About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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2.17%$1k-PenFed Credit Union7 Year Money Market Certificate
2.12%$1k-PenFed Credit Union5 Year Money Market Certificate
1.81%$1k-PenFed Credit Union4 Year Money Market Certificate
1.76%$1k-PenFed Credit Union3 Year Money Market Certificate
1.51%$1k-PenFed Credit Union2 Year Money Market Certificate
1.31%$1k-PenFed Credit Union1 Year Money Market Certificate
Accounts mentioned in this post. Rates as of August 19, 2017.

PenFed Comes Through With New Top CD Rates


Those 3% rumors turned out to be true. PenFed is now officially offering a 5-year and a 7-year CD with a 3.04% APY. The rates are listed at PenFed’s certificates overview page as of 12/01/2013. Thanks to the readers who reported on these early. There’s also good news for those who prefer shorter terms. PenFed’s 4-year CD rate increased to 2.22% APY, and the 2-year CD rate increased to 1.41% APY. PenFed’s 3-year CD still has a very competitive 2.02% APY. Below is a summary of the new December rates and how they changed from November. Also, I’ve included the early withdrawal penalty for each term:

  • 3.04% APY 5-yr and 7-yr (was 2.02%) EWP: up to 365 days
  • 2.22% APY 4-yr (was 2.02%) EWP: up to 180 days
  • 2.02% APY 3-yr (no change) EWP: up to 180 days
  • 1.41% APY 2-yr (was 1.26%) EWP: up to 180 days
  • 0.75% APY 1-yr (no change) EWP: up to 180 days

PenFed calls their CDs "Money Market Certificates", but they are essentially certificates of deposit (CD) with fixed rates for specific terms.

Minimum deposit is $1,000. The rates are also available in an IRA and a Coverdell Education Savings Account. The early withdrawal penalty is up to 180 days of interest for terms from 1 year to 4 years. The penalty is up to 365 days of interest for terms of 5 and 7 years. The penalty doesn’t eat into the principal. For example, if you withdraw principal before 1 year on a 5-year CD, you’ll lose all interest but none of the principal. This feature should come in handy for those who had opened a 2.02% PenFed CD last month and would prefer a 3.04% CD. You should be able to close those CDs without losing any principal. You’ll just lose all interest.

Even though PenFed typically maintains CD rates through the month, they no longer guarantee it. Since this 5-year CD rate is so much higher than the competition, I wouldn’t assume this rate will last for the whole month.

For more details about PenFed CDs, please refer to my PenFed CD review.

PenFed Membership

PenFed makes it easy for anyone to join and open accounts online. If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (one-time $20 fee) or by joining the Voices for America's Troops (one-time $15 fee). Joining one of these organizations and joining PenFed can be done at the same time all online. Our PenFed overview section has more details on PenFed’s membership qualifications.

To join PenFed, click on the "Join PenFed" link at the top of any PenFed page. This will take you to the start of the online application. That first page asks about eligibility. If you don't qualify via any of the listed options, click "None of the above". A popup informs users that "We can establish your membership eligibility through either National Military Family Association or Voices for America's Troops." When you close the popup, you are then asked to select one of these two organizations.

Branch Locations

Accounts can be opened online, but for those who prefer opening accounts in an office, PenFed has branches in several parts of the country including Washington DC, Maryland, Virginia, New York, North Carolina, Hawaii, Puerto Rico and Texas.

Credit Union Overview

PenFed is the third largest credit union in the nation. It has $12.5 billion in deposits. PenFed has an overall health grade at DepositAccounts.com of A+ with a Texas Ratio of 3.17% (excellent) based on June 2013 data. Please refer to our financial overview of PenFed for more details. It's federally insured by the NCUA (Charter # 227).

Which CD Term Is Best?

I’m very happy with this new 5-year CD rate. I didn’t think we would see 3% 5-year CDs so soon. However, this does bring up several issues to consider for savers. Will we see higher CD rates in the next couple of years? Or will the U.S. be like Japan with low rates that never seem to end? If you think the U.S. is going to be like Japan, you may actually want to take advantage of the 7-year CDs. If you think it’s very likely we’ll see much higher rates in a couple of years, you may want to stick with PenFed’s 3-year CD.

What if you choose this PenFed 7-year CD and rates do shoot up in the next few years? You should be able to close the CD early with the early withdrawal penalty of 365 days of interest. As we discussed many times, there’s not a 100% guarantee of this option. However, PenFed has a history of being honorable with its early withdrawal penalty. When it increased the EWP on its 5-year CD, the larger EWP did not affect existing CDs. It only affected new CDs and CDs that had been renewed.

Hidden advantages of PenFed’s 7- and 5-yr CDs compared to the 3-yr CD

If you close the 7-year CD early after 2 or more years, you’ll actually earn more interest than if you had chosen shorter-term CDs from most other banks and credit unions. The 7-year or 5-year CD that’s closed at 3 years actually has a higher effective yield than PenFed’s 3-year CD that’s held to maturity. So if you trust PenFed’s early withdrawal policies and penalties, there’s no reason to choose the 3-year CD instead of the 5- or 7-year CD.

You can see the effective yields of PenFed’s 7-year CD when closed early in our CD early withdrawal penalty calculator. Please only consider the yields at one year or later. Our calculator currently does not calculate the proper effective yields for PenFed’s CDs closed before 1 year. The effective yields will actually be zero for these cases instead of negative.

The most difficult question may be whether to choose the 5-year CD or the 7-year CD. PenFed’s 5-year CD held to maturity has a much higher effective yield than the 7-year CD closed early at 5 years. One would think we will surely see much higher rates 5 years from now, but as we learned over the last 5 years, rates can stay low for a very long time. So you may not want to completely ignore the 7-year CDs. Instead of putting everything into 5-year CDs, you may want to consider putting some of your money into 7-year CDs.

Searching for the Best CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following tables at DepositAccounts.com:

Related Pages: CD rates, IRA rates

Related Posts

Shorebreak   |     |   Comment #1
Let the frenzy begin. Perhaps a video stream from PenFed branches on Monday morning will rival Walmart's 'Black Friday' chaos.
Anonymous   |     |   Comment #2
Any thoughts on 3 year vs 4 year vs 5 year?  Do your spread it out money and use all three?  Do you just locked up all your money and be happy with 3.0?  Just curious about the strategy of the process.
lof   |     |   Comment #3
Just opened the 5 yr cd, when their phone lines opened this morning.  I can't see the rate lasting very long (Monday could be to late, to open it).   I'm on the west coast, hit them at 5:01 am   Last rate like this, was with U.S. Senate FCU and it only lasted a few days (they had stacks of applications).  Ken thank you for the posting.
bbug   |     |   Comment #4
I have long term IRA certificates with Pen Fed and have been told, since I'm over 70 1/2, I can withdraw any amount at any time without penalty so long as I leave $1,000 in the certificate.

I doubt that same provision applies to non IRA certificates, but would open one if it did. I just hung up after spending 20 minutes on hold for customer service and wonder whether anyone here knows for sure.
RickNP   |     |   Comment #5
I just opened a new 5 yr. CD using their online process. As a repeat customer, it took less than 2 minutes, allowed me to fund it from an external account via ACH transfer, and the new account number showed immediately in my online list. The required signature paperwork will come in the mail within a few days. I've done it this way flawlessly for 2 years now. There is no reason to clog their phone lines or waste valuable CSR time with multiple calls.
Andy   |     |   Comment #6
Post #3: How can you open up a CD so soon (in one day) if you don't have the money already in the share account? It takes a few days to ACH funds over to PenFed for the deposit...
Anonymous   |     |   Comment #7
It took me less than a minute to open the cd on-line.
Andy   |     |   Comment #8
Ok, to answer my own question in Post 6, I just called PenFed and asked them how to fund if I don't already have the money at PenFed. The answer is that I can fund it via an external ACH.

Well unfortunately in my case I can't do that because I have to sell a bond first on Monday and plus the money to fund a new 5-year is coming from two different sources and I am worried I am going to lose out on the new rate because you will probably end it next week due to high demand. Her reply was "Don't worry, the new 3% rate is good for the whole month" I facetiously replied, "Can I have that in writing?" And her reply again was "haha, don't worry I have never seen PenFed end their monthly CD rates early like what you are suggesting. The 3% rate is good the whole month...."

So perhaps we do have a little time to get our money over to them. I don't know...


scottj   |     |   Comment #9
Penfed worries me a little now, why did they offer a rate much higher than others? I'm guessing because they had to. Almost like a pyramid scheme, they offered some great above average rates 5 years ago and those CDs are maturing and they can't afford to have everyone close and our hoping with this rate people will rollover. Could this cause an eventual collapse? I'm not sure and since I'm already maxed out on NCUA insurance with them on my 10 year 5% CD I will probably play it safe and not take advantage of this deal.  Hopefully this will be the first of 3% CDs and I can find some safer ones 
Shorebreak   |     |   Comment #10
I will not close a certificate early or exceed the NCUA insurance limit on deposit accounts. Thus, I fully expect to renew a 1-year PenFed Money Market Certificate that matures on December 21st into a 5-year certificate with an APY of 3.04%.  No panic or angst about missing out on these rates are in the cards.
Anonymous   |     |   Comment #11
I would never open a cd uninsured..... maybe penfed knows rates are going to rise and is getting out ahead of it plus I have been dealing with penfed a long time and most of the time they offer their best rates at the end of the year or the very beginning... I don't know why but they do.
scottj   |     |   Comment #12
"and most of the time they offer their best rates at the end of the year or the very beginning... I don't know why but they do".

Yes, but I think that might be because they need to offer these deals to keep the ones that our maturing from the previous deals from closing 
Anonymous   |     |   Comment #13


To add to your concerns about PENFED.  A little odd that an institution lets out information about higher rates beginning in the next month and supposedly has let customers prearrange for these CD's for the beginning of the next month.  PENFED is the only one that I have ever heard that has done this.
Roush   |     |   Comment #14
RickNP - When you opened the new 3% account online, did you already have your 'one time pass code' or, if not, how did that work? TIA
Andy   |     |   Comment #15
Have been with PenFed for 14 years and this will be my 9th CD with them. I can honestly say that I have received around $300K in interest from them throgh the years. I had (have) doubts about their annual CD rate specials too but then I remember that their clientele is probably around 75% military and gov't workers who do get paychecks 2x/month and are disciplined to pay their bills (loans). Thus am not worried about the solvency of PenFed
Anonymous   |     |   Comment #16
Where is that poster who is famous for saying "Keep your powder dry"?  Is he/she still keeping his/her powder dry?
Anonymous   |     |   Comment #17
#2 - Ken touched on this issue in this post.  Go with the 5 year of 7 year.  If you close after 3 years you come out ahead.  Real question is 5 year vs 7 year.  What will rates look like in 5 years.
RickNP   |     |   Comment #18
Roush (#14): I really don't remember anything about a "one-time pass code." It may have been required with my first online purchase, years ago, but not since, and I've opened 4 CD's uneventfully with them in 2013 alone. Sorry.
Anonymous   |     |   Comment #20
Re: early closure of certificate. Will they do it over the phone or will they require it be in writing? Thanks.
paoli2   |     |   Comment #21
#14   They do have a passcode they ask for whenever I call.  It's some security thing but it seems to help to have it.  I use it with all calls.

