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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

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

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.

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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

PenFed Credit Union is Good

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.

Customer Service

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.

Excellent Experience with Penfed Deposit Products; Need Higher Rates

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.

PenFed ease

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

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 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
0.50%*$20k*$50kAccess America Checking w/ direct deposit
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 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.