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Most Popular PenFed Credit Union Accounts

Account Type	APY	Account Name	Min	Max
CD	2.25%	12 Month Money Market Certificate	$1k	-	Details »
CD	2.35%	18 Month Money Market Certificate	$1k	-	Details »

View all PenFed Credit Union accounts »

Overview / Commentary

www.penfed.org

800-247-5626

7940 Jones Branch Dr
Tysons Corner, 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

12/2 - Slight Rate Increase On Some Money Market Certificates
12/1 - Two Small CD Rate Increases at PenFed
10/24 - Interest Rates Up On Money Market Certificates
10/18 - PenFed Increases Rates On All Certificates
10/2 - PenFed’s New Money Market Certificate Rates
9/1 - Small CD Rate Hikes At Penfed
4/1 - PenFed Ups CD Rates with Competitive Mid-Term CD Rates
3/20 - Penfed And Valor CU Prime Rate CDs
3/1 - Penfed Cuts 1-Yr, 15-Mo, 5-Yr And 7-Yr CD Rates
2/1 - CD Rate Cut
1/1 - PenFed Kicks Off New Year with Competitive Long-Term CD Rates
1/1 - New CD Rates--APR/APY

12/1 - PenFed Credit Union Raises Short-Term CD Rates - Top 1-Year Rate
11/11 - PenFed Credit Union Raises CD Rates
11/11 - CD Rate Increases
11/1 - New November CD Rates At Penfed - Only Small Rate Increases
10/2 - Penfed Ups Short-Term CD Rates - Long-Term CDs Remain Disappointing
5/3 - PenFed CU Raises Rate On Access America Checking
4/4 - Belvoir Federal Credit Union Will Be Merging Into PenFed
4/4 - Penfed Merging With Belvoir FCU On May 1
2/23 - Penfed Lowers CD Rates
1/23 - PenFed Credit Union Offers New Competitive 15-Month CD
1/23 - 15 Mo CD 1.51% APY

Reviews (142)

Great rates, very satisfied

Posted by: Legendiana | May 26, 2018

I've been a member of Pentagon Federal (PenFed) since August 2008. I primarily use them for CDs and a Money Market account. Other than the initial membership paperwork, it's been smooth sailing and I've been able to handle everything online. Do they have the absolute best rates in the business? No, but they are consistently near the top, and it's not a fly-by-night operation. The few times I've contacted PenFed, wait times have been minimal and the representatives have been very good. If they had a brick & mortar location nearby, I'd probably switch most of my banking over to them as well.

Comment

1

PenFed - A Great Bank, If You Can Find It

Posted by: BoyLyfe | May 29, 2018

I have been a customer at Pentagon Federal Credit Union since opening my first checking/savings account there at my Mom's suggestion while transitioning between my Fairfax County high school and the College of a William and Mary. Most of my interactions with PenFed have come through the phoneand either by calling them or through their website or apps. PenFed clearly has invested in competent and effective IT infrastructure and their website is fast, user-friendly and consistently reliable, and their security protocols are strong. All of the PenFed folks I have dealt with, by phone or in person, have been great. The main problem is that branches are few and far between. I have one on the military base where I work, but that's the only convenient location and the nearest branch to my home is about 45 minutes away. PenFed sometimes feels like an online-only bank because of this. However, there are some perks to having physical branches, even if only a few and I've used their free (for members) check-cashing and Notary Public/document services only a few times, but each of those times was a HUGE help to me, and I'm very glad that I had PenFed near my place of work on those days.