One note of hint to all calling Penfed for these 3% CDs.  They have hired some "new" reps to help out and unfortunately they have not been trained very well.  They will give you misinformation and can cause all kinds of extra work that isn't necessary.  I just finished faxing some additional info I wanted on my two CDs that the new rep refused to add.  It seems he was confused by the rules for checking accounts and CDs are different.  I do hope they get my fax and all will be well.  At least I know I now have my CD numbers and my account online shows the CDs and the withdrawals for them.  I was surprised that I was actually able to get through as many times as I did this morning to try to get the correct info as to how to undo the mistake the first rep had made.  They wanted me to file an official report on him but I could not do it.  He is probably going thru Hell trying to work at a new joke at this time with the higher CD rates.  I just asked that they give him more training so others won't have to go through what I did today.  Hope everyone on DA gets any CDs with Penfed they want without any problems.
Anonymous   |     |   Comment #22
Anon #20: I talked to a rep this morning, and it has to be done in writing (it can be faxed over). I was told to tell them what you want them to do; include member number and account numbers; tell them you understand you're forfeiting earned dividends; and sign it. I'm doing this very thing tonight or tomorrow. (Transferring a 3-yr CD I just opened to a new 5-yr CD.) I don't want to miss out on these rates just in case they don't last the month. :-}
Anonymous   |     |   Comment #23
In my opinion, PenFed could have gotten all the deposits they need by offering a rate close to 2.5%. Why would they offer 3%?  Does anyone know?  No speculations please.
Anonymous   |     |   Comment #24
Thanks for the good info Ken!  I just opened a new account at PenFed (via joining the Voices of America org) online.  Then I called PenFed customer service with my new acct number and the CSR opened the 5 yr CD and funded via a ACH from my external account.  Very easy and CSR was excellent at getting it done quick.  Amazed they have customer service support on Sunday.
Anonymous   |     |   Comment #25
#23 Banks and CUs make money on the spreads between loans and deposits, among other things e.g credit cards. They also make money off the spreads between treasuries and deposits. Basically PenFed is saying that their book of loans vs their book of deposits yields a profit. For example, their mortgage offerings are now close to or over 3%. Almost all economists predict rates will go up within a couple of years, making the PenFed move brilliant in grabbing deposits before the competition even awakens. I expect their 7-year rate to nudge up soon.
Anonymous   |     |   Comment #26
To answer some of the questions raised above, you can open the CD online without having the money  already at PenFed.  While opening the CD, you just need to specify the external bank account from which the money will be taken via ACH transfer.
jamesstewart   |     |   Comment #27
You can open a new share account on line with a credit card and then open a CD on-line right away with an external ACH transfer. The on-line external ACH transfer to fund the CD is limited to $25,000. I found out that you can open a CD with an external ACH larger than $25,000 by opening it by phone. The CD's will show up instantly on-line and you are locked in while your ACH is in progress.
Shorebreak   |     |   Comment #28
Has anyone taken out a loan on their home to open one of these accounts yet?
OldGuy   |     |   Comment #29
In response to Shorebreak, I suppose I could come up with several tongue-in-cheek ways--some legal, some not--that I was raising money to invest in the 5-year CDs.  So far, though, I've limited myself to closing a maturing CD at another institution yesterday, and selling three brokered CDs I had at Fidelity and Vanguard (at a miniscule gain).  I'm toying with closing a CD at Ally as well.

The scary thing is that I figure I'd come out way ahead if I closed each and every CD I currently have at PenFed, paid the substantial penalties, and then reinvested what was left in a couple of gigantic 5-year CD with five POD beneficiaries.  Of course, that assumes that I don't think CD rates will go anywhere in the next five years.  Plus, as George Bush Sr. once said, "that wouldn't be prudent."
Shorebreak   |     |   Comment #30
Re:  OldGuy - #29,Sunday, December 1, 2013 - 5:36 PM

"that wouldn't be prudent."

You got that right.

paoli2   |     |   Comment #31
RickNP:  Could you tell me where you find the Penfed form to buy the CDs on-line?.  I would love to do it that way but can't type in the forms I find.  It might be my computer.  Any info you can share would be appreciated.  I got my 2 on the phone today but the rep made an error and I spent all day trying to resolve it.  If we do it on-line we can see if everything is correct.  Thanks!
Anonymous   |     |   Comment #32
Paoli, go to your account at penfed then press on open account/certificate tab... that will take you to a page where you will press on money market certificate.... that will take you to the start of the application.
RickNP   |     |   Comment #33
Paoli2: As soon as you log into your account, right below the PenFed logo, there should be 2 rows of tabs. In the bottom row, the 2nd tab from the left reads "Open Account/Certificate."  Click on that, and follow the instructions. Try it out as a dry run and let me know what happens. Good luck.
paoli2   |     |   Comment #34
Wow!  Anony 32 and Rick, thank you so much!! How simple something is when you know what you are doing!!  Like a real stupid I was going to Forms and trying to type into the form Penfed told me to print out for the CDs.  They never told me what you two just did in less than 2 minutes!  If I had known how to do this, I might not have had to spend all day on the phone with them due to their rep's error.  Next time I will do it myself!  You both gave such easy and quick ways to do it that I feel like a real fool for not realizing how to do it before.  I can't thank you both enough for coming to my aid and helping me since I would like to find a way to buy more of those great 3% CDs.  Much, much appreciation to you both!   BTW, I wrote down both of your instructions on a card by my computer so I will always be "ready to go" when I need to get those Applications done.   Have a great night!
Andy   |     |   Comment #35
jamesstewart - #27 : Maybe you as a new member are limited to $25K for your on-line external ACH. My limit for external ACH is $999,999 :-)
Anonymous   |     |   Comment #36
You're welcome Paoli, I wrote you a comment last night telling you how to do it but I guess you missed it.
paoli2   |     |   Comment #37
#36  It must have been on one of the other threads where we were discussing Penfed.  We have more than one and maybe it was after I closed down for the night.  How I wish I had read that post last night.  It would have saved me a lot of anquish with Penfed and some dumb rep this morning.  They admitted to be he was new hired to help with the 3% rush and he got the rules mixed up for the CDs but I still have to wait for them to redo the CD after all the mess today.  On-line I could have done it in minutes and spent my day posting on DA and getting called all kinds of nice names.  Well at least you all were free from me all day so maybe some good came out of his mistake :)   Thanks for trying to get to me in time tho.  Really do appreciate your being willing to help me out.  Thanks!
shipwrecked&alone   |     |   Comment #38
hard to believe so many are rushing to 4 to 7 year CD's with rates at historical lows.

Byron Wein said the 10 year should be at 4% right now given historical metrics.
Jim Davis
Jim Davis   |     |   Comment #39
 Since Byron is not issuing CD's afaik , this is not useful.
lou   |     |   Comment #40
"The scary thing is that I figure I'd come out way ahead if I closed each and every CD I currently have at PenFed, paid the substantial penalties, and then reinvested what was left in a couple of gigantic 5-year CD with five POD beneficiaries.  Of course, that assumes that I don't think CD rates will go anywhere in the next five years.  Plus, as George Bush Sr. once said, "that wouldn't be prudent."

OldGuy, why isn't this prudent?
Pablo Savin
Pablo Savin   |     |   Comment #41
Opened my CD this morning, online. Very quick, easy with a transfer. Hope this rate hold out for a couple of months, have very large CD's coming due by March this year. Maybe others will follow, NCUA insurance will only cover so much
Anonymous   |     |   Comment #42
Byron Wien is a noted economist. People pay attention when he speaks. Granted what he says is not necessarily guaranteed to happen but Wall Street bigwigs listen and many follow his advice. Watch the 10 year treasury rates now about 2.75 or slightly better depending on when you are checking after reacting to the latest economic reports. It's a good idea to diversify anyway. I would not put all my eggs in one basket. 3% is fine for a portion of one's assets but not necessarily all.
Shipwreckedandalone   |     |   Comment #228
Seven year at 3 percent is scary.  Wein's prediction is based on historical yield data mixed with economic growth data back in time not forecasted out. IOW's historical facts not his opinion. Be careful here. The cu may not allow you to break the cd. After all, they possess your money.
QED   |     |   Comment #43
The 3% APY is high, no question.  But let's think in dollar terms.  Assume for five year CDs today that 2% is routinely available elsewhere, since it's easier to use round numbers.  Then on a million bucks you would have an extra $10,000/year or $50,000 over the five years.  That's not an insignificant amount of money!!

Course you need to consider Uncle Sam will seize a portion of that 50 grand.  And also, for older folks only, you have to be very careful about the dreaded IRMAA.  IRMAA taxation rates increase each year, and the splits are ridiculous.  You do NOT want to push yourself into a higher IRMAA bracket by only a few dollars!  Not saying the IRMAA is determinative in this matter, but it is a factor to consider.  Seniors have to be so careful with such things these days.  
OldGuy   |     |   Comment #44
Lou: I think it would be the easiest thing in the world--and perfectly legal--if sometime during the next five years PenFed retroactively prohibits early withdrawals without its consent, or makes them even more prohibitively costly than they already are.  I also think there's a good chance the Fed's manipulation of interest rates will unravel, and long-term rates will increase substantially.  So, although I've invested often in 5-year CDs during the last 12 months, I still restrain myself from going all in.
paoli2   |     |   Comment #45
Personally, I would not put any funds into these 3% CDs whether 5 years or 7 that I knew I might need until maturity.  There is a reason Penfed has decided to hike up the rates when no one so far has followed suit.  I don't think they would put up with people "jumping ship" on them in a couple of years if rates go higher.  I have not received my CD paperwork yet but I bet there has to be some "clause" or "clauses" in the Disclosure so it will not be easy to bail out if one wants to. 
gbtexas   |     |   Comment #46
Opened a 5 year online yesterday about 6 a.m..  True to PenFed's approach, absolutely painless.
Bruce   |     |   Comment #47
Just signed up with PenFed and Voices for America's Troops ($15). Very easy.

Filled out CD form and invested. Again, very easy. All to gether, less than 1/2 hour. Even used credit card to sign up.
paoli2   |     |   Comment #48
What I find odd is that this group seems to be the only one who is even discussing Penfed's new rates.  Even Best Cash Cow has no mention of their rates when I lasted checked.  One would think it would be all over the internet on all of the CD groups.
Todd   |     |   Comment #49
The increase in early withdrawal penalty from 180 days to 365 days for a 5-year CD is very disappointing.

If they had left the penalty the same, investment at PenFed would have been a no-brainer.

Now, unfortunately, it's going to take some thought...
paoli2   |     |   Comment #50
I think the 1 year EWP is a sign from Penfed that they only want depositors who plan on leaving the funds in until maturity.  It could really be a problem for them if others offer a matching rate with a lower EWP.  They have to make it expensive for those who got the Penfed CDs to close out of them early.
WonderingWoman   |     |   Comment #51
Because of this excellent site I was able to get PenFed's 10 year 5% CD's a few years ago and now, thanks to you again, I've been able to take advantaage of their 5 year 3%.  Can't thank you enough!!
Anonymous   |     |   Comment #52
Thanks to Ken and everyone who provided this great info!  I'm hoping someone can help me figure out what to do now.   I have a cd at PenFed, 3 years, at 1.59% that I opened in March of this year (so it matures March 2016).  If I close the 3 year CD now and use the money (less the penalty) to open a new 5 year cd at 3%, but then still withdraw my money in March 2016, will I be ahead of the game?  I know I need to factor in the 6 month penalty for ending the 3 year now, and then the 12 month penalty for ending the 5 year in 2016, but I still can't figure out how to do the math.  If anyone can walk me through the process of how to do it, I'd appreciate it.  (It would help if you use simple numbers, like a $100,000 CD to start.  Just to clarify, I don't have that!) 
paoli2   |     |   Comment #53
#52 It's not that complicated.  It's a matter of taking a relative figure for the CD amount and figure how much you would earn for each CD percent and term minus the EWP.  In your case, you are going to get hit with 2 EWPs.  If I were going to do something like this I would stick it out with the 5 year CD so I could earn more money at 3% to help make up for the two EWPs I had to pay.  If you know how to multiply, subtract, and do percentages, you should not have a problem figuring this out for yourself.  I think we all have had to figure these things out when things happen and we really need to cash in a CD early.  Maybe Ken has a "quickie" post on how to do this for those who are new at it.  
Anonymous   |     |   Comment #56
I just read on the Bogleheads site that you can deduct EWP on your taxes, even if you don't itemize...lo and behold, it's line 30 (in the AGI section) on 2012 1040! Cool! So this might help ease the pain. :-}
paoli2   |     |   Comment #57
Shorebreak:  How nice of you to share with Best Cash Cow today.  Now Penfed can really get swamped! :)

I'm surprised the guy who runs that guy didn't already know about Penfed.
Shorebreak   |     |   Comment #58
Re: paoli2 - #57, Monday, December 2, 2013 - 6:33 PM

"Shorebreak:  How nice of you to share with Best Cash Cow today.  Now Penfed can really get swamped! :)"

I hope the lines are jammed. Then perhaps you can't called them for a while. lol.
Shorebreak   |     |   Comment #59
Re: Anonymous - #56,Monday, December 2, 2013 - 6:28 PM

"I just read on the Bogleheads site that you can deduct EWP on your taxes, even if you don't itemize...lo and behold, it's line 30 (in the AGI section) on 2012 1040! Cool! So this might help ease the pain. :-}"

Been there for decades.

Anonymous   |     |   Comment #60
Does Penfed send end of the year tax records on lost interest?
paoli2   |     |   Comment #61
SB:  "I hope the lines are jammed. Then perhaps you can't called them for a while. lol."

