PenFed Credit Union

Overview / Commentary

www.penfed.org

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

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

5.35% APY* On 15 & 18 Month Money Market Certificates - 11/1/2023

WHO??? PenFed...remember them?? Oh my goodness, I got an email to notify me that they had a 15 & 18 month certificate at 5.35%. Still not all that exciting but it may fit for someone looking for that term at that rate. I noticed these rates are already posted by Ken/DA and that they also have a 12 month term @ 5.25% APY. They have my $5.00 in their savings account but nothing else for quite sometime now.Maybe Navy FCU will arise from the dead.

Is My Math Correct? - 9/27/2023

PenFed sent an email that they will give you $750 to move 50k into your online premium savings which pays 3% interest. Is my calculation correct that it would be a total of 6.6% if you leave it there until the required date of 2/29/23?

Penfed CU Data Breach - 9/1/2023

Anyone received an email alert from an outfit called Sovos Compliance LLC regarding a recent data breech at PenFed ?? I have not had an account at PenFed for years, but received an email today, saying: "On May 31, 2023, Progress Software announced a previously unknown vulnerability in its MOVEit Transfer application (SecureFT), which we utilize to help PenFed CU deliver services related to an unclaimed property claim associated with an account or payment belonging to you. When we became aware of this incident, we immediately took the affected application offline and activated our incident response procedures. Outside advisors and cybersecurity experts were retained to assist in the evaluation of the situation, and we notified law enforcement. We recently determined that unauthorized actors exploited the then-unknown MOVEit vulnerability to download a file containing some of your personal information. What information was involved? Your personal information that was downloaded by the

View all posts from:

2023
2022
2021
Earlier

11/1 - 5.35% APY* On 15 & 18 Month Money Market Certificates
9/27 - Is My Math Correct?
9/1 - Penfed CU Data Breach
5/31 - Penfed Premium Online Savings
1/20 - Penfed Is Finally Playing Catch-Up
1/5 - Email From Penfed Today

11/17 - Penfed Certificate Rates Keep Getting Better
10/28 - Penfed Raises CD Rates
10/2 - Get Ahead Of The Curve With New Certificate Rates
9/30 - Penfed Raises CD Rate
9/13 - Penfed Raises CD Rates
7/20 - Penfed: 3 Years, 3.25% APY (For IRAs, 3.20% APY)
6/23 - PenFed Credit Union 5-Year Certificate Now Earns 3.50% APY
6/22 - 5 Year Cd At Penfed
6/2 - PenFed Credit Union Pushes CD Rates Upward Again
5/24 - Penfed 3Yr CD Special 2.75%
5/18 - Penfed Lifts Savings Rates To .7% APY
4/8 - PenFed Credit Union CD Rates Soar To Rate Leading Levels
4/7 - 2.50 Apy For 5Yrcd, All Others Gone Up Also
3/3 - PenFed Credit Union Has Across The Board CD Rate Increases
2/1 - PenFed Ups 18-Month and 2-Year CD Rates To Market-Leading Levels

12/17 - PenFed Credit Union Offers Special Holiday Rates On Short-Term CDs
12/16 - $150 Statement Credit When Adding Authorized User
12/8 - PenFed Raises 5-Year CD Rate Again
10/13 - PenFed Credit Union Ups Long-Term CD Rates
7/3 - PenFed Credit Union Ups All CD Rates
7/1 - 2 New CD Rates Available For Limited Time!
7/1 - 5 Year Increased To 1.00%

Reviews (197)

Premium Online Savings..The Fine Print

Posted by: DSRsd | Jun 22, 2022

PenFed has very friendly and helpful team members. Just want to lead with that. This isn't a complaint but more of an oops/aha.

Recently, I internally transferred $500 from checking to Premium online savings to get a round number for ACH transfer initiated at/to another bank. I verified the correct balance which appeared immediately after tranfer online. However, I didn't drill down to see the "available funds" didn't reflect the added amount. It was only when I got a UCF rejection and a $10 fee a couple of days later that I realized something was amiss.

I called PENfed and spoke to a very nice CSR. She reversed the fee on her own accord as I asked why an internal transfer wouldn't be available almost immediately. She explained that it was in the disclosures for Premium Online Savings (POS) that internally transferred funds into POS wouldn't be available for "6 business days". I asked if she could explain why and she said it was unique to POS.

So I looked through the disclosures and:

AVAILABILITY OF FUNDS FOR PREMIUM ONLINE SAVINGS ACCOUNT ONLY: The following special rules apply to all deposits made in to the Premium Online Savings account: The following types of deposits will be available on the 6th business day after the date of the transaction: • All checks • Internal transfers • ACH deposits (when originated at PenFed) The following types of deposits will be available immediately: • Preauthorized credits, such as social security benefits, civil service pensions, active and retired military allotments, and other payroll payments • Cash • Wire Transfers (received by 4:30 p.m. Eastern Time).

So forewarned is forearmed ...still doesn't make sense to me.

