PenFed Credit Union

Overview / Commentary
7940 Jones Branch Dr
McLean, VA 22102

Pentagon Federal Credit Union ("PenFed"), a 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. 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

Related Posts

Earn Up To $750 Bonus With Deposits - 3/5/2024,4f74198,26ec7eb&cid=PRODDM45287&bid=-1616667068 Get up to a $750 bonus¹ and supercharge your savings with 3.00% APY³ Reach your savings goals faster when you open a NEW PenFed Premium Online Savings account and fund with $10,000 or more on or before March 31, 2024. Earn a $150 bonus for every $10,000 deposited, up to $50,000, when you fund from an external account and keep it funded until July 31, 2024. Take advantage of your tax refund and enjoy earning dividends with a 3.00% APY after you add it to your NEW PenFed Premium Online Savings account. Deposit Earn $10,000+ $150 $20,000+ $300 $30,000+ $450 $40,000+ $600 $50,000+ $750

Pen Fed Rate Changes: - 3/1/2024

CD rates take a tumble as of 3-1-2024 !

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.

View all posts from:

12/16/21 - $150 Statement Credit When Adding Authorized User
7/1/21 - 2 New CD Rates Available For Limited Time!
7/1/21 - 5 Year Increased To 1.00%
11/19/20 - Sad Day :(
6/17/20 - Penfed Drops Rates - Now At 1.05% APY
5/13/20 - Penfed Online Premium Online Savings Drops To 1.25%
5/5/20 - PenFed - $200 For Opening A New Access America Checking Account
3/17/20 - Penfed Drops Rates On Cds
3/12/20 - Rates Lowered
10/24/19 - Penfed Lowers Premium Online Savings Account
8/22/19 - Penfed Lowers Premium Online Savings Account
7/1/19 - Penfed Slashes CD Rates
2/1/19 - Penfed Lowered All Rates, Except One
1/1/19 - Penfed Increases Rates On 15- And 18-Month Cds
12/31/18 - Penfed 15- And 18-Month CD Rates MAY Be Increasing In January
12/28/18 - Penfed 5-Year & 7-Year Rates MAY Be Increasing In January
12/17/18 - Penfed Rates Increased
12/13/18 - Pen Fed Savings Account 2%
11/30/18 - Pen Fed May Increase Rates In December
11/1/18 - Penfed Increases All CD Rates Except For 5 And 7 Year
11/1/18 - Saving Rate Change
10/3/18 - Penfed Raises 5 And 7 Year CD To 3.30% APY
8/27/18 - Penfed Premium Online Savings 1.65% APY
8/7/18 - Penfed Increases Their CD Rates
3/1/18 - Certificates Rates Rise At Penfed
2/2/18 - Certificate Rate Increases
12/2/17 - Slight Rate Increase On Some Money Market Certificates
10/24/17 - Interest Rates Up On Money Market Certificates
3/20/17 - Penfed And Valor CU Prime Rate CDs
2/1/17 - CD Rate Cut
1/1/17 - New CD Rates--APR/APY
11/11/16 - CD Rate Increases
4/4/16 - Penfed Merging With Belvoir FCU On May 1
2/23/16 - Penfed Lowers CD Rates
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 CD Rate Increase
1/14/15 - Another Rate Drop At Pen Fed
11/1/14 - PenFed Lowers Most Money Market Certificate Rates But Raises 3-year Rate
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?
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
1/29/14 - C/R Told Me Penfed Will Be Lowering Their Certificate Rates For New Money
12/27/13 - Heads Up Ref 3% CD's
11/5/13 - 3 Yr Cd @.2.02%
11/1/13 - PenFed Money Market Certificate Rate Increase
9/29/13 - New Higher CD Rates At Penfed Starting Oct 1st
8/12/13 - Closing A Penfed Account
8/8/13 - Penfed Offers Chip Enabled Platinum Rewards Card
3/8/13 - Penfed ATM Cards
3/5/13 - Penfed Platinum Cash Rewards Card
12/27/12 - Will Penfed Have A January CD Special?
3/6/12 - Website Change At Pentagon Federal Credit Union
3/1/12 - Pen Fed CD Rate Drop
2/12/12 - Penfed Money Market Certificate Renewals
11/23/11 - New Service Fees At Pentagon Federal As Of Sept 2011
8/20/11 - Pen Fed Branch Offices Are Useless
7/29/11 - Penfed Contingency Plan In Case Of Government Default
2/2/11 - February 2011 Maturing CD's Bonus 25 Basis Points

No Problem Getting Money Out

Posted by: |

I was a little concerned about closing out my PenFed CD upon maturity and getting my money out, given a lot of the "horror story" reviews I've read.

I had set up an external bank account a few weeks ago and selected an ACH transfer to the external account as the maturity option (on my online account page).

The CD matured on a Saturday and the funds appeared in my external account the following Tuesday morning. Since ACH transfers don't occur on weekends, that means that PenFed took one business day to complete the transaction.

Can't argue with that.

Complaining Works

UPDATE 02-10-2024 - Of late, PenFed has finally pulled their heads out and apparently hired a new webmaster. What a drastic improvement! Their website now makes logical sense and is easy to navigae. I now issue 5 stars.