That's not a nice thing to say.  "I" already have my CDs.  What about all those on Best Cash Cow who now know about it and will try to call them?   I have the Chairman of the Board's email address.  If I really can't get thru on the phone, I'll just contact him.  "He" cares about what happens with Penfed and how they treat customers.  Such a nice man! 
paoli2   |     |   Comment #62
#60  Your EWPs have to be shown on the 1099 INTs Penfed will send you showing your interest.  It is in a seperate box from earned interest.
Rosedala   |     |   Comment #63
As ever, you are SO helpful Ken!  THANK YOU SO MUCH!!!  Having come home from a dreary whole month session of Grand Jury Duty (last day today, thank God!), I found the great news you gave us of Penfed's offer!  So at 8 pm I opened a 5 year CD with a most kind and helpful CS lady, and it took under 10 minutes!  I was keeping this money at a few pennies interest at my checking account bank for convenience so I doubly appreciated this news.  :o)

If it will make things easier for some of you, her name is Stacy Aitken (pronounced "Aiken") and perhaps you could ask for her? 

As to the fears that there may be something hidden in this great rate...remember that about 6 years ago Penfed offered 6% on 4, 5, and 7 year CDs (even 10 year too? Don't recall) while all other institutions were quite below that rate.  Anyway, I wish you all the best.  :-)
paoli2   |     |   Comment #64
Do the Penfed reps make commissions on the CDs they sell?  I have had several odd happenings with certain reps which gave me the opinion they were so eager to sell those CDs.  Maybe they have some kind of a contest going for the one who sells the most.  Just wondering.
Anonymous   |     |   Comment #65
No offense, but your "odd happenings" do not seem to be limited to your numerous run-ins with the Penfed reps over the past several days, rather the "odd "happenings" would seem to be business as usual with you?
Rosedala   |     |   Comment #67
Posts 65 and 66....(of course, anonymous too!)  What's the problem with YOU!!!   What is it to YOU that someone expresses an opinion???  You're using up the space and our time and vision with simpleton criticism.  Leave the members alone.  We all have the right to post our opinions as long as they pertain to this subject.  You can certainly ignore the opinions not of your interest, and if you can't ignore them.....how about choosing a different website?  Thank you.
decades   |     |   Comment #68
Ahhh the good old days ...when CU's were paying such good rates we thought it was a nigerian investment scam ..http://www.fatwallet.com/forums/finance/320690/?start=1560
Anonymous   |     |   Comment #69
I can't understand the comments by some people here.  First they get all giddy and fret about being too late to get Penfed's CDs at the higher rate, then after they got them, they are worried about PenFed and the safety of their money in the CDs.   
lou   |     |   Comment #70
# 69, your post reminds me of the Woody Allen adage, "I would never want to belong to a club that would have me as a member." Obviously, CD shoppers are, shall we say, a litle bit nuerotic. A sampling of the discussions of this site would attest to this not so subtle condition
Shorebreak   |     |   Comment #71
Re: paoli2 - #64,Monday, December 2, 2013 - 8:38 PM

"Do the Penfed reps make commissions on the CDs they sell?"

Why don't you just ask the rep on your next hourly call to PenFed?  Perhaps without commission you may get 4% APY on a certificate.

(Just kidding)

Shorebreak   |     |   Comment #72
Re: paoli2 - #61, Monday, December 2, 2013 - 8:22 PM

"I have the Chairman of the Board's email address.  If I really can't get thru on the phone, I'll just contact him."

Everyone has his "email address". It's right on the PenFed site. I don't believe you would bug him if you got a busy signal on the phone trying to get through to PenFed. On the other hand, I can believe it.

paoli2   |     |   Comment #73
'JOY TO THE WORLD"  "JUDGE THAT YE NOT BE JUDGED!"   Shorebreak DOES have a sense of humor.  All is forgiven for the nasty judgemental comments.  Penfed came through for me and corrected THEIR mistake as of this morning (or maybe late last night).  And yes I would have contacted the CEO's CEO if I had to to get a problem resolved. 

Rosedala:  Whoever you are, thank you so much for defending my right to have my say without being ridiculed constantly.  I appreciate so much your having the spunk to give your opinion.  For the sake of posters like yourself, I will try to keep my posts as few as possible.  Much appreciation for your words.
Anonymous   |     |   Comment #74
#73 -  "For the sake of posters like yourself, I will try to keep my posts as few as possible"


OldGuy   |     |   Comment #75
Lou; Wasn't it Groucho Marx who said that--not Woody Allen?  Or maybe they both did.
Rosedala   |     |   Comment #76
It's okay Paoli, gratis criticism should be a no no...    :o)
Anonymous   |     |   Comment #77
Seems like rosedala has come to paoli's aid.
decades   |     |   Comment #78
Penfed just can't get it done. Last friday I called them and requested early withdrawal on 3 accounts (2 regular share plus  1 ira), and faxed them the information to accomplish that . Money to be put in regular share accounts.

Called today to see why the money never transfered. They told me maybe would be transferred  within 48 hours for the regular share and a week for the ira . But thats what they have been telling me everyday . Shheeeeeshn! 



decades   |     |   Comment #79
Wow within half an hour of my post they got it done with the regular share account.

Bank deals is so cool , have made thousands of xtra money getting the best cd's. On Bank deals where they have the penfed rates listed ..click on the details ..actually has a graph of the rate history for each term . ..for the 5 year cd this 3% is the highest its been since early 2009....think I'll pile drive about 110 k into these (75k new money) 
paoli2   |     |   Comment #80
Decades:  Ok, I have to tell you.  I emailed the Chairman of the Board for you and when he heard it was Paoli, he got them rowing and taking care of you.  No thanks needed and no INSULTS either! :)  Seriously, they are so busy that just when you think it won't get done, they seem to do it.  So glad for you!
Anonymous   |     |   Comment #82
Oh, here we go again with another corrupted PenFed thread. 
Shorebreak   |     |   Comment #83
Re: paoli2 - #73, Tuesday, December 3, 2013 - 8:59 AM

"Shorebreak DOES have a sense of humor.  All is forgiven for the nasty judgemental comments."

I just think this whole thing is hilarious. Such a frenzy, replete with drama, over a credit union offering a 3.04% APY for a 5-year certificate. It's as though Ben Bernanke appeared over everyone's home and dropped bags of money out of his helicopter. Truly amazing. However, as long as you are having fun, I guess that's the important thing here.  
decades   |     |   Comment #84
We've been starved of mirth for so long with these low rates . Look to the right ..Ally is offering 1.6% for 5year cd's and they have the nerve to call them high yield cd's. After I had about given up on them, finally Penfed has stepped up to the plate ...

paoli2   |     |   Comment #85
Don't look to the left because my local Chase Bank is only giving .55% for 5 years!  The manager has finally quit asking me why I am not buying my CDs there.  It's pathetic.
Anonymous   |     |   Comment #86
I'm surprised the NCUA isn't worried that PENFED is offering rates above average. I bet the FDIC would be all over them if this was a Bank. So much fuss over a 3% CD. Penfed could fail and no one would receive the rate.
Anonymous   |     |   Comment #87
Wells Fargo is at .50  Wonder if people are really locking these in?
paoli2   |     |   Comment #88
So if Penfed fails we are ok as long as we stay within the insurance limits.  We would get our money back and then just be back in the same boat we got out of with less interest.  In the meantime, we can at least earn a bit more and pretend all is well in the world.
Anonymous   |     |   Comment #89
327 posts in two blogs over a 3% PenFed CD! Man I can't wait til there's a 3.25% 7-year!. DA rules!!!
Anonymous   |     |   Comment #90
Yes, a lot of posts but none from Bozo or me1004. Would really be curious as to their thoughts but I guess their silence speaks volumes.
paoli2   |     |   Comment #91
We 're at the point of counting posts now??  Maybe Bozo and me1004 just didn't have available funds to get more CDs at this time.  No big deal.  It's a blog.  Anyone can post who really wants to.  Have a good evening.  
Anonymous   |     |   Comment #92
#90 Maybe they're the guys that invested in gold funds (down 50% this year)! And those preaching stocks got a little jolt today. Treasury rates went down today. Hey 330 posts!
Anonymous   |     |   Comment #93
Yep, 330 posts and counting!
Andy   |     |   Comment #94
Ok, my CD is done. Sold that Ally Financial bond and invested the $2K cap gain along with the rest into a 5-year. Will come out a few thousand ahead when all is said and done. Thanks DepositAccounts and all the posters in the two PenFed threads for the entertaining past week :-) And profitable hehe
RickNP   |     |   Comment #95
#92: Don't be too smug about "those preaching stocks..." There's a good chance some of them are putting the $50k they've locked up in short-term CG's this year into PenFed. I know of at least one who is.
Anonymous   |     |   Comment #96
Yes, those who invested in stocks two or three years ago, are WAY AHEAD, financially, if they took some of that money off the table recently.  Further ahead than any 3% will ever take them. 
Anonymous   |     |   Comment #97
Maybe but "we" probably sleep better knowing the 3% won't crash next morning the way stocks can.  To each his own and if you are so gung ho about stocks what are you doing around here?  Just to mock??
RickNP   |     |   Comment #98
Take it easy, #97. Nobody's mocking you. Everyone has to understand their own risk tolerance, and allocate resources accordingly. I'm here because I believe this deal warrants moving money from stocks to CD's. Once I make my best decision, I sleep well, regardless.
Anonymous   |     |   Comment #99
Rick:  As long as you can sleep well with your choices, that is the key and it sounds like you do.  Sorry if I came off a bit harsh against the stock buyers.
lou   |     |   Comment #100
"There's a good chance some of them are putting the $50k they've locked up in short-term CG's this year into PenFed."

Don't forget to leave some of it for Uncle Sam. :)
Anonymous   |     |   Comment #101
Well I'm here to "mock". So let me make sure I understand this.............After all this commotion, for the next 5 or 7 years, all of you Penfed CD holders getting 3%, MIGHT just keep up with or be minutely of inflation. And then again, maybe not even that. Does that pretty much sum it up?
Anonymous   |     |   Comment #102
minutely ahead of inflation, that us.
Anonymous   |     |   Comment #103
#101/102 - Unfortunately, you're pretty much correctly summing it up (for that particular portion of our investable assets, obviously).  And now a question for you - how do you intend to stay ahead of inflation for the next 5-7 years (assuming, of course, that you intend to do so), and what degree of confidence do you have in that approach's achieving those types of returns for you?  
Andy   |     |   Comment #104
I don't live in the states, I am one of those rich (haha) overseas expats you hear about. To hell with the U.S. inflation rate, I got my own inflation rate to worry about lol

But my military pension, SMC-L 1/2 100% VA Disability & SSDI go up every year along with the CPI; those are my inflation fighters ;-)


RickNP   |     |   Comment #105
Lou: Couldn't help a wry smile at this: "Don't forget to leave some of it for Uncle Sam. :)"  because, in 2008, I suffered enough stock market loss so that I'm still carrying-forward, despite the huge run-ups of the past few years.

Anonymous   |     |   Comment #106
#103............I've addressed that question from time to time on this site for the past few years. Every time I did, I was quickly accused of everything from outright lying to trying to sell something (even though I've NEVER posted a link or suggested anything of the sort) So I just don't see the point to go over that silliness again. 

But since you ask, I'll give you the really short version. I haven't had a CD in at least 6 years now. Most investable money I have is tied up in in a couple of commercial rental properties that have been fully occupied for the last 12 years & are paid off. I have some stocks which I've held since the mid 90s & the rest has been earning me 15% since 2009 in p2p lending. Yes, it can be done if you know what you're doing. If not  then you can still make 6-8% No, it's not FDIC insured & no I don't have the ability or interest to sell anyone anything.

So yes I stay WAY WAY ahead of inflation. Let the jeers, insults & general exhibitions of ignorance begin.
jennifer   |     |   Comment #107
PenFed is obviously brilliant.   They made the 3% certificate available and now, this morning, every news station is buzzing with the new economic report and how it will translate into less Fed. control of interest rates and that rates are going to shoot up.

Now I am questioning whether I should have moved so much money to a 5 year CD this week!


So PenFed is ahead of the game and locking in the money at 3% and with a 1 year early withdrawal penalty for terms greater than 4 years.
RickNP   |     |   Comment #108
#106: Thanks for reminding me. I always forget about P2P lending. You are 100% correct on that. I don't have a clue what I'm doing, but my Lending Club investment has provided me an effortless average 7.8% for several years.
ryan   |     |   Comment #109
Jennifer.  You are correct.    I am worried about locking in the 3% rate based on the economic report this morning.
QED   |     |   Comment #110
Naaa, Jennifer.  Not to worry;  you're good.  First of all, it's not a one year penalty until after one year.  If anything dramatic happens in the next month or two, to where you just gotta get out, the penalty is much lower;  it's only the accrued interest.  Your real jeopardy comes between one and two years.  During that interval the penalty can be quite stiff.  After two years you will end up with 1.5% or more return.  That could be a lot worse.  There are not that many deals around today for 1.5% on two year money.

