but I will not use their checking account.

Re-Ordering Personal Checks

When re-ordering personal checks always call the credit union and place the order through a customer service representative. That way there will be no cost. If one re-orders online through the PenFed web site the cost is $5.75. If one re-orders through the web site on the re-order form supplied with the checks the cost would be in excess of $20.00.

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Health
A

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees1666
Primary Regulator
Profit Margin
Return on Assets - YTD0.81%
Return on Equity - YTD8.07%
Annual Interest Income$161.3MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$19.92B$17.84B
LoansQ1 2016vs Q1 2015$17.52B$16.22B
DepositsQ1 2016vs Q1 2015$15.40B$13.78B
Equity CapitalQ1 2016vs Q1 2015$1.97B$1.80B
Loan Loss AllowanceQ1 2016vs Q1 2015$48.0MM$44.5MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$46.2MM$43.9MM
Real Estate OwnedQ1 2016vs Q1 2015$6.7MM$5.6MM
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
0.05%-$2,500Regular Share Savings
0.05%$25-IRA Share Account
0.05%--IRA Premier Account

PenFed Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.01%*$20k*$50kAccess America Checking w/ direct deposit
OTHER TIERS: 0.50% Up to $20k

PenFed Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.21%$1k-5 Year Money Market Certificate
1.21%$1k-7 Year Money Market Certificate
1.16%$1k-2 Year Money Market Certificate
1.16%$1k-3 Year Money Market Certificate
1.16%$1k-4 Year Money Market Certificate
1.06%$1k-15 Month Money Market Certificate
1.01%$1k-1 Year Money Market Certificate
0.60%$1k-6 Month Money Market Certificate

PenFed Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.16%$25-5 Year Roth IRA
1.16%$1k-5 Year IRA
1.16%$1k-7 Year IRA
1.16%$25-7 Year Roth IRA
1.16%$1k-5 Year CESA
1.16%$1k-7 Year CESA
1.11%$25-2 Year Roth IRA
1.11%$25-3 Year Roth IRA
1.11%$25-4 Year Roth IRA
1.11%$1k-3 Year IRA
1.11%$1k-2 Year IRA
1.11%$1k-4 Year IRA
1.11%$1k-2 Year CESA
1.11%$1k-3 Year CESA
1.11%$1k-4 Year CESA
0.95%$25-1 Year Roth IRA
0.95%$1k-1 Year IRA
0.95%$1k-1 Year CESA
Locations

PenFed Credit Union has 35 locations. Click to view all PenFed Credit Union locations.