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800-247-5626
7940 Jones Branch Drive
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

Membership in PenFed Credit Union is open to anyone through membership in Voices For America's Troops ($17 one-year membership fee) or the National Military Family Association ($17 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

Related Posts

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:

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

Great Interest Rates

I really like Penfed credit union because of the interest rates on a certificate deposit can go up to 2.15%. This will only go up to 2.15% on a 7 year CD, however if you are looking for your money to grow this is a good place to start. This is a steady guaranteed source of income and their is no risk of losing the money like it would be if you put this money into the stock market.

Also, if you only want to lock up your money for one year you will be available to get an interest rate of 1.30%. This is also a great rate and a good return on your money if you compare it to other banks. Penfed is a great overall bank in my opinion.

Great credit union!

I've been banking with PenFed for over 40 years now. I've been very happy with their products and service. They serve members around the world, so even though there usually hasn't been a branch near me, they were one of the first institutions to make it easy to bank by phone, and later by computer after the internet was invented. Their website is easy to use, although not the best, it does everything I need. You can make transfers online, and send money by ACH to other banks. Their bill pay service is one of the best. You can make deposits by mail and you can also use selected ATMs in the credit union network. Their rates are competitive, and as a credit union, they tend to provide much better customer service than most big banks. I would highly recommend it to anyone, now that membership is open to the general public.

Fairly average for online banking

I signed up with PenFed credit union roughly 10 years ago as an alternative to USAA. I initially signed up due to the better rates for there saving account as compared to USAA at the time to get access to their other products. My one complaint with them is that there web interface seems to be a little dated. Sometimes it can be hard to transfer funds from one account to the other especially to another bank. I usually have to break down and call. When talking to a live person generally any issues are resolved pretty painlessly but it would be nice to have a better web interface. The rates on the general saving share and the money market certs are not as good as they were when I initially moved over but the customer service and experience working with military members has kept me with them.

Gone Way Downhill

Posted by: EricJ | Aug 18, 2017

I was a member here for quite a few years, used to be a good CU, but rates have made me move about 10 CDs elsewhere over time and now customer service is terrible.

Tried to log in the other day to get statement, was locked out and sent to a page saying my browser (Opera 47) was not supported. I'm a computer geek/programmer and was surprised cause Opera is maybe the most secure browser out there.

https://www.penfed.org/unsupported which doesn't mention Opera at all.

So called, busy, busy busy signal and finally got thru only to be on hold for over 15 min. so hung up.

Then sent an email about this, was told that Opera is supported (v39 and above) ... mine is v47. So I replied telling them this and after 4 days never got another reply.

Called again this morning and it wasn't hard to tell the 2 ppl I spoke to had no idea what I was talking about, asked me to send a screen shot to another email address which I will but done dealing with this CU regardless of rates.

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Health

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees1852
Primary Regulator
Profit Margin
Return on Assets - YTD0.77%
Return on Equity - YTD7.84%
Annual Interest Income$189.8MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$22.40B$19.92B
LoansQ1 2017vs Q1 2016$19.23B$17.52B
DepositsQ1 2017vs Q1 2016$17.42B$15.40B
Equity CapitalQ1 2017vs Q1 2016$2.15B$1.97B
Loan Loss AllowanceQ1 2017vs Q1 2016$65.2MM$48.0MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$70.5MM$46.2MM
Real Estate OwnedQ1 2017vs Q1 2016$5.9MM$6.7MM
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 Savings
0.05%$25-IRA Savings Account
0.05%$10k-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
0.50%*$20k*$50kAccess America Checking
OTHER TIERS: 0.20% Up to $20k

PenFed Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.12%$1k-7 Year IRA
2.12%$1k-7 Year CESA
2.07%$1k-5 Year IRA
2.07%$1k-5 Year CESA
1.77%$1k-4 Year IRA
1.77%$1k-4 Year CESA
1.71%$1k-3 Year IRA
1.71%$1k-3 Year CESA
1.46%$1k-2 Year IRA
1.46%$1k-2 Year CESA
1.26%$1k-1 Year IRA
1.26%$1k-1 Year CESA
Locations

PenFed Credit Union has 51 locations. Click to view all PenFed Credit Union locations.