On the other aspect, America has no chance for a runaway economy until after January 20, 2017.  Until then, we will without question remain in the dumpster.  So I would not worry.  This opinion does not apply to the DC region, though.  Things are booming there already.  This PenFed 3% rate is evidence of that.  It's too bad, though, that they're using our money, from all over the rest of the country, to fuel their regional recovery.
scottj   |     |   Comment #111
I have a feeling this blog is going to get very entertaining as rates start rising, past few years it was pretty easy to look and feel like a genius locking in rates as they dropped. Now as they start going up we will see people upset they locked in a rate only to see it get raised slightly higher soon after. Many will probably keep closing early and reopening. To stick with a good laddered CD strategy better to just get and forget. My ladder CDs will allow to keep taking advantage of rising rates as older ones mature so I for one am glad to see rates tren up even if I just locked one in
bbug   |     |   Comment #112
#s 106 and 108,

 It seems to me that P2P lending has huge risks. Yield, as always, increases with risk. If you invest in a loan which is defaulted upon, you get zero. Are there ways of mitigating the risks? Can you invest in pools of personal loans? Or is it worth it to take an investable amount and invest it in numerous individual loans?

paoli2   |     |   Comment #113
Is anyone paying attention to what is happening to our country financially?  Obama is making financial decisions with our taxpayer dollars that can only end up bankrupting us even more.  Do you really think whatever the "news" is that we are going to suddenly see banks paying us higher than 3% interest?  No matter what happens in the future, we at least have our 3% rates "while" Penfed can still pay them to us.  I got what I needed and I am not playing catch up looking for better rates.  When my other CDs mature, I just hope I am lucky enough to still get 3% whether from Penfed or another institution. 
Anonymous   |     |   Comment #114
No one is paying attention.
paoli2   |     |   Comment #115
They will when it affects them personally.
Anonymous   |     |   Comment #116
I am concerned about the safety of the NCUA.    I worry about going over the 250 limit even though it is supposed to be ok if you have multiple POD's listed.
OldGuy   |     |   Comment #117
To get back to the subject at hand (if there is one), I'm experiencing the same problem of delay that "Decades" mentionned.  I faxed early closure requests for both regular and IRA CDs to PenFed Monday afternoon and they still haven't been acted upon.  A CSR told me they've been overwhelmed there and that I should be seeing my money available by the end of the day tomorrow.

I've also funded new CDs by selling brokered CDs at both Fidelity and Vanguard where, to my amazement, I got acceptable quotes back and executed transactions online in less than an hour.  I also closed an Ally CD, and the money appeared in my Ally checking account in less than 30 minutes.
Jennifer   |     |   Comment #118
PenFed is clearly overwhelmed.   The mainstream press has even picked up the story re the 3 percent CD's and it was the main story in one of the Long Island newspaper today.
paoli2   |     |   Comment #119
Old Guy:  I have been mocked for the many calls I "had" to make to Penfed to get my request resolved. I knew I had to get it done early this week because after that they would be swamped and I would have to stew until it was done.  Penfed knew putting out a rate like this at this time would swamp them.  I feel it was their responsibility to bring in as many extra employees as necessary to take care of the extra calls.  The problem is that from my experience they are not getting the good training they need and are making errors when doing these CDs.  I had to make several calls and emails to Penfed to finally get my problem resolved in 48 hours.  At this point, you either have a choice of sitting and waiting until they get around to you or getting through to them with emails and calls so your problem will not sit on someone's desk under thousands of other forms.

The other institutions were able to do your forms quickly because they are not being inundated with new CD buys, imo.  If you don't get response at the time you were given, you really need to get back to them to show that you expect them to keep their timeframe given.  Don't forget, you are the customer and it is your money they are being given. 
OldGuy   |     |   Comment #120
Paoli2: It's interesting, but your comment made me realize than I am much more demanding of "customer service" at a bank or broker than at a credit union.  The reason is that banks and brokers are stockholder-owned, profit-making businesses; credit unions are owned by members and are non-profit.  Maybe this is an overly-legalistic distinction, ignoring the fact that credit unions like PenFed are actually giant financial institutions,  but somehow I treat credit union CSRs more kindly than others.
paoli2   |     |   Comment #121
Old Guy:  How nice.  You treat them as family!  I do too but I must not like my family as much as you like yours cause everyone gets the same tough treatment from me. :)   I can truly understand how you come to the conclusion you do, tho.
OldGuy   |     |   Comment #122
For whatever reason, my IRA redemption money showed up a little while ago, and I opened my 5-year IRA CD.  Still waiting on the non-IRA redemption money, though.
Hoody   |     |   Comment #123
Just called them to check on stuff myself, seem's you CAN transfer more than 25K to open new CD's via ACH even if a new member.

The person I talked to said as long as it was going right to the CD's they can transfer the total amounts, cause i said it would be for 2 seperate CD's in seperate accounts due to POD status and be near 10 times that limit. She said it can be done.

I would also need to setup a mnymkt savings as joint, to transfer the monthly int into, so I can write my own checks to deposit where i want, I'm not too wild about having checks in the mail every month, don't much trust the mail, had a hell of a time once with that and the IRS due to a lost estimated payment.

So now I just need to go close the 2 CD's at BB&T.

btw She also stated that this would be running through this month.
Anonymous   |     |   Comment #124
Who locks in their money for 5 years at 3%?????   Who??????   You people??? Really?  Wow. Thanks but think I will take 80-90% over 5 years in the market. Silly me. You people make me laugh. Wow.
paoli2   |     |   Comment #125
What makes me laugh is people like yourself who are so sure that what they are doing is better, they post Anonymously to make fun of others.  Guess what?  You may end up losing 100% of your money in the stock market while we are still getting our 3% interest.  Guess what?  I won't waste time laughing at you because I think if you were so secure with what you are doing, you wouldn't need to spend time laughing at others who are smarter than you. 
Anonymous   |     |   Comment #126
Paoli........Though I agree that #124 is a bit silly (even by my standards) to assume 80-90% returns are normal or sustainable, I think that you're playing his game by talking about 100% losses in the market. There is something called stops you can place on your position. I mean really, 100% losses? About as likely as you waking up & finding that your FDIC insurance isn't worth anything at all. Just words. 
Anonymous   |     |   Comment #127
Bbug.......I wouldn't characterize it as "huge risks", but there are substantial risks. Most can be mitigated by diversifying as you stated. However there are some that can't...............such as a macro event that causes a depression kicking half the people out of work. In that scenario there will be substantial losses. Also, solvency of the platforms in case of adverse scenarios is not something that has been fully addressed. Everyone needs to look at their own risk tolerance of course. For me, I can accept some risk for the 15% per annum I've consistently made these past 4 years...............but is is DEFINITELY not something you'd want to put all your money in, nor should you expect more than 6-8% returns if you do it passively, which I do not. I actively manage my accounts on a DAILY basis. So you can certainly say that I "work" for my 15%. 
paoli2   |     |   Comment #128
#126   I can't go into personal details but yes I do know someone who actually lost 100% of everything he put into the market thinking it couldn't happen to him.  It devastated him so much and changed his life completely.  He has never gone back to stocks.  There "are" ways to lose 100% of what you invest in stocks so one really has to know what they are doing when they put money into stocks.  Many do make a good amount of money in stocks.  They are usually the type who take the time to study stocks and know the "what nots" and "what to do" in order not to be destroyed in the stock market.  The person I am referring to spent years thinking he knew just how to pick the right stocks and was always telling me, I was wasting my time with CDs.  After his lost, he has never gone back to stocks and he knows he should have heeded my warnings.  There are winners and losers in the stock market so not everyone ends up the way he did.   I was trying to make a point in my post that it "is" possible to loose 100% in the stock market if you do the wrong things.   One of the wrong things is being too eager to make the money fast.  One has to be willing to stick it out when it comes to stocks.
Anonymous   |     |   Comment #129
Paoli..........You're right it is possible to lose 100% or in fact even more than 100% in stocks.  Anyone that invests in the stock market but doesn't understand the first thing about protecting their downside, should never invest in the stock market. But just like you have been responsible in educating yourself before making the decisions you've made................it is really no ones fault & certainly not the stock market's fault, that your friend apparently did not do so properly.
paoli2   |     |   Comment #130
Thank you #129.  It's nice to be complimented for a change. :)  You are very right.  My friend took a big risk hoping to make a lot of money fast and it cost him dearly.  It really wasn't the stock market's fault but was what he did that made it happen.  I think my fear of the stock market has to do with that experience he went through.
Anonymous   |     |   Comment #131
A CSR told me 3.04% APY should last through end of January.
Anonymous   |     |   Comment #132
#130  He should have went to the "University of Paoli" and majored in finance....
Anonymous   |     |   Comment #133
Paoli.........You're welcome. Your reservations about the stock market are understandable.............but consider that it would be highly unlikely that you'd have the type of experiences your friend did if you were to invest there. I doubt you'd allow yourself to enter the game that unprepared & be that all or nothing aggressive. To a great extent long term performances in the stock market reflects who we are as people & investors. I know people who research to exhaustion before they buy a stock or mutual fund, but then hold on to it for decades or forever. I know others who research for 15 minutes, buy & rarely hold it for more than a year, often times less. I'm part of the former category & I sleep pretty comfortably. But then I've done this for years & don't need that part of my investments as an income stream.

I give you all a hard time about 3%CDs & inflation etc etc.............but I'll be the first to admit that if I needed to draw income, I would not be investing in the manner that I do.  
paoli2   |     |   Comment #134
#130  He did come to the "University of Paoli" and took my advice.  He is doing fine financially now.  I was able to help him in more ways than you might think. 
Anonymous   |     |   Comment #135
3% just aint enough, folks. It may sound great these days.......but for 5 years??? No. Not for me. I like the raise your rate option on some CD's.
paoli2   |     |   Comment #136
#135    Who ever said 3% was enough?  However, it's sure better than 1 or 2% for 5 years.  You do the math.  Some of our posters seemed to have big bucks to save and 3% sure gives a lot more interest than 2% from my math.   Even for someone like myself, it sure is a lot more help.
bbug   |     |   Comment #137


The way I understand it, person to person loans are exactly that- to one person. If that one person defaults for whatever reason, the lender gets nothing. If that is correct, I consider the risk to be huge, despite the odds that it won't happen. If you have $100,000 to invest, could you lend it to 100 people? That would reduce the risk considerably, but would there be bothersome record keeping involved?
scottj   |     |   Comment #138
I don't look at it as a single rate, more important to me is the blended rate of my entire CD portfolio. Sure I just opened a few 30 month 2% CDs but I also still have a couple years left on some better CDs, like 3.33%  United States Senate, 3.5% on a local deal, 3% Sovereign and best 5% Penfed. So yea this Penfed deal is 3% but as long as you are laddering you should be able to add some 4% in a year or so. 
Anonymous   |     |   Comment #139
I am so frustrated at the brick-wall so-called "customer service" at PenFed.  I initiated a 250K IRA transfer from Vanguard to PenFed a few weeks ago. Vanuard sent their $250k check to Penfed 8 days ago.  I received written confirmation from Vanguard about this 3 days ago, so the mailed check should have arrived at PenFed around 3 days ago.  Penfed says they did not receive the check.  The transfer was direct between Penfed and Vanguard and Vanguard sent the check to the address that Penfed requested.


Penfed refuses to let me speak to a supervisor not their IRA dept!!!!!


I get no respect from them, just the run-around.
paoli2   |     |   Comment #140
#139:  This is not a matter of respect.  If what you post is a fact, you have a right to have it done in a timely manner and not get the run-a-round.  If they refuse to put a supervisor on the phone, you have an excellent reason to email the CEO who says on-line that he wants to hear from customers of Penfed.  I once had a problem with Continental Airlines and they refused to budge so I put a call in to the CEO.  I could not believe when he actually called my home and personally took care of the problem and thanked me for letting him know what was going on.  A good CEO should be advised of what is going on in any company or institution he is over-seeing. 

Do you really want to entrust that large amount of money to a credit union who treats you in such a manner?   Even if you were to change institutions, the CEO should know how they are treating you.
Rosedala   |     |   Comment #141

As to your sentence:  "Penfed refuses to let me speak to a supervisor not their IRA dept!!!!!" is not clear, but if you do want to speak with an IRA Dept. supervisor and you haven't already, call and/or email Pamela Pealer, at ext. 1247, Pamela.Pealer@penfed.org.  I've had some issues with them about my IRA account and she took care of them to my satisfaction. 