Too Many Cds

Posted by: shay2020 | Feb 8, 2023

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.

Comment

Pen Fed Has Lost Its Way

Posted by: ricsue | Jun 30, 2022

I used to hold Pen Fed on a 'pedestal' as far as customer service and being top notch. That view has changed over the past week. First, I tried to add a new external account, attempted to use 'instant' credentialization. I received notice from my external account, that I was signing in. Goes thru all screens on PenFed and then gives me an 'error page'. I try the 'trial deposit' method, same error screen. I call in to Pen Fed, they ask me to try it again while on phone, both methods fail. They ask me to try it again, now this is 3rd attempt. Same result. They advise they are reporting to their IT staff. I never hear back. In the interim, I transfer $20k in, from an external account using their push. Funds show on 6/23, but do not show as available, until 6/30. They advise, this is the normal hold? For an ACH? Finally, 6/30, I am able to open the 5yr certificate. I add my joint owner (who is also a member). At the end of entering certificate, I get an 'error message' to log out and log in. I do that, and I see the certificate, YEAH....but wait, I don't see the Joint owner? So I yet again, call in to Pen Fed. I am told, they are having 'problems' with adding Joint owners, but it's a simple solution. They will be snail mailing me a certificate form, and when I receive that, I can fill it out, adding joint owner, and mail it back to them. I am not satisfied. US Snail Mail, is now the solution for adding a joint owner, that they know is on my account, that I added in their system, and US Mail is the only solution to correct THEIR known GLITCH. I advised I am not happy about having this personal info going thru the mail, and relying on a poor mail system, to correct this. The agent advised that US mail works flawlessly?????????????Ok, I am done with PenFed, I will be opening the rest of my certificates thru my Schwab brokerage, where there is none of the incompetency going on!

Thoughts . . . .

Posted by: YurieGlovotch | Aug 27, 2023

What are your thoughts on the new credit card layout where the page jumps as you scroll up & down?

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Health

Data as of Q2 2023

Learn why bank health matters

Health Grade Components

Overall
NCUA #	227
Year Chartered	1935
Employees	3268
Primary Regulator

Profit Margin
Return on Assets - YTD	0.36%
Return on Equity - YTD	1.93%
Annual Interest Income	$891.3MM

Assets and Liabilities
Assets	Q2 2023vs Q2 2022	$35.47B$36.69B
Loans	Q2 2023vs Q2 2022	$29.82B$30.62B
Deposits	Q2 2023vs Q2 2022	$28.77B$26.22B
Equity Capital	Q2 2023vs Q2 2022	$6.68B$9.77B
Loan Loss Allowance	Q2 2023vs Q2 2022	$0$261.5MM
Unbacked Noncurrent Loans	Q2 2023vs Q2 2022	$479.0MM$361.3MM
Real Estate Owned	Q2 2023vs Q2 2022	$0$0

APY	MIN	MAX	ACCOUNT NAME
3.00%	-	-	Premium Online Savings
0.05%	-	-	Regular Savings
0.05%	-	-	IRA Savings Account
0.05%	$10k	-	IRA Premier Account

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

APY	MIN	MAX	ACCOUNT NAME
0.35%^*	$20k^*	$50k	Access America Checking
OTHER TIERS: 0.15% → Up to $20k
0.00%	-	-	Free Checking

APY	MIN	MAX	ACCOUNT NAME
5.35%	$1k	-	15 Month Money Market Certificate
5.35%	$1k	-	18 Month Money Market Certificate
5.25%	$1k	-	1 Year Money Market Certificate
4.60%	$1k	-	2 Year Money Market Certificate
4.30%	$1k	-	3 Year Money Market Certificate
4.00%	$1k	-	4 Year Money Market Certificate
4.00%	$1k	-	5 Year Money Market Certificate
3.90%	$1k	-	7 Year Money Market Certificate
3.00%	$1k	-	6 Month Money Market Certificate

APY	MIN	MAX	ACCOUNT NAME
5.15%	$1k	-	1 Year IRA
5.15%	$500	-	1 Year CESA
4.50%	$1k	-	2 Year IRA
4.50%	$500	-	2 Year CESA
4.20%	$1k	-	3 Year IRA
4.20%	$500	-	3 Year CESA
3.90%	$1k	-	5 Year IRA
3.90%	$1k	-	4 Year IRA
3.90%	$500	-	4 Year CESA
3.90%	$500	-	5 Year CESA
3.80%	$1k	-	7 Year IRA
3.80%	$500	-	7 Year CESA

PenFed Credit Union

Field of Membership Restrictions

Related Posts

Premium Online Savings..The Fine Print

Too Many Cds

Pen Fed Has Lost Its Way

Thoughts . . . .

Data as of Q2 2023

Health Grade Components

PenFed Credit Union Savings Account Rates

PenFed Credit Union Money Market Rates

PenFed Credit Union Checking Account Rates

PenFed Credit Union CD Rates

PenFed Credit Union IRA Rates

Availability

Washington Area