PenFed Credit Union

Popular Accounts at this Credit Union

APY	ACCOUNT TYPE	HOW THEY COMPARE
3.05%	5-year CD	2.27% - National Average
3.05%	6+ Year CD	2.34% - National Average
2.85%	4-year CD	1.99% - National Average

View all PenFed Credit Union rates »

Overview / Commentary

www.penfed.org

800-247-5626

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 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

PenFed Cuts CD Rates - Another Sign of Falling Rates - 2/1/2019

As feared, PenFed Credit Union (PenFed) started February by lowering the rates on most of its Money Market Certificates (PenFed's version of CDs).

Penfed Lowered All Rates, Except One - 2/1/2019

February 1st. Only the 6-month certificate rate stayed the same at 2.40%. All the others were lowered by 10-20 basis points. Check out the PenFed website. Maybe I'm dreaming...

EXPECTED RATE RAISE IS A MIRAGE - 1/18/2019

PENFED dropped the 5 year CD rate from 3.5% to 3.35% . IRA 5 year CD from 3.4% moved dow to 3.25%. I want to see the rep who told ALAN1 about rate increase in January.

View all posts from:

2019
2018
2017
Earlier

2/1 - PenFed Cuts CD Rates - Another Sign of Falling Rates
2/1 - Penfed Lowered All Rates, Except One
1/18 - EXPECTED RATE RAISE IS A MIRAGE
1/1 - Penfed Increases Rates On 15- And 18-Month Cds

12/31 - Penfed 15- And 18-Month CD Rates MAY Be Increasing In January
12/28 - Penfed 5-Year & 7-Year Rates MAY Be Increasing In January
12/17 - Penfed Rates Increased
12/13 - Pen Fed Savings Account 2%
12/1 - PenFed CD Rate Increases Are Modest
11/30 - Pen Fed May Increase Rates In December
11/5 - PenFed CDs Make Small Gains
11/1 - Penfed Increases All CD Rates Except For 5 And 7 Year
11/1 - Saving Rate Change
10/3 - New CD Rates Offered by PenFed Credit Union
10/3 - Penfed Raises 5 And 7 Year CD To 3.30% APY
8/27 - Penfed Premium Online Savings 1.65% APY
8/7 - Penfed Increases Their CD Rates
6/1 - PenFed Credit Union Begins June With New CD Rates
3/1 - First Of The Month CD Rate Increases At PenFed
3/1 - Certificates Rates Rise At Penfed
2/2 - Certificate Rate Increases
2/1 - CD Rates Up at PenFed But There Are No Rate Leaders

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

Reviews (148)

Featured Account Options

Very Good Service, As Always

Posted by: Diehard | Jan 3, 2019

I recently conducted an important account transaction/transfer with PenFed, and it was handled very promptly and professionally. However, I wish I could do those transactions from the webpage, instead of having to mail a letter.

I'm very happy that you can now have the FULL AMOUNT of your maturing certificate sent back to your linked bank via ACH. I wish they would allow us to do the same with money in regular savings. (current ACH transfer limit is 5k per day?)

And lastly, I'm glad to see a new premium savings account with a 2% yield. That's a good start, PenFed. Any chance that rate may increase to 2.30 or 2.40%? :) Thanks for the great service.

CD Mature Dates

Posted by: slimjimmy51 | Jan 17, 2019

I’ve had several CD’s at PenFed. They do not close the CD out until midnight on the date of maturity. So the funds aren’t available until the next day, making the maturing date actually one day more. However, when I called the CSR, I was informed that they can manually transfer the funds on the true mature date. So overall, PenFed did okay by me.

Comment

Always Liked Penfed

Posted by: Steveo | Jan 11, 2019

Not too happy with finding out that money moved between your own Penfed accounts is unavailable for 6 days! Never experienced that with any other of the many banks I have used. Most transfers from Outside institutions is only 3 days between most banks!

I WAS A Great Customer

Posted by: FalconDad | Mar 20, 2019

I've been a long time happy PenFed Checking customer that would have given them 5 Stars on every website under every category. Today that all ended today.

I had an NSF on a small ACH transfer. I immediately the same day went into to a local branch and deposited $400 cash to cover my error. I never even complained about the $30 NSF fee. Now, any check I deposit shows as unavailable funds for 9 business days. I'm just waiting for my last deposit to go out of unavailable status and I will close my account including my mother's large account that contains her retirement funds. I spoke with several customer service reps to fix the 9 business day hold, but they all concur in different language that their security department feels they don't need to do anything to keep customers. That's just bad business.

Comment

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Health

Data as of Q4 2018

Learn why bank health matters

Health Grade Components

Overall
NCUA #	227
Year Chartered	1935
Employees	2521
Primary Regulator

Profit Margin
Return on Assets - YTD	0.64%
Return on Equity - YTD	6.35%
Annual Interest Income	$935.6MM

Assets and Liabilities
Assets	Q4 2018vs Q4 2017	$24.48B$22.86B
Loans	Q4 2018vs Q4 2017	$19.99B$19.51B
Deposits	Q4 2018vs Q4 2017	$18.88B$17.81B
Equity Capital	Q4 2018vs Q4 2017	$2.46B$2.29B
Loan Loss Allowance	Q4 2018vs Q4 2017	$119.0MM$98.4MM
Unbacked Noncurrent Loans	Q4 2018vs Q4 2017	$133.9MM$111.7MM
Real Estate Owned	Q4 2018vs Q4 2017	$3.1MM$3.3MM

User-submitted Promotions & Notices

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This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Penfed Lowered All Rates, Except One

Diehard | Feb 1, 2019

February 1st. Only the 6-month certificate rate stayed the same at 2.40%. All the others were lowered by 10-20 basis points. Check out the PenFed website. Maybe I'm dreaming...

EXPECTED RATE RAISE IS A MIRAGE

brskun | Jan 18, 2019

PENFED dropped the 5 year CD rate from 3.5% to 3.35% . IRA 5 year CD from 3.4% moved dow to 3.25%.
I want to see the rep who told ALAN1 about rate increase in January.

Penfed Increases Rates On 15- And 18-Month Cds

alan1 | Jan 1, 2019

15-month APY is 2.90% (was 2.85)
18-month APY is 2.95% (was 2.90)

other rates are unchanged

https://www.penfed.org/accounts/money-market-certificate

Penfed 15- And 18-Month CD Rates MAY Be Increasing In January

alan1 | Dec 31, 2018

According to a PenFed representative, the 15-month APY will be 2.90%
(up from 2.85%); the 18-month APY will be 2.95% (up from 2.90%). The representative had no information re other terms.

NB: This is just information provided by one employee. .

Penfed 5-Year & 7-Year Rates MAY Be Increasing In January

alan1 | Dec 28, 2018

I was speaking with a PenFed representative and asked if the current 3.50% APY on 5-year CDs would be available in January. I was told that PenFed representatives had been notified that rates on 5-year and 7-year certificates will be increased in January. The representative did not know what the new rates will be.

Of course, this is information provided by one PenFed employee. My experience with PenFed leads me to believe that it is likely that the information is correct.

Rates

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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.