If the problem isn't resolved and you are frustrated enough (it should be frustrating enough judging by the amount of the deposit), you can email to: Chairman Jim Quinn PFCUBDChairmanEmails@PenFed.org  ccing Pamela.  

However, if Penfed didn't receive the check, the fault lies at both ends.  I'm sure you questioned Vanguard too? 

Anyway, I do hope that by now your problem has been satisfactorily resolved!     

Anonymous   |     |   Comment #142
"the mailed check should have arrived at PenFed around 3 days ago" 

There is your problem.  "should have" dosen't mean it "did arrive" at PenFED.  Anything that important sent through the mail should be sent certiified with a return receit.  That way it can be tract along the way with proof of when it arrived at it's destination. 

You're too eager to blame PenFed, especially this time of year with the increase mail flow during the holidays.

By the way, you could have had Vanguard wire the money to PenFed.  Much faster than the fastest mail service.  That is the way I transferred my I.R.A from my plan administrator to PenFed several years ago.
Anonymous   |     |   Comment #143
Anonymous   |     |   Comment #144
Thank you Rosedala.  I called Pamala, the Penfed supervisor that you recommended and she was very helpful and fixed everything immediately.  She was actually aware of my situation already!


And thank you Paoli2 for your encouragement!

And, yes, I am well aware that my interest will be uninsured as it puts me over 250K.  That is no problem as I will periodically be taking distributions due to my age required RMDs soon.

Anonymous   |     |   Comment #145
I also sent an secure email to Mr. Quinn, the Penfed chairman about the nasty, unhelpful phone reps I encountered.  One of them actually accused me of lying and making up the dates the Vanguard checks were mailed.  I hope they kept a recording of that one!
Anonymous   |     |   Comment #146
Current Penfed IRA owners,

Does penfed have a EWP for required distributions (RMDs) from rollover IRAs?
QED   |     |   Comment #147
Some posts here leave me running for my calendar, not to check the day or month . . . to check the YEAR!!  But, yup, it's sure enough 2013.  I've not been caught in a time warp, regardless some of these comments.

When recently it was necessary for me to move (what I consider) a very large sum of money between two financial institutions, I eagerly coughed up the twenty bucks for a wire.  The money arrived at its destination within several hours, as cash, and I was able to re-invest the full sum on the same day.  There was no drama at all.  This is how things are done by everyone in 2013 . . . . or so I thought.  Why anyone would use snail mail to move money is completely beyond me.  For movement of smaller amounts I do use ACH to save the wire fee.  But snail mail?  Never!!!!!!
Anonymous   |     |   Comment #148
To answer your question #146, PenFed does not have an EWP on MRDs taken from rollover IRAs.
bbug   |     |   Comment #149
@146 & 148,


Further. if you're getting MRDs you must be over 70 1/2. and I've been told there is no EWP at PenFed for any IRA withdrawals if you're over 70 1/2 so long as you leave $1000 in your CD. That's why it pays to go as long as you need to to get the highest rate. and why you can even comfortably exceed the insurance limits if you keep a close watch on Pen Fed's health ratings.
Anonymous   |     |   Comment #150
I totally agree that wire transfer should be used for large transactions.  However, in my case, the outgoing institution refused to use a wire out transfer.  They stated their 'rules' did not allow me to choose that option for trustee-trustee IRA transfers; only mailed checks!  Their excuse was that the transaction was direct between them and Penfed and I had no options on the mode of transfer.

I have been heavily investing in CDs for over 30 years, since Reagan deregulated banks, allowing them to set their own interest rates starting ~1983.  Before that, the Federal government set all bank deposit rates and you had to go into the secondary broker market to get better CD rates. 

Anyway, I have alot of experiences with this issue and have encountered wire-out refusals a few time before!  One time 20 years ago I missed out on a great cd rate due to Fedex missing their promised overnight delivery.  That time, the sending bank also refused a wire-out transfer.

Maybe this would be a good topic for Ken to cover.
Anonymous   |     |   Comment #151
#150  May I ask the institution's name that refused to use a wire transfer to another institution?
Rosedala   |     |   Comment #152
#144, I'm so happy for you that the situation has been resolved!  As to FDIC not covering the interest, even with your RMDs it may get over the limit.  Why not splitting the account.  I'm sure Pamela will understand and accommodate you.   :o)        Rosedala
Anonymous   |     |   Comment #153
Each financial institution must up their own rules.  The only way my plan administator would make a custodian to custodian transfer of my IRA account was by wire transfer.
Anonymous   |     |   Comment #154
#152, there is no way to split an IRA account held in the same bank or credit union to be covered over the FDIC or NCUA limit of $250,000.
QED   |     |   Comment #155
I am respectful of the responses to my earlier post regarding wiring of funds.  I cannot tell you what I would say to an institution that flatly refused me a wire privilege, regardless my willingness to pay a fee, when I needed to move my funds.  Ken operates a very clean, family friendly, website here.  If I told you, Ken would eject me from this site.  Just the thought of that makes me see red, and I'm not even personally impacted!  Suffice it to say I would take my business elsewhere, pronto, never to return.  Refusal of a wire privilege is, to me, a form of theft.  It is despicable, and in 2013 it makes management of ones financial affairs most difficult.
Roush   |     |   Comment #156
#152 - You seem pretty sure of yourself so please explain how to increase the 250M IRA insured limit since several of us would probably like to take advantage of it also. If your post is in error, I doubt if your new best friend Pamela can help much.
Shorebreak   |     |   Comment #157
It's interesting to read the posts from people that have problems with PenFed customer service reps or the service they receive from MY credit union. I have been with PenFed for many years and have not encountered anything but courteous and efficient service from this institution. Probably the malcontents are those that either mess-up the account opening procedures themselves or are attempting to game the system. I sometimes regret PenFed opening their membership field to the general public. It just brought on more problems.
Anonymous   |     |   Comment #158
Contrary to your theory, I have been with them 10 years and this was my first bad experience there.  I am sure that if you were arbitarily called a liar by one of their phone reps, you would also have a different opinion of them.  I am also sure that you would not find it acceptable if you were denied access to escalate to a supervisor over a $250 issue.

So I wish you better luck when your time comes and you have a problem with your Penfed account.  These things can and will happen to all of us who move large amounts of money around the country chasing the best CD rates.  How the financial institution handles their customer issues is as important as the rates they offer.
Anonymous   |     |   Comment #159
typo in previous post "$250" should read "$250k"
lou   |     |   Comment #160
 Direct custodian-to-custodian IRA transfers are a pain in the as*. Depending on the institution it can be laborious and time-consuming. You need the receiving institution to send the request in writing to the sending institution and then you got to hope the funds are sent in an accurate and timely manner.

Years ago I had Fidelity directly tansfer IRA funds to PenFed. For some reason Penfed classified the transaction as an indirect tranfer because Penfed assumed Fidelity had made the check out to me. It took a almost a week to straighten the mess out. Because the funds had already been indirectly transferred in the 12 months prior to this incident, I would have been faced with paying taxes and a penalties on the entire amount of IRA funds I was having transferred.

I know for a fact that there are some banks/credit unions that won't wire IRA transfers. Usually you can get them to overnight the money with a tracking number but it is not always easy to set up.

I blame this process on stupid tax laws regarding IRA transfers. If it was up to me I would always do 60-day indirect transfers of IRS funds, but because you are only allowed to do them once a year, it is not always practical to move money this way. We need to change these laws to make it easier to move IRA funds between banks and financial institutions. It is also a pain in the butt to document the 60-day indirect transfers on my tax return.

The real problem is that it makes it very difficult to take advantage of good CD deals when the whole process of transferring IRA funds can be so slow. There are times when it is imperative to move quickly as the bank or credit union will not keep CD deal on the market very long. The law in this area is antiquated and disadvantages people like us who are looking to park the money with institutions with the most attractive rates.
Anonymous   |     |   Comment #161
Not necessarily.  In my experience, all I had to to was to make sure I a set up and had an IRA account number with the receiving insitution (which happened to be PenFed).  That was the easy part.  Then I contacted my original sending institution, I then filled out their paper work and the transfer was made by wire. 

Granted, it all takes tedious time to initiate the transfer from the sending institution.  I beleive they make it a tedious process to discourage people from moving their accounts (money) to another financial intitution.  If every blank box wasn't filled in or checked exactly like they wanted it, the transfer request was rejected and I had to fill out new forms.  All through snail mail, faxes were not accepted.  
Anonymous   |     |   Comment #163
Lose 100% in the stock market is laughable at best, anybody that loses 100% in the market was either not diversified and what they owned went bust.... forget about individual stocks, if they go down you don't know if they will go back up.... just do what I do, invest in the index funds they will never go to zero and when they take major hits add to them because you must remember 1 very important thing...... The market is manipulated to go up not down.   I use vti and voo, spy trades more shares daily so easier to buy and sell if that is your thing.
Anonymous   |     |   Comment #164
Btw, I only have 20% of my money in the market and it aggravates me that I didn't have more in there all this time but I can't imagine not having anything in the market and watch it go up 150%, that would stink. People need to learn about diversification and stop being so fearful, market works in cycles just like interest rates, it might be time for bonds to enter a bear mkt causing rates to rise and stocks might have come out of their secular bear trend and might be in a secular bull trend...... but nobody knows for sure.... thus DIVERSIFICATION.
Anonymous   |     |   Comment #165
If I wanted advice on investing in the stock market, I wouln't be monitoring this site ever since I found it several years ago.  Besides that, I would never take advice from complete strangers on the internet touting the virtures of the stock market.
Anonymous   |     |   Comment #166
As Lou said, transferring IRA accounts are a real pain.  To help speed up the IRA transfer process, always ask the institution to send the IRA transfer documentation by fax and wire the funds.  It is a good idea to note the fax request and the wiring instructions on the transfer documentation also.  You need to check to be sure the receiving institution will accept the IRA transfer documentation by fax and accept the wired funds, but in my experience, most will.   Also send your transfer instructions so that it will arrive a few days early, that is, prior to the IRA CD maturity date.  When the IRA CD matures, hopefully the funds are wired immediately on the first business day or at least by the next day.  I have learned that there is generally a need to phone call both institutions and followup to be sure the IRA transfer documentation has been received and that the funds have been wired.  Keep monitoring your account and making additional phone calls as needed to get the transfer done as quick as possible.  If you are concerned that the targeted rate that you are attempting to receive is lowered before the funds have been transferred, then the safest thing to do is to have the funds transferred to a share savings account and then buy the CD provided the rate is still acceptable. 
Anonymous   |     |   Comment #168
#165    Do you think that comment was for you and you alone, are you the only one on this blog? For your information that comment was in response to comments posted earlier about people they know that lost 100% of their money in the stock market. 
Shorebreak   |     |   Comment #170
'Great Caesar's Ghost', here we go again. I'm going to find a producer for a cable television show called 'Deposit Account Wars' featuring the prominent characters on this blogsite. If 'Storage Wars' can be such a success so can 'Deposit Account Wars'. I've already copyrighted the title and idea so don't try to beat me to it. LOL!
paoli2   |     |   Comment #171
#170  Oh Goody!  Our own reality show and Ken can collect royalties on it too (after we get paid, of course :))   Do I get to be "Paoli" and be allowed to throw in a few Sicilian cuss words?  Finally a chance to be myself and be appreciated for it and not be reported for it.  Good thinking Shore!
paoli2   |     |   Comment #173
#172 Hey!  Say what you mean and quit with the abbreviations!  You are missing some letters in your insults.  How am I supposed to be genuinely insulted if I can't figure out what you are calling me.  If it is a cuss word, you can be deleted.   At least I don't post in abbreviations.  I'll have you know I was at the top of my class in READING SKILLS!  The reason I reacted to your post was because I was the original one who posted about their friend losing 100% in the stock market.  You must be having a problem retaining information you read.  See my post #128 and no need for apologies.  Just learn to spell better.  I don't accept abbreviated insults if you were insulting me.  If it was a compliment then thanks!  I accept compliments even abbreviated ones.
paoli2   |     |   Comment #175
BTW Folks,  I just called Penfed.  I have never received any paperwork on the CDs I purchased.  He said it is taking 5 to 7 business days for them to get paperwork out so mine should come next week.  Have any of you who purchased Sunday got anything yet on your CDs?  Thanks.
Anonymous   |     |   Comment #180
 paoli said..."It is so easy to hide under the name Anonymous and call others nasty names".  