Comment

2

My experience with PenFed

Posted by: jillianpreston | May 20, 2018

I have the PenFed Platinum Rewards card and I also have a checking account PenFed Credit Union. Setting up the account was really easy; I think it took a week or less. I never did get any checks in mail, but I don't need checks any. I mainly use my credit card. I set the account up and applied for the credit card when I was on active duty. I have a free checking account with a low minimum balance. I'm not exactly sure what the minimum balance requirement is, but I keep $50 in my checking and they never charge me any fees. I love that PenFed has no fees, and the credit card rewards are pretty impressive. My card gets 5% cash back on gas, 3% gas on groceries and 1% cash back on everything else. The only thing I don't like that much are the redemption options for my card. The rewards look more like 4.5% and 2.5% respectively when you use them to order a visa gift card or specialty gift card, but that's still pretty good. I plan on getting the 2% cash back card eventually. It's one of the few 2% rewards cards I know of that doesn't have an annual fee. Also, the website is pretty easy to use. I've never had a problem with online banking or mobile banking. I have actually never had to interact with anyone over the phone. I've been able to do everything I needed to online. I may look into their home buying program when my husband and I are ready to buy. Overall, I'm impressed with them. The account setup is streamlined, and I haven't run into any hassles.

Comment

4

Penfed has been a good bank to store our savings.

Posted by: BabeBlackLeventis | May 13, 2018

I've had a pentagon federal account with my husband for a few years now. We have a savings account and use it to store our money out of our reach. We haven't had many problems with them, so we haven't contacted customer service often ,but the few times we had to, they've been helpful and friendly. We lost our login information and our security pin once, and had to call customer service to get our information. They were very easy and kind to work with, and asked many straightforward questions to verify we were who we said we were. Once we were verified they gave us our information and we were on our way. From our experience I would give their customer service a 5/5.

I do not use their website often, but when I do, I have found it a little hard to navigate. It wasn't very clear on what to click on to get what you needed. I would give their website a 3/4.

Overall as a bank to use for a savings account, I would give penfed a 4/5.

Comment

4

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Health

A

Data as of Q1 2018

Learn why bank health matters

Health Grade Components

Overall
NCUA #	227
Year Chartered	1935
Employees	2126
Primary Regulator

Profit Margin
Return on Assets - YTD	0.86%
Return on Equity - YTD	8.54%
Annual Interest Income	$225.3MM

Assets and Liabilities
Assets	Q1 2018vs Q1 2017	$23.36B$22.40B
Loans	Q1 2018vs Q1 2017	$19.64B$19.23B
Deposits	Q1 2018vs Q1 2017	$17.95B$17.42B
Equity Capital	Q1 2018vs Q1 2017	$2.33B$2.15B
Loan Loss Allowance	Q1 2018vs Q1 2017	$102.4MM$65.2MM
Unbacked Noncurrent Loans	Q1 2018vs Q1 2017	$120.0MM$70.5MM
Real Estate Owned	Q1 2018vs Q1 2017	$2.1MM$5.9MM

Rates

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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

APY	MIN	MAX	ACCOUNT NAME
0.05%	-	$2,500	Regular Savings
0.05%	$25	-	IRA Savings Account
0.05%	$10k	-	IRA Premier Account

PenFed Credit Union Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW 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

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.50%^*	$20k^*	$50k	Access America Checking
OTHER TIERS: 0.20% → Up to $20k

PenFed Credit Union CD Rates

APY	MIN	MAX	ACCOUNT NAME
3.10%	$1k	-	7 Year Money Market Certificate
3.00%	$1k	-	5 Year Money Market Certificate
2.60%	$1k	-	4 Year Money Market Certificate
2.50%	$1k	-	3 Year Money Market Certificate
2.40%	$1k	-	2 Year Money Market Certificate
2.35%	$1k	-	18 Month Money Market Certificate
2.30%	$1k	-	15 Month Money Market Certificate
2.25%	$1k	-	12 Month Money Market Certificate
1.85%	$1k	-	6 Month Money Market Certificate

PenFed Credit Union IRA Rates

APY	MIN	MAX	ACCOUNT NAME
3.00%	$1k	-	7 Year IRA
3.00%	$1k	-	7 Year CESA
2.90%	$1k	-	5 Year IRA
2.90%	$1k	-	5 Year CESA
2.50%	$1k	-	4 Year IRA
2.50%	$1k	-	4 Year CESA
2.40%	$1k	-	3 Year IRA
2.40%	$1k	-	3 Year CESA
2.30%	$1k	-	2 Year IRA
2.30%	$1k	-	2 Year CESA
2.15%	$1k	-	1 Year IRA
2.15%	$1k	-	1 Year CESA

Locations

Availability

Washington Area

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