Too Many Cds

Posted by: |

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.

My Penfed Story

Posted by: |

This is my PenFed story. I wanted to open a new checking account and I initially chose PenFed because of relatively high ACH transfer limits, and a physical branch nearby.
I did the account registration/creation process online. At first it seemed to go fine, multiple form pages asking for the usual info and more. All required. I had to do phone text verification for the initial registration, then the password reset, then to login again, every login after that, and each time I linked an external bank account. I made initial deposits of $1000 into checking and $200 into savings. Email and phone notifications are all flowing every step of the way. Congratulations they say, my checks and ATM cards are on the way. I logged in the next day to validate initial deposits and account access is still good. I wait a week to get the checks and ATM cards before taking any further action. Cards and checks arrive. My plan was to activate the cards and setup direct deposits that day. First step of that was to login again to get direct deposit numbers for the checking account. This is when the trouble begins.
I can’t log in and a message says account locked, call this 800 number to unlock. Heavy sigh. I call the number, entering personal information such as my date of birth and social security number to be able to advance through the phone prompts and get to a human. Repeat all the same info to the service rep and then she’s ready to assist. I asked if she could help me unlock the account. I was put on a long hold while she checked details, then she came back and asked me some questions about when I created the account, then put me on a longer hold. After the second hold, she said I would need to provide more proof of identity using their secure upload site. I would need to provide scans of the driver’s license, social security card, and car registration for both the primary (me) and the joint account owner (my wife). I had to take note of the upload numbers and then wait until the next day and call back on the same 800 number. I followed all those instructions with no issues.
I call back the next day, get to a rep, and give them the case background and upload numbers. The rep says yes, I see all your documents right here, let me put you on hold while I check your case. After a lengthy hold, she comes back and says sorry can you please now also send us a copy of your phone bill. I say sorry I am on a family plan and don’t have a copy of the phone bill. She says sorry she can’t unlock my account then and since it’s not in my name they need a copy of the bill AND the driver’s license of the person the bill is being sent to. I don’t want to ask him to provide me a phone bill, much less his driver’s license, so that was it for me. Although I’d invested a lot of time and given all my personal info already, I decided at that point to cut my losses with PenFed. I tell the customer support rep this isn’t going to work and can she please help me reverse the deposits and close the accounts. She says “No, I can’t do that.” After I complained about them accepting my money without a problem but now refusing to let me have it back, she said MAYBE if I go into a branch with my ID and explain my case they can help me.
I felt so mad at that point I had to take a minute to try and calm my breathing. Looking back, I realize I was feeling anger, fear, and helplessness all mixed together. I realized how little I could do to access my money, and just how poor and non-cost effective all of my options were for fighting it. Anyway, I agreed to try going into the branch the next day and ended the call.
I went in first thing the next morning. They open at 10:00. Although they still weren’t able to immediately unlock the account, I felt like the branch manager there made an honest effort to clear it up. He even put it on speaker so I could hear it. We had to leave it with an email to the fraud department and a promise that he would follow up the next day. He did just that and let me know the account was unlocked. I was able to log in that day and transferred money out of the account. I appreciated his help, but was past my limit with PenFed already and couldn’t just let it all go. I went back the next day and closed the accounts.



Health Grade Components

NCUA #227
Year Chartered1935
Primary Regulator
Profit Margin
Return on Assets - YTD0.27%
Return on Equity - YTD3.15%
Annual Interest Income$465.9MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$34.42B$35.32B
LoansQ1 2024vs Q1 2023$28.08B$29.8B
DepositsQ1 2024vs Q1 2023$29.59B$28.79B
Equity CapitalQ1 2024vs Q1 2023$2.94B$5.95B
Loan Loss AllowanceQ1 2024vs Q1 2023$670.1MM$758.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$516.5MM$468.2MM
Real Estate OwnedQ1 2024vs Q1 2023$837K$307K
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* 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

3.00%$0-Premium Online Savings
0.05%$0-Regular Savings

PenFed Credit Union Checking Account Rates

0.35%*$20k*$50kAccess America Checking
OTHER TIERS: 0.15% $0 - $20k

PenFed Credit Union CD Rates

4.00%$1k-1 Year Money Market Certificate
4.00%$1k-2 Year Money Market Certificate
4.00%$1k-15 Month Money Market Certificate
4.00%$1k-18 Month Money Market Certificate
3.40%$1k-3 Year Money Market Certificate
3.20%$1k-4 Year Money Market Certificate
3.20%$1k-5 Year Money Market Certificate
3.00%$1k-6 Month Money Market Certificate
3.00%$1k-7 Year Money Market Certificate

PenFed Credit Union IRA Rates

3.90%$1k-1 Year IRA
3.90%$1k-2 Year IRA
3.90%$500-1 Year CESA
3.90%$500-2 Year CESA
3.30%$1k-3 Year IRA
3.30%$500-3 Year CESA
3.10%$1k-5 Year IRA
3.10%$1k-4 Year IRA
3.10%$500-4 Year CESA
3.10%$500-5 Year CESA
2.90%$1k-7 Year IRA
2.90%$500-7 Year CESA


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