Is your real name paoli2? I didn't think so, maybe my name is anonymous.
Paoli3   |     |   Comment #181
You want a name, how is this one? See paoli, you are not really paoli2 so you are anonymous as far as I'm concerned, do you get it? Now I have a so called real name does this work better for you?
Anonymous   |     |   Comment #182
paoli, you should have driven to a penfed office.  Shame on you... money lost???
Paoli3   |     |   Comment #183
We are all anonymous paoli2... the names aren't real.....lol!
Shorebreak   |     |   Comment #192
Re: paoli2 - #175,Saturday, December 7, 2013 - 4:30 PM

BTW Folks,  I just called Penfed.  I have never received any paperwork on the CDs I purchased.  He said it is taking 5 to 7 business days for them to get paperwork out so mine should come next week.  Have any of you who purchased Sunday got anything yet on your CDs?  Thanks.

Why would you get the paperwork prior to today if you funded the certificate on December 1st? Don't understand why you called them.
paoli2   |     |   Comment #193
Shorebreak:  I actually bought my 2 CDs  on Wed. 12/27th.  They had the rates then and agreed to sell them to me but the guy made them out wrong and they had to be corrected.  I just thought they might have put the CDs in the mail by now.  They only corrected them on the 2nd so it makes sense it will take a few more days.  Today is Saturday and I had hoped they would be in the mail but they weren't.
RickNP   |     |   Comment #194
Seven years, 10,000 posts, the best financial advice on the Web, and this is how you thank him? What an embarrassment to Ken Tumin and the effort he puts forth on our behalf every day. 
Shorebreak   |     |   Comment #195

Re: paoli2 - #193,Saturday, December 7, 2013 - 6:19 PM

"Today is Saturday and I had hoped they would be in the mail but they weren't."

Officially the rate change was not effective until 12:01 AM, December 1, 2013. Technically, you would not have received the paperwork prior to today. Besides, what's a couple of days? Just don't get the concern on your part.

paoli2   |     |   Comment #196
BTW, for any of you who are now Paoli3, you know what they say "Imitation is the Sincerest Form of Flattery".  Just don't forget there can be only ONE Paoli2 and you couldn't be me if you lived 20 lives.  Would you like some lessons? 

Let's get one thing settled.  I have made it clear that this fine gentleman took a risk with the stock market and came out on the losing end.  He is NOT the only person who has lost big in the stock market. If you big mouths are so smart why are you wasteing time on DA looking for CDs?  Why don't you go play the Stock Market and make those big bucks.  I'll tell you why.  You know you can't always win with the market and you are afraid of losing your money.  He lost the money, faced the consequences, learned his lesson, and is doing fine now.  That's more than I can say about people who use their time ganging up on one person in a discussion group.  I can take it or I  would not have lasted this long.  Why don't you face up to the real reason you dislike Paoli2 so much and start acting like adults instead of little kids in the school yard?  Grow up!
Shorebreak   |     |   Comment #197
"Just don't forget there can be only ONE Paoli2"

No mistaking that fact!
Anonymous   |     |   Comment #201
Yes many people lose money in the market, big money but you said 100%, that is you know what territory. I am invested in the total stock market vti and I added when it dropped and I am way above where I was.... if you're not above where you were before the market crashed it's because you tried to beat the market and bought individual names... simple really. 

You few like paoli2 who think you can tell others what kind of investments to talk about do not understand blogging....this blog does not only talk about CDs they have also brought up other investments such as stocks.

The blog belongs to everybody not to only you paoli2 and I consider it an investment blog.Here is a saying you should know.... Who died and left you boss?
Anonymous   |     |   Comment #202
"investment blog"?  Someone should read the topic to you.  This is DEPOSIT ACCOUNTS!
Anonymous   |     |   Comment #203
You better figure out what investing is, buying CDs is investing.Another one that has missed a 150% move in the market now go hide under your bed where it's safe.
Anonymous   |     |   Comment #204
#202   you better go read the first article....

Will You Have Regrets in Retirement? Guess what it talks about stocks, you better tell Ken that isn't allowed....hahaha

Anonymous   |     |   Comment #205
"Baby Boomers May Have to Fend for Themselves in Retirement" 
Here is one on long term care insurance... uh uh that's a no no
Anonymous   |     |   Comment #206
"Do You Need Life Insurance in Retirement?" Here's one about life insurance, even talks about investments that might lose value, like stocks?


Ken is breaking all YOUR rules.
Anonymous   |     |   Comment #207
"How the Recession Changed Retirement Planning" Here is another one that shamefully talks about stocks right here on the DEPOSIT ACCOUNTS website... there are more but I think I've made my point... It is also an investment blog!
paoli2   |     |   Comment #208
Who died and left you boss?

Was there a funeral while I was gone?  Sorry but I cannot take on any more commitments such as the capacity to be "boss" of you people.  You will have to grow up and learn how to be mature adults all on your own.  Your days of bullying me are over .  I have more important responsibilities than to be your caretakers.  You don't like Paoli2 because you will never bring her down to your level.  We have some mature, kind people in this group but those of you who took it upon yourselves to mock someone I care deeply about are not worth responding to or helping.  You are on your own now and I won't be a part of this childish behavior.  There is only one boss in this forum and it is and always will be Ken.  Goodbye.
Anonymous   |     |   Comment #210
"7 Pitfalls New Retirees Should Avoid" This one is unbelievable, it actually says you should own stocks even in retirement....I don't know how this slipped past Ken especially on a deposit account site...haha
Anonymous   |     |   Comment #211
As someone who has owned stocks for the past 20 years, I still find it disconcerting when people randomly & obessively tout stocks. It's often times an indicator of a market top. :)
Anonymous   |     |   Comment #212
#211 Two blogs about a PenFed CD total 450 posts. You think the market has topped? 
Anonymous   |     |   Comment #213
#211..........No, for CD "investors", & I use the term investor loosely, this reaction which has manifested itself by the 450 posts is akin to how refugees react when the first trucks loaded with relief supplies pull into camp. Joy, panic, euphoria, relief,...........all rolled together. :)
RateSeeker32   |     |   Comment #214
I'm a new poster and have been reading this blog sporadically and had a question: What is the risk difference between the current PenFed 5-yr CD (3.04) and the Fidelity brokered CD (3.25)? I am considering both but confused about the hype of PenFed when Fidelity has the higher rate? Please advise...
Anonymous   |     |   Comment #215
#214  I am surprised that Fidelity has the higher rate especially when they factor in their commissions.  I will have to go on their webpage and see what bank that rate is for out of couriosity.  Both CDs would be FDIC insured as long as you are within the limit allowed.  However, with Penfed if you needed to cash out early you would have a one year EWP on 5 year CD and with Fidelity it isn't that easy to cash out of one of their brokered CDs.  You have to sell it on the secondary market and Fidelity does make it clear that they don't guarantee you will always find a buyer for the CD.  You may have to take a lost on what you paid for it even if you find a buyer.   Fidelity has been one of my brokerages for years but I never buy CDs from them unless I know they will be kept until maturity. 
Anonymous   |     |   Comment #216
#214  I don't know what 5 year CD you were seeing on Fidelity for 3.25% because you would have to go to 10 years for any of their 3% CDs posted on their webpage today.  Their 5 year CDs are barely 2%.  That is more like what I expected for Fidelity.  This is also one of the reasons Penfed is being swamped for their 3.04% 5 year CD.  It is not easy to find others with this rate.   Maybe you saw it on their Secondary Market from someone who really needed to sell it.  I only use the Primary Market CDs and didn't check the other.
Anonymous   |     |   Comment #217
#211 is either kidding or clueless also, I wasn't touting stocks just pointing out that only a you know what could lose 100% of their money in the market and that everybody and I mean everybody should always have some money in the stock market..... it is called diversification. Plus I wouldn't put all my money in the market now but I do add small amounts to my fund on a monthly basis and if the market took a 20% hit I would add much bigger amounts.

People keep looking for the next 50% crash, well guess what, it might not come for a long time and in the mean time look what you have missed.

I'd be willing to bet that Ken has some money in the market, that's right as shocking as that might be Ken most likely has money in the market. 
Anonymous   |     |   Comment #218
Re:  RateSeeker32 (anonymous) - #214,Sunday, December 8, 2013 - 7:02 AM


For an in-depth analysis about the CDs your referring to, you should contact paoli.  She is the in-house expert on all financial matters.  She has a self awarded PHD in Finance from the "University of Paoli".

Anonymous   |     |   Comment #219
Here's paoli's investment advice....don't put any of your money in stocks and try and grab all the 2% and 3% CDs you can find... that is wonderful advice if you're all 90, maybe you are all 90, are you?
Anonymous   |     |   Comment #220
Anonymous   |     |   Comment #221
Where are you coming from with the 90 year old people?  I don't think even "Old Guy" is that old and if he was I would think he would have surpassed your rule of 72 since he would have already made his fortune.  My rule of "72" means I have to have already made my fortune before I reached 72.  Everything else will be laniappe (sp).  I think most posters on DA are under 70 years old and still working towards their fortunes but we can alway make room for the seniors who are already 90.  Never too late to make your fortune. 

So if poster 219 is already 90, have no fear, you are still welcome here. :)
Anonymous   |     |   Comment #222
Anonymous   |     |   Comment #223
#222:  Excellent advice no matter what the interest rates are.  I'm hoping for those coming behind me that they will have rates higher than 3%.  I think of 3% rates as the rate to survive on once one has made his/her financial goal.  It's not a rate which makes it easy to accumulate a lot of wealth.  Here's hoping rates will get higher for this generation.
gcomfort   |     |   Comment #224
I have two IRA CDs maturing at Penfed in January 2014.  I received letters from Penfed informming me that if I renew those CDs at Penfed, their current high rates will  apply.  So, it appears that Pefed plans to keep these rates in effect through January.
Anonymous   |     |   Comment #225
gcomfort,I received the same lettter and called to verify the rate.I was told to call on Dec.31 to verify.
Anonymous   |     |   Comment #226
It certainly makes one wonder why Penfed is being so outgoing about trying to get depositors and keep the ones they have.  I wonder what is going on at their headquarters or what they know that we haven't found out about.
RickNP   |     |   Comment #227
"Current high rate" doesn't say anything about the January rate being the same as December's. Renewal letters from financial institutions always use similar language. Check here late in the month, though, and maybe some of the PenFed "insiders" will have information about their January plans.
paoli2   |     |   Comment #229
I don't know how long the Penfed 3% rates will last but at least I found out they follow through on what they say (at least to me).  They told me it was taking 5 - 7 business days for their Share Dept. to  get the CD copies out to depositors and in today's mail were my CD copies for both CDs.  The Originals needed to be signed and returned so I just faxed them tonight and will also drop them in the mail in their postage paid envelopes just so they can have Originals for their files.  I didn't want to just mail in case they got lost in the mail (it is known to happen) so now I can be at peace and know my CDs are earning the much needed interest and before long I should be getting our monthly checks in the mail.  It is amazing how Penfed can keep their CD process working so smoothly considering all the extra deposits they must have gotten from the new rates.  I can now settle down and obsess about something else.  :)
Anonymous   |     |   Comment #230
The only drawback is that Penfed will not electronically deposit monthly checks.  Instead they will do it by mail and there is always a risk of the checks being lost in the mail. (it is known to happen)
paoli2   |     |   Comment #231
#230  I really hate that part too.  I love it when they will just send the money to my bank.  However, I have another CD I got a while back with Penfed and so far all of the checks have arrived on time.  In fact I got one in today's mail.  But like you post, they can always get lost.  Maybe they will change it in the future.  You know, when I get a chance tomorrow, I may call Penfed and ask them if they are doing anything to change this and do it electronically.  Maybe they are working on it.  I'll post it if I get any good news about this.
Anonymous   |     |   Comment #232
Apparently you people don't know how to manage your PenFed Acct.  All you have to do is have your monthly CD interest transferred automatically into your PenFed share acct. Then you can log onto your acct. and have that interest transferred by ACH to any external (non-PenFed acct) you wish.  All this can be set up on-line without even calling PenFed.  You can make an external transfer by ACH when ever you wish as long as the funds are in your share acct.
Anonymous   |     |   Comment #233
#232, I am aware of this.  Unless you direct the transfer from another outside account, Penfed has a limit on the amount that can be transferred.  The transfer that you are mentioning is not as convenient as it just being automatically transferred like some other banks and credit unions do.
paoli2   |     |   Comment #234
#232  I think you are confused with the kind of transfer I am referring to.  This would be having the CD monthly interest checks which are mailed sent directly to my local bank.  That would not be an enormous amount of money just interest.  Some of my other banks do this and it is so much easier than having them come in the mail and have to go deposit or cash them.  I sent an email to Penfed today to see if this will be available at any time.
Anonymous   |     |   Comment #235
Paoli2, that is just what I was eluding to.  If PenFed will not do it automatically, you can initiate the ACH transfer yourself and eliminate the check and mail route.  Very easy to set up and once done, it takes only but a minute to log onto your account and initiate the transfer to your local bank.  How much of an inconvenience of one minute of anyone's time can that be? 
scottj   |     |   Comment #236
Besides Share account I also have a checking account with Penfed. In the past I have had my interest put there then could just right out checks. Is also a great way to get matured CDs, Day it matures it goes in my checking and then I can just deposit a check to a local account same day so no loss of interest 
RickNP   |     |   Comment #237
#232: Good thought. You explained it clearly and concisely. Don't be concerned that some people here will always insist that nobody understands or can help their "unique" situation.
paoli2   |     |   Comment #238
Well do I feel stupid!  Penfed may just write me back and tell me the same thing.  "It already exists, Dumbo". :)  That way is not the way I do it with other banks tho.  They just transfer it automatically to my account but the "Do it Yourselfer" is basically the same process.  Thanks for the education folks.
Anonymous   |     |   Comment #240
Don't feel stupid.  You just didn't know.

