Pentagon Federal Credit Union PenFed Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
PenFed’s Regular Savings account doesn't offer an impressive APY, but it can be opened at a branch and provides easy ATM access.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Pentagon Federal Credit Union (PenFed)Pentagon Federal Credit Union Review 2022
Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.3 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
PenFed is good for savers who are interested in getting both a competitive rate as well as the option to choose from a wide variety of banking products. Consumers who prefer in-person banking may want to consider an institution with a larger branch network.Highlights
High APY Highly Rated App Low Min Deposit Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
Pentagon Federal Credit Union is one of the largest federal credit unions, based on assets and membership. It has a rich history in serving members of the armed forces, those affiliated with the military and employees of the federal government. PenFed has members in all 50 states, the District of Columbia and several U.S. territories. It is insured by the National Credit Union Administration (NCUA).Pros
The Premium Online Savings account offers a top-tier APY. The interest checking account earns a competitive yield when balance requirements are met. Checking or savings accounts can be opened with a low minimum deposit. Tens of thousands of free ATMs are available.Cons
The yield on the basic savings account is low. The credit union’s network of nearly 50 branches extends across just 13 states.Pentagon Federal Credit Union PenFed bank products
Savings CD Money Market Checking 5.0 Bankrate ScorePentagon Federal Credit Union PenFed savings overview
The Premium Online Savings account offers an excellent dividend rate on all balances, and only a $5 deposit is needed to open an account, and there’s no monthly fee.PenFed’s Regular Savings account doesn't offer an impressive APY, but it can be opened at a branch and provides easy ATM access.
Pros
The Premium Online Savings account offers a highly competitive APY. There are no monthly service fees to worry about. Customers can set up free online recurring transfers.Cons
The Regular Savings account pays a much lower APY than the Premium Online Savings account. The Premium Online Savings account doesn’t provide ATM access. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 4.2 Bankrate ScorePentagon Federal Credit Union PenFed CD overview
PenFed offers several different types of certificates, including money market certificates, which are available with terms ranging from six months to seven years. Other options include IRA certificates — which are for retirement savings — and Coverdell Education savings certificates — which are useful for setting aside money for a child’s education. With each of these products, the barrier to entry is fairly low, but the early withdrawal penalties are rather stiff.Pros
A wide selection of CD terms is available. The $1,000 minimum balance requirement is manageable for many savers. Rates are above average.Cons
Early withdrawal penalties on terms over a year in length can be substantial. There are no options for flexible or no-penalty certificates. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.0 Bankrate ScorePentagon Federal Credit Union PenFed money market overview
The Money Market Savings account offers a tiered APY. Balances of more than $100,000 earn the highest yield, but higher yields can be found at other banks and some credit unions. The account has no monthly service fees, but an initial deposit of $5 is required to open the account. Checks are free upon request.Pros
There’s no monthly service fee. You can request free checks for the account. Unlike the Online Savings account, ATM access is available. A money market account can be opened with little money.Cons
Better yields can be found elsewhere. At least $100,000 is required to earn the highest APY. 4.2 Bankrate ScorePentagon Federal Credit Union PenFed checking overview
The Access America Checking account from PenFed can be opened with as little as $25. The account has tiered interest rates that reward those with balances of $20,000 or more with a higher APY. PenFed waives the $10 monthly fee on accounts with a monthly direct deposit of $500 or more or maintain a monthly minimum balance of $500 or more.Pros
The checking account offers a respectable yield that earns even more on balances of $20,000 or more. Bill pay and mobile deposit are free. An overdraft line of credit is available for added protection.Cons
Other financial institutions make it easier to avoid monthly maintenance fees. Overdrafts cost $30 with no daily limit on the number of occurrences. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
Consumers who choose PenFed will have access to nearly 50 branches, but those who aren’t in proximity to a branch can take advantage of robust digital features and do their banking online. The mobile app is highly rated in both Apple’s App Store and the Google Play Store. It can be used to set travel notifications on debit/credit cards, deposit checks, pay bills and more. Members also have ample access to free ATMs with tens of thousands of free ATMs available, including those in the Allpoint and CO-OP networks.About Pentagon Federal Credit Union PenFed
Pentagon Federal Credit Union was established in 1935 in Washington, D.C., as the War Department Federal Credit Union. Today, PenFed is based in McLean, Virginia, and serves 2.5 million members worldwide. PenFed offers a variety of banking products, including checking, savings and money market accounts as well as several types of share certificates. Current and retired members of the armed forces and employees of the federal government are eligible to join the credit union, but membership is open to just about anyone. PenFed makes qualifying easy by allowing new customers to sign up as a member of one of dozens of organizations, such as the Marine Corps League or the Air Force Association.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .