PenFed Credit Union

Overview / Commentary

www.penfed.org

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

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:

2022
2021
2020
Earlier

7/20 - Penfed: 3 Years, 3.25% APY (For IRAs, 3.20% APY)
6/23 - PenFed Credit Union 5-Year Certificate Now Earns 3.50% APY
6/22 - 5 Year Cd At Penfed
6/2 - PenFed Credit Union Pushes CD Rates Upward Again
5/24 - Penfed 3Yr CD Special 2.75%
5/18 - Penfed Lifts Savings Rates To .7% APY
4/8 - PenFed Credit Union CD Rates Soar To Rate Leading Levels
4/7 - 2.50 Apy For 5Yrcd, All Others Gone Up Also
3/3 - PenFed Credit Union Has Across The Board CD Rate Increases
2/1 - PenFed Ups 18-Month and 2-Year CD Rates To Market-Leading Levels

12/17 - PenFed Credit Union Offers Special Holiday Rates On Short-Term CDs
12/16 - $150 Statement Credit When Adding Authorized User
12/8 - PenFed Raises 5-Year CD Rate Again
10/13 - PenFed Credit Union Ups Long-Term CD Rates
7/3 - PenFed Credit Union Ups All CD Rates
7/1 - 2 New CD Rates Available For Limited Time!
7/1 - 5 Year Increased To 1.00%

11/19 - Sad Day :(
7/1 - PenFed Lowers CD And Savings Account Rates, 5-Year Falls To All-Time Low
6/17 - Penfed Drops Rates - Now At 1.05% APY
5/13 - Penfed Online Premium Online Savings Drops To 1.25%
5/6 - PenFed Offers $200 Bonus for New Access America Checking Account
5/5 - PenFed - $200 For Opening A New Access America Checking Account
3/17 - Penfed Drops Rates On Cds
3/12 - Rates Lowered

Reviews (187)

Premium Online Savings..The Fine Print

Posted by: DSRsd | Jun 22, 2022

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.

Comment

Tips On Opening A Penfed CD Online - Minor Glitch Found

Posted by: MrCD | Jul 1, 2022

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: ricsue | Jun 30, 2022

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

Posted by: YurieGlovotch | Jul 23, 2022

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+

Data as of Q1 2022

Learn why bank health matters

Health Grade Components

Overall
NCUA #	227
Year Chartered	1935
Employees	3872
Primary Regulator

Profit Margin
Return on Assets - YTD	0.9%
Return on Equity - YTD	2.95%
Annual Interest Income	$325.9MM

Assets and Liabilities
Assets	Q1 2022vs Q1 2021	$35.38B$27.25B
Loans	Q1 2022vs Q1 2021	$27.87B$19.21B
Deposits	Q1 2022vs Q1 2021	$24.97B$20.21B
Equity Capital	Q1 2022vs Q1 2021	$10.41B$6.60B
Loan Loss Allowance	Q1 2022vs Q1 2021	$247.3MM$252.5MM
Unbacked Noncurrent Loans	Q1 2022vs Q1 2021	$305.4MM$240.1MM
Real Estate Owned	Q1 2022vs Q1 2021	$0$1.7MM

APY	MIN	MAX	ACCOUNT NAME
1.20%	-	-	Premium Online Savings
0.05%	-	$2.5k	Regular Savings
0.05%	-	-	IRA Savings Account
0.05%	$10k	-	IRA Premier Account

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

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.35%^*	$20k^*	$50k	Access America Checking
OTHER TIERS: 0.15% → Up to $20k

APY	MIN	MAX	ACCOUNT NAME
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

APY	MIN	MAX	ACCOUNT NAME
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

PenFed Credit Union

Field of Membership Restrictions

Related Posts

Premium Online Savings..The Fine Print

Tips On Opening A Penfed CD Online - Minor Glitch Found

Pen Fed Has Lost Its Way

5X Points | 3X Points | 1X Points

Data as of Q1 2022

Health Grade Components

PenFed Credit Union Savings Account Rates

PenFed Credit Union Money Market Rates

PenFed Credit Union Checking Account Rates

PenFed Credit Union CD Rates

PenFed Credit Union IRA Rates

Availability

Washington Area