Good info from scottj too, comment #236.  Being I don't have a checking acct with PenFed, it never occurred to me.
OkieIndexer   |     |   Comment #239
I just tried to open my membership and a CD online at Penfed, and it allowed me to open my membership online, but it won't let me open a CD until they can snail mail me my account welcoming materials and I mail back a signature form to them confirming my membership. Is this normal procedure? I signed up for electronic delivery of my statements and documents. It seems like other people I was reading about were able to open their new membership online and immediately open a CD online without waiting for snail mail documents.
paoli2   |     |   Comment #241
#239  They let me fax the new Membership signature to them. They will accept a faxed signature.  They then send you an email confirming they got your fax and you can call them and ask for your new Membership number and savings account number.  Tell them you want to send them the funds to buy a new CD.  What I did was let them withdraw the money for my CDs from my local checking and put it into my savings with Penfed.  I then ordered 2 CDs over the phone and the money was already there to fund the CDs.  It goes to their Share Dept for processing which took a few days for mine and when it was processed, I was able to go online to my Penfed account and see the CDs, numbers etc. Once the CDs are opened, they mailed them to me to sign and return the Originals to them but I faxed the Originals and mailed them also.  It worked very smoothly but they are so busy you need to let them know how you want it handled so you can get those CDs before the rate hike ends. 
paoli2   |     |   Comment #242
#239  I forgot to add that I got the new Membership forms from their website, printed them out, filled them in, signed and then faxed to them. You can get the forms they are snail mailing you from their webpage.  If you can't find, call them and they will tell you where they are.  Best of luck!
Anonymous   |     |   Comment #243
Thanks for all the good information.  I am going through the process of opening accounts at PenFed to take advantage of the CD rates.  But, I do have a strategic question regarding the CD amounts:  Say, for instance, I have 300K I want to open CD's with....would it be best to split the deposit and open several CD accounts or just open one CD?  I am thinking about the possibili fe eigth onet EP pili..hnkfo o ms
Anonymous   |     |   Comment #244
....the possibilities of ever needing the funds and the EWP policies.  Thanks for the comments.
paoli2   |     |   Comment #245
#244:  I, personally, would never open one CD for that large an amount.  First you have to make sure your CDs are named to be within the FDIC insurance limit.  Second, I don't think Penfed has this stipulation but some of my banks say the EWP will be on the amount withdrawn and others state one has to close the entire CD just to take any amount out of it and pay the penalty.  Before you lock in that much money in one CD, I would call Penfed and find out exactly how their EWP rules would impact you if you ever needed any of that money for any reason. 
Anonymous   |     |   Comment #248
So, maybe 6 CD's at 50K each? PenFed will do this no problem?  And since these will be joint accounts I need not be concerned with the insurance, correct?
Anonymous   |     |   Comment #250
Insurance limits are 250K per depositor or 500K for a joint account (e.g. husband and wife). Make sure you fill out the PenFed form to setup a joint account. They recently split 100K for me into three CD's (see below). If I need cash, I can always cash out the smallest CD, pay the penalty and move on. The other CD's remain untouched. Plan your needs, select your CD amounts and terms carefully and then forget about it. That's the beauty of an FDIC insured CD, however low interest rates may be!
Anonymous   |     |   Comment #246
I split 100K into 5yr and 7yr CD's. 5yr was split into two CD's (20K and 30K). The 7yr is for 50K. If I need 20K I'll take it from the smallest CD with no penalty affect on the other CD's.
Anonymous   |     |   Comment #247
Allow me to add that the folks at PenFed setup the three CD's in a matter of minutes. Great customer service.
Anonymous   |     |   Comment #249
After browsing the comments, I see your a big supporter of banking with PenFed.  I'm not a member, but considering.  Have you ever been in a PenFed Office or do you live close to one?  For me the closest office is over a 10 hour one-way drive.  I'm not sure if I would feel at ease putting money in a CU that distance, especially if there were problems or they changed the acceptance of faxes.
Do you feel at ease banking with Penfed over the internet and telephone?
paoli2   |     |   Comment #251
#249:  You seem to know just who to ask your question to.  I am "Ms.Paranoia" when it comes to dealing with out of town banks and credit unions.  That is why I usually only do business with those within 100 miles of my city so I can get to them quickly if need be. 
However, when it comes to Penfed, after all my research on what others have experienced with them which seems to be positive, I gave them the "Paoli" work over.  Calls, emails, questions etc.  I could not break them down.  I just got an email this morning from one I sent a couple of days ago about info on electronically transferring my interest checks to my local bank.  As busy as they are, they "always" reply to my email or telephone questions and seem so very eager to please the customer.  I do not live within easy driving of a Penfed office or branch but I am fully at peace with trusting my money with them.  It is not a joke that the Chairman of Penfed wants his customers to email "him" if they have problems.  Customer satisfaction seems to be a very high priority with Penfed.  I had a problem with one of their reps and I was very satisfied that other reps jumped in and made sure it was corrected to my satisfaction.    I do not think they will change their acceptance of faxes because it helps them to get the CDs done as quickly as possible and saves time on both ends.  I am very at ease with banking with Penfed over the internet and the telephone.  The email I got this morning gave me in detail the info I needed and how to go about doing it on their webpage.  No matter how many of our posters have mocked me for all my calls to Penfed, I was doing a lot of it to see if it was an institution I felt at ease sending my money to.  I found out what I needed to know and now I am a happy customer with Penfed.  I hope you will be too.
Anonymous   |     |   Comment #252
Thanks for the reply.
scottj   |     |   Comment #253
Finally decided to take advantage of this deal and opened a 5 year CD, will not have it titled in my trust so I stay under NCUA coverage for total accounts. They really do make it easy for existing customers to open, took about 1 minute and just a couple clicks. Also things do get much better the longer you are a member, was surprised to see $999,999.00 as the max I could transfer in to open. 
Anonymous   |     |   Comment #256
You could do 100 transfers and pretty soon you're talking real money.LOL
Anonymous   |     |   Comment #254
I found the following disclosure on Penfed's website:

"Note that any IRA Certificates opened or renewed prior to September 1, 2007, can be redeemed before maturity without a penalty, if the Member is at least 59 1/2 years old. A penalty will be imposed for early redemption of an IRA Certificate that was opened or renewed after September 1, 2007, regardless of the member's age. This fee could reduce your earnings.

Can anyone find the disclosure statement that states Penfed allows early withdraws from IRAs after a person is 70 1/2?

Anonymous   |     |   Comment #255
Spoke with them today dec 20th--rumor is they are going to keep these rates into Jan. IRA DEAL is pretty sweet except for the pain of moving IRA money.
Anonymous   |     |   Comment #271
Talked with them today and they confirmed rate will be held over for Jan.
Anonymous   |     |   Comment #257
PenFed allows "Partial Withdraws" from CD's penalty free, if you are over 59 1/2 and leave at least $1000 remaining in the CD.  This is a really nice feature. If rates increase, one can transfer money from the original CD into the higher yielding CD.  If one has an IRA CD, the transfer may be to another IRA, thereby preserving the tax advantaged status of the money withdrawn. It is also nice to have a CD with built in liquidity as well. There is only a loss of interest penalty if one does not leave a minimum of $1000 in the original CD.  I have been a PenFed member for several years and highly recommend this credit union.
bbug   |     |   Comment #259
Phew! I thought I had two IRA CDs yielding over 3%, but just noticed today one is only 2.4%. I'm over 70 1/2, so I called to switch to a 3.04% certificate. Too bad I didn't notice it sooner, but it's better late than never. This will be my chance to verify the penalty free policy. It's a terrific one. By the way, the Pen Fed rep stated this morning that they have received the January rates and they are unchanged from December.
Anonymous   |     |   Comment #260
Please reply about your experiences with Penfed switching the IRA to 3.04%.
bbug   |     |   Comment #261
I called and was told I could fax a written request and they would mail me forms to sign. The effective date would be the date of the fax.
bbug   |     |   Comment #262
To clarify, the effective date will be the next business day and not when they get my signed documents back. Also, I confirmed the absence of any early withdrawal penalty if I left $1000 in the certificate and put that in my letter.
bbug   |     |   Comment #276
Pen Fed just called me and asked if it was OK to close my entire certificate with no early withdrawal penalty rather than leave the $1000 as instructed in my fax. :-)
lou   |     |   Comment #263
Has anyone exceeded the $250,000 insurance threshold for IRA CDs at Penfed?
Andy   |     |   Comment #264
by a longshot
lou   |     |   Comment #265
I am thinking of doing this as well, but usually I try not to exceed the insurance thresholds, so I am a little leery of doing it now.

I checked the financials of Penfed and the credit union seems to be well-capitalized with very low amount of non-performing loans. Even so,  I will have to think about it.
Anonymous   |     |   Comment #266

Don't exceed your insurance thresholds.  At 3% rate, I cannot understand why you would even consider it.
lou   |     |   Comment #267
#266, the only reason why I am considering it is because of the ability to withdraw the money penalty-free if your 59.5 or older, as long as you leave $1,000 in the CD. This assumes you can be forewarned of problems before the credit union goes under. Again, I will have to think about it because I generally don't like to exceed the insurance thresholds.
bbug   |     |   Comment #268
I've gone over the limit by a considerable margin in both Pen Fed and Navy Federal, which has similar early withdrawal policies as Pen Fed. I hesitated to do so, but am sleeping fine. I check the FCU ratings as soon as they're available and am ready to withdraw excess funds on any hints of trouble.  

It's time for the lawmakers to either increase the insurance limit in IRAs or enable different account designations as are permitted for non IRA accounts.
It's the government that is squeezing us by keeping interest rates low and forcing us into exceeding the limits, and it would be a simple solution to this aspect of the problem. 

By the way, are you sure of the 59 1/2 age for penalty free withdrawals? I thought it was 70 1/2 and think the 59 1/2 is for certificates opened before some date in 2007.
lou   |     |   Comment #269
They changed the EWP in 2007 for IRA CD owners who are 59 1/2 and older. They changed it so you would have to leave $1,000 in the CD to waive the penalty.

 I have a 5.13% IRA CD maturing at another institution in late Jan and am thinking about transferring the funds to Penfed, even though it will take me over the insurance limit for my IRA funds. One problem is if I do an indirect transfer (60 day rollover) I can't easily transfer the funds out of Penfed for one year. I hate going throught the hassle of a direct transfer but may have no alternative this time.
bbug   |     |   Comment #270
Isn't the rule that you can't transfer additional funds to the same IRA at PenFed within a year? As far as I know, there are no restrictions on withdrawals within a year. You could always initiate a Trustee to Trustee transfer or open a new IRA account at Pen Fed if you want to invest more within the year.
lou   |     |   Comment #273
Can you have two separate IRA accounts at Penfed under the same SS number?

If you initiate an indirect transfer of funds to an IRA account, you need to wait a year before making tax-free withdrawals (indirect transfers). You're right about there being no restrictions with Trustee to Trustee transfers, except they're a hassle to consummate.
Anonymous   |     |   Comment #274
Why not?
I have several small 401Ks at Fidelity that I told the plan administrator I was going to rollover to several IRAs.  He  didn't say I couldn't do it.
bbug   |     |   Comment #275

Thanks for straightening me out. I've been under the misconception (per internet research) that indirect transfers restrict additional transfers from any source into the receiving account for a year. You got me to read IRS Publication 590 and it appears the restriction is for tax free transfers out of either involved IRA.

