PenFed Credit Union


Overview / Commentary
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

Related Posts

Penfed: 3 Years, 3.25% APY (For IRAs, 3.20% APY) - 7/20/2022

$1000 minimum 3 years, 3.25% APY https://www.penfed.org/accounts/money-market-certificate for IRAs: 3 years, 3.20% APY https://www.penfed.org/accounts/iras-overview

PenFed Credit Union 5-Year Certificate Now Earns 3.50% APY - 6/23/2022

PenFed Credit Union (easy membership) has special rates on its nationally available 2-year and 5-year Money Market Certificates ($1k minimum) through July 7, 2022.

5 Year Cd At Penfed - 6/22/2022

5 year cd at PenFed is now 3.50 % apy.

View all posts from:

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 Cuts CD Rates - Another Sign of Falling Rates
2/1/19 - Penfed Lowered All Rates, Except One
1/18/19 - EXPECTED RATE RAISE IS A MIRAGE
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%
12/1/18 - PenFed CD Rate Increases Are Modest
11/30/18 - Pen Fed May Increase Rates In December
11/5/18 - PenFed CDs Make Small Gains
11/1/18 - Penfed Increases All CD Rates Except For 5 And 7 Year
11/1/18 - Saving Rate Change
10/3/18 - New CD Rates Offered by PenFed Credit Union
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
6/1/18 - PenFed Credit Union Begins June With New CD Rates
3/1/18 - First Of The Month CD Rate Increases At PenFed
3/1/18 - Certificates Rates Rise At Penfed
2/2/18 - Certificate Rate Increases
2/1/18 - CD Rates Up at PenFed But There Are No Rate Leaders
12/2/17 - Slight Rate Increase On Some Money Market Certificates
12/1/17 - Two Small CD Rate Increases at PenFed
10/24/17 - Interest Rates Up On Money Market Certificates
10/18/17 - PenFed Increases Rates On All Certificates
10/2/17 - PenFed’s New Money Market Certificate Rates
9/1/17 - Small CD Rate Hikes At Penfed
4/1/17 - PenFed Ups CD Rates with Competitive Mid-Term CD Rates
3/20/17 - Penfed And Valor CU Prime Rate CDs
3/1/17 - Penfed Cuts 1-Yr, 15-Mo, 5-Yr And 7-Yr CD Rates
2/1/17 - CD Rate Cut
1/1/17 - PenFed Kicks Off New Year with Competitive Long-Term CD Rates
1/1/17 - New CD Rates--APR/APY
12/1/16 - PenFed Credit Union Raises Short-Term CD Rates - Top 1-Year Rate
11/11/16 - PenFed Credit Union Raises CD Rates
11/11/16 - CD Rate Increases
11/1/16 - New November CD Rates At Penfed - Only Small Rate Increases
10/2/16 - Penfed Ups Short-Term CD Rates - Long-Term CDs Remain Disappointing
5/3/16 - PenFed CU Raises Rate On Access America Checking
4/4/16 - Belvoir Federal Credit Union Will Be Merging Into PenFed
4/4/16 - Penfed Merging With Belvoir FCU On May 1
2/23/16 - Penfed Lowers CD Rates
1/23/16 - PenFed Credit Union Offers New Competitive 15-Month CD
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 CU Raise Rates On 1-Year And 2-Year CDs To Competitive Levels
5/1/15 - Penfed CD Rate Increase
1/14/15 - Another Rate Drop At Pen Fed
1/1/15 - Happy New Year! Update on PenFed CD Rates
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

Reviews (187)

Premium Online Savings..The Fine Print

Posted by: |

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.

Tips On Opening A Penfed CD Online - Minor Glitch Found

Posted by: |

I just opened a PenFed CD online and there was only one minor glitch that has a solution.

I couldn't get PenFed to send me the Verification Passcode by email so I could continue with the CD application. I called Customer Service and it turns out the Passcode email functionality doesn't work anymore. So instead I was told I could request the Mobile Phone Voice option to get the Passcode by their automated system calling me, or I could request the Passcode be sent by Mobile Text Msg. The Mobile Phone Voice option can also call a Landline.

OTHER TIPS AND INSIGHTS:

I had already pushed funds via ACH to my PenFed savings account.

The morning the funds appeared at PenFed they showed up in my Available balance. No hold. My account was over 30 days old.

I was able to open the CD very very easily.

My personal information was already pre-populated by PenFed in the form so I didn't have to fill out the form at all.

I just had to select the:
CD duration
CD amount
CD funding source
CD dividend option (add to CD or send to other acct, or get check sent)
CD expiration option (renew or close, etc.)
Etc.

To keep things as simple as possible, I didn't add any beneficiaries. I can do that later, I believe.

I was then asked to sign the completed CD application form by just clicking on the Adobe form signature box.

Before I was asked to click on the form I could see the completed CD application form. It showed very clearly all the selections I had made and the CD duration and interest rate. So I could see exactly what I was submitting.

Then after submitted, I was shown a page that showed my new CD, rate, etc..

The new CD immediately appeared in my PenFed accounts list.

My PenFed savings account was reduced by the amount of the new CD.

I will receive a paper copy of the CD application by US mail. I need to sign the form and return it by mail because they want a "wet signature" for their records. The web page said: "The account will not be valid until they get the signed form by US mail." When I send the form, I can also add other information like Joint Ownership, etc.

My understanding is that the CD account has been created and the interest rate is locked in. Now I just need to give them the final wet signed form for their records. I think they do that to be extra careful regarding security. PenFed does not accept digital images of signatures, I was told by Customer Service.

Overall I was very surprised how simple, streamlined, and transparent the CD application process was.

Also, the PenFed Customer Service people were available in just a few minutes and they were very pleasant, knowledgeable, patient, and helpful. They answered all of my very technical questions completely. They were also willing to open the CD for me but they said it's faster and better if done online. I agree.

Please forgive any typos above.

Pen Fed Has Lost Its Way

Posted by: |

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!

5X Points | 3X Points | 1X Points

Sounds great all those fantastic points paid by the Platinum Rewards card. But how much money back are you really getting? And just like gold and silver, you can't spend points at the grocery store prior to converting back to dollars. But why not just tell you the reward expressed as a percentage? The answer is because many of the huge numbers of card issuers don't want yo to know so they attempt to dazzle you with points. How many know the value of your points and the equivalent percent return? Let's do the math and expose the hidden truth. If you want to exchange your points for a $50 Visa Gift Card, it takes 5,880 points. Doing the division, each point is worth 0.0085 cents in the 1x "Other" category, 0.0255 in the 3x "Grocery" category, and 0.0425 in the 5x "Gasoline" category. To convert from decimal to percent, multiply by 100. Bottom line, your card is returning 4.25% on gas, 2.55% on groceries, and just 0.85% on Other.

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Health
A+

Health Grade Components

Overall
NCUA #227
Year Chartered1935
Employees3872
Primary Regulator
Profit Margin
Return on Assets - YTD0.9%
Return on Equity - YTD2.95%
Annual Interest Income$325.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$35.38B$27.25B
LoansQ1 2022vs Q1 2021$27.87B$19.21B
DepositsQ1 2022vs Q1 2021$24.97B$20.21B
Equity CapitalQ1 2022vs Q1 2021$10.41B$6.60B
Loan Loss AllowanceQ1 2022vs Q1 2021$247.3MM$252.5MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$305.4MM$240.1MM
Real Estate OwnedQ1 2022vs Q1 2021$0$1.7MM
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
1.20%--Premium Online Savings
0.05%-$2.5kRegular Savings
0.05%--IRA Savings Account
0.05%$10k-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
0.35%*$20k*$50kAccess America Checking
OTHER TIERS: 0.15% Up to $20k

PenFed Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%$1k-3 Year Money Market Certificate
3.20%$1k-5 Year Money Market Certificate
3.20%$1k-7 Year Money Market Certificate
3.00%$1k-2 Year Money Market Certificate
2.80%$1k-4 Year Money Market Certificate
2.60%$1k-18 Month Money Market Certificate
2.40%$1k-15 Month Money Market Certificate
2.30%$1k-12 Month Money Market Certificate
1.20%$1k-6 Month Money Market Certificate

PenFed Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.20%$1k-3 Year IRA
3.20%$500-3 Year CESA
3.15%$1k-5 Year IRA
3.15%$1k-7 Year IRA
3.15%$500-5 Year CESA
3.15%$500-7 Year CESA
2.95%$1k-2 Year IRA
2.95%$500-2 Year CESA
2.75%$1k-4 Year IRA
2.75%$500-4 Year CESA
2.25%$1k-1 Year IRA
2.25%$500-1 Year CESA
Locations

Availability

Washington Area

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