 Fortunately, there's no negative impact on me.

Thanks again.
Anonymous   |     |   Comment #272
Pen Fed today confirmed that the rate will stay the same for Jan.
RobbieP   |     |   Comment #277
Wow, 3% 5 year CD, shocker batman, and even better, I only found out about it today (Jan 6) and it's still good! 
paoli2   |     |   Comment #278
Does anyone else have a problem with Penfed putting the Joint Owner's name on their monthly CD interest checks?  I received all my CD interest checks today and they all only had my name on them.  If I got sick my husband would have no way to cash them.  I called Penfed and the supervisor says it is done like this but she doesn't know why.  Does anyone else have their Joint owners left off of their checks??  Thanks for any info.
Anonymous   |     |   Comment #279
Need to also have mutual power of attorneys for financial matters.
paoli2   |     |   Comment #280
#279  We do have mutual POAs but they were never necessary since all our other institutions put both names on interest checks.  Just wondering why Penfed doesn't.
Anonymous   |     |   Comment #281
Is this the first Paoli-Penfed-Problem-Posting of 2014, or did I miss something?
paoli2   |     |   Comment #282
#281  Before you start up with me again why don't you google "Penfed Problems" and you will find tons of "others" posting about all the problems they have had with Penfed too!  Then check the BBB!  It seems Penfed's reps have given many, many others misery besides "Paoli".  They are ignoring what is written in their own Disclosure booklet by not giving the Joint Owner access to his/her own interest checks by leaving their name off!  Don't they know what "Joint" means?  Happy day to you too!
paoli2   |     |   Comment #283
BTW, in fairness to the Reps working for Penfed, they are not responsible for how the interest checks are printed.  They just don't know how to explain "why" they do it differently than every other institution I have dealt with.  I specifically asked them if Penfed did anything differently than other cus etc. and they said "no".  I think this check problem is a big difference and they should tell customers what to expect or not expect.
Anonymous   |     |   Comment #284
I just checked the BBB. They have an A rating. I also googled "Penfed Problems" as you suggested, and saw no complaints with their deposit products. Good for you, though. You caught me in your little web. Never again, though. If only the PenFed customer service department could be so lucky.
paoli2   |     |   Comment #285
Ha!  Finally got you to do something besides aggravate me! :)  You sure didn't see the same posts I read but anyone can say anything on the World Wide Web, right?  I assure you what I read wasn't happy customers. Then again, they claim only angry people post problems.  You seem so happy, the only thing you have time to do is react to Paoli's posts.  Ta Ta!
paoli2   |     |   Comment #286
BTW, I owe you an apology.  You are right about what you saw.  The tons of negative posts were warning people not to do business with Penfed on mortgages, loans of all types, credit cards etc. etc.  I guess those posters are too smart to trust them with their savings when they are so angry at them.  I was just concerned that Penfed seems to have a lot of problems in ALL their departments, not just savings. Where you found an "A" rating for them with BBB is beyond me.  Maybe that was when I was in tears reading all those angry posts that I missed the "A".
Anonymous   |     |   Comment #287
Why not open a joint PenFed checking account and have the dividends deposited into it? This would solve your problem in a flash.
paoli2   |     |   Comment #288
We live on our dividends.  This would mean I have to have checks and write out the check to us each month and have that account just because Penfed can't do a simple thing like add the rightful JOINT CD owner to the check.  Frankly, I do not want any more accounts with Penfed than I already have with the CDs.  THEY should do the right action and just add his name.  Their own rules state he has the same rights to the account as I do so they need to allow him to have HIS name on the check too.  They are ignoring their own rules for Joint Owners. 
Anonymous   |     |   Comment #289
Here is another option that eliminates the mail entirely.  Have the dividends go directly into your share account at Penfed.  Then do an ACH transfer from your Penfed share account to your personal bank checking account.  This does away with the worry of having the checks lost in the mail and having to go to your bank to deposit them.
Anonymous   |     |   Comment #290
Do not...Repeat DO NOT... try to give a logical solution to one of Paoli's manufactured crises. She will only use it as a springboard to create another one, sometimes two or three.
paoli2   |     |   Comment #291
#290  Oh, "I" refuse to add a Joint Owner to our checks?  Wow!  I had no idea even Paoli could manufacture control over the financial institutions.  There IS a logical solution to my problem.  Put the blasted NAME on the check where it belongs!  Imagine me trying to talk logic to a pink ball of electronics which posts anonymously.
Anonymous   |     |   Comment #293
Any reason why you keep bumping this thread?
Anonymous   |     |   Comment #294
I thought it was quite obvious...............

PenFed threads draw more interest and comments than any other.
Anonymous   |     |   Comment #292
#290, Thanks for the excellent advice.  I will remember that in the future.
Anonymous   |     |   Comment #295
I wonder if Penfed knows that Paoli found out about them from this blog.  If they do, I wonder if they now blame this blog for the hours of drama they have to had to endure from her.
Anonymous   |     |   Comment #296
So true !! The CSR deserves hazardous duty pay for dealing with the drama ! 
paoli2   |     |   Comment #297
I'll have you know I did not find out about Penfed from DA!  This is not the only financial group I make an appearance on.  I am just better treated by the more mature adults in my other groups.  You have no idea what the latest is between me and the Penfed reps misinformation.  I sure hope it doesn't come home to roost on some of your shoulders in the near future.  Just a hint:  Take whatever any of their reps tell you with an entire bathroom of SALT! :) Have a good evening.  I must go see what my other groups are up to.
Careful senior
Careful senior   |     |   Comment #298
I have several CD's at PenFed.  What I don't like is the fact that you can't get your money on the day of maturity, you must wait till the next day when it's transferred to your savings account.    Also why do they tell you that you can link your savings account to another bank but not tell you they limit the ACH to $5k.  I linked my external bank to PenFed so I can withdraw more.  One last thing to complain about is that they told me that I would begin earning interest on the IRA CD once the the paperwork was processed.  I was surprised at that since they were going to send a request for the money from my bank.  That is not the case.  Interest started when the funds arrive at PenFed.  All in all I am glad I'm getting 3.04% which is better than anywhere else.
Anonymous   |     |   Comment #299
Maybe the $5,000 limit could be avoided by linking the savings account to another bank via the other financial institution such as Ally then ''pull'' the funds from Pen Fed via Ally Bank.

 Possibly the limit only applies if you ''push'' the funds from Pen Fed ?

I am dealing with this same issue.
Thanks for any info.
scottj   |     |   Comment #300
I have an account linked to Penfed and can pull any amount from Penfed. Also it's a good idea to also open a money market account with Penfed which has check writing. I have had matured CDs transferred into that account and then just deposited a check with those funds into my local account
Anonymous   |     |   Comment #301
Thank you ! Very helpful......Glad to know it can be done that way.  :)
Anonymous   |     |   Comment #302
Scottj,  Why can you pull any amount from Penfed, whereas others are limited to $5,000 ?
Anonymous   |     |   Comment #303
I'm not scottj but the answer is because the pull is initiated using the external bank. The 5k limit is only if you use PenFed's website.
Anonymous   |     |   Comment #304
Ally Bank is fast and efficient for using as hub for pull and push transfers. When you pull the funds to Ally they are available quickly.
Careful senior
Careful senior   |     |   Comment #305
I've since linked my Ally account  With Penfed.  .  Be sure to check with your bank.  I linked it to Sallie Mae Bank and found out they put a hold on the funds for a few weeks.  Totally unacceptable.  It's not like they don't have the money or have to wait for a check to clear.  
johnny   |     |   Comment #306
Has anyone heard or have any thoughts on whether Navy Federal Credit Union and/or Pen Fed are going to keep their CD rates the same next month, lower them or raise them?  
Anonymous   |     |   Comment #307
I remember agonizing over a jumbo 5yr/5% CD. The same emotions arose when we purchased a jumbo 5yr/3% CD a few years ago. Then local rates plummeted and we settled on a 1.75% one year CD for some of our cash.

I'm not sure PenFed or Navy Federal can sustain this rate much longer. Afterall, how much money do they need to raise at this rate? Ten year brokered CD's are paying 3.3%, but ten years is a long time...for most people. With or without QE, I don't see rates going up very much very soon. It could be many years before we see a 5% CD, if ever again. Remember, the US government has the largest monthly interest payment of all and it's a doozy. The incentive to depress interest rates is profound.    
Anonymous   |     |   Comment #308
Poster 307 very interesting post you just wrote.  I don't know anything about QE or even what it is.  However, I agree with you.  I don't see interest rates going up much-if at all. I think the Fed deliberately is keeping interest rates low in the hopes of spurring people to buy homes and cars.  Thus, I think buying a Pen Fed CD or a Navy Fed CD  at their current long term rate is wise.  Of course, I could be wrong.
Anonymous   |     |   Comment #309
Another simple example...
If CD interest rates at FDIC insured banks suddenly jumped to 5% the amount of money transferred out of the dying bull market would boggle the mind and stocks would plummet. Older investors were directed into the stock market by QE at a time in life when they are normally advised to exit the market. Many sat on the sidelines afraid of stock market volatility earning next to nothing...for years. On the bright side, the top 1% made a killing!
Anonymous   |     |   Comment #310
What is QE?
Anonymous   |     |   Comment #312
anybody heard rumors on Pen Fed CD rate for Feb?
RickNP   |     |   Comment #313
I asked, bluntly but politely, this morning, and was told "we haven't been notified yet."
Ratesaver   |     |   Comment #314
I opened 2 cds in person in the N Y branch last wk.. The girl opening the acc. did not think they will continue the 3%cd..
paoli2   |     |   Comment #315
Could part of their decision not to continue the 3% rates be that they realized they were not up to handling all the additional business they encountered?  Even their new hires did not seem to get the training they needed to handle the additional customers.  It was nice to have the 3% rate tho.
Anonymous   |     |   Comment #316
Has anyone heard yet whether Pen Fed is going to keep their 3 percent rates yet?
Anonymous   |     |   Comment #317
I just talked to a CSR about renewing 3 Certificates in my IRA, and asked about Feb. rates. Going down to 1 yr=1.16%,2 =1.26%, 3=1.51%, 4 = 1.76%, 5 = 2.02%, 7 = 2.27%.

Glad I was able to take advantage of some of the 3% in Dec and Jan.
Anonymous   |     |   Comment #318
I'm still surprised they did the 3% rate.  It had to end as how much money could they take in.  Let's see what happens as we taper QE. 
Anonymous   |     |   Comment #319
Poster 317, you are absolutely correct about the new rates.  I just opened a Pen Fed CD this morning at the Pen Fed branch.  The lady showed me the new CD rates for Feb. They are just what you posted.
klink   |     |   Comment #320
My comment is in regards to some issues I am very shortly going to experience concerning Pen Fed. I jumped on the bandwagon when they offered the great rates for 1 yr terms. Bought several at that time after joining and establishing a regular share account with the minimum required. After the process I jumped again at the Pen Fed Visa cash rewards card which offered 5% cash back on gas at that time. It now appears that Pen Fed has changed the card to a 3% cash back with a $25 per year fee or a PLUS version at 5% with the opening of a money market account or the purchase of any of their qualifying products which a CD is one. My question about the way things run is if a person had a qualifying product and a Visa cash rewards card when the change took place, how come Pen Fed didn't go out of their way to advise them and let them update the card? It appears now that seeing as how I'm not going to re-new my certificates at a lower rate (again Pen Fed loyalty brought into question here) that my Visa card will automatically revert to a $25 yearly service fee. Now lets discuss loyalty....I read where Pen Fed is going to a 2 tiered structure on CD rates, I guess they would call that loyalty for current holders. Sorry loyalty is to me the offering of the same rate you previously purchased the CD with a reduced rate for new customers. Anyway....these are a few issues I'm facing and it appears that I'm going to finish cashing in my CD's and returning my credit card.
gregk   |     |   Comment #321
If you're cashing out your CD's why not at the same time open a very minimally funded money market account with PenFed that would allow you to maintain your no-fee PLUS VISA card?  

What is the rate on your maturing 1 year CD's?  It can't be much higher (if higher at all) than the current rate.  What would it amount to even if they allowed you to renew at the same rate?

I would have loved it if my recently matured 7 year 6.25% CD with PenFed could have been renewed at the same rate, but you understand market conditions have changed since the original investment, right?  To think any institution should show loyalty by offering CD renewals at a rate in effect many years ago seems rather curious. 
Anonymous   |     |   Comment #322
Do you know how outdated this information is? Is this site no longer being updated?