at PenFed Credit Union,

Federally insured by the NCUA

Pros

Checking account earns interest.
Members have access to 68,000 free ATMs.
2.00% APY on its online savings account.

Cons

0.05% APY on its basic savings account.
$1,000 minimum on share certificates is high.
Doesn't participate in shared branching.

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Overall

4.0

Pentagon Federal Credit Union, or PenFed, offers a modest product selection for military-affiliated members and others. But it makes up for that with good interest rates for checking, online savings and money market certificates. PenFed offers a handy mobile app, plus it’s relatively easy to join for a credit union. Its $30 nonsufficient funds fee, however, isn’t as consumer friendly, especially since there’s no cap on how many times PenFed can charge it in one day.

 

Ratings methodology | Reviewed Dec. 19, 2018

Checking

4.5

Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average, though you can find higher rates elsewhere, particularly at top online banks. With daily balances under $20,000, you can earn an annual percentage yield of 0.20%; deposits of $20,000 to $50,000 earn 0.50%. Its network of ATMs is larger than that of many financial institutions.

Regular Savings Account
APY
0.05%
Min. balance for APY
$5

at PenFed Credit Union,

Federally insured by the NCUA

NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Don’t do penfed
Worst experience ever. Got pre-approved, couldn’t get anyone to get me a pre-approval for 2 months. Lost 6 houses in the process. Finally found a house, escalated to a manager, got a new loan officer who went missing in action 2 weeks before closing date and I lost the house and my thousands of dollars in the process. Their manager was equally garbage. Didn’t respond to several calls and voicemails. Do yourself a favor and stay away from this scam operation.
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
High
Been a customer for years
Tried to get Mortgage. I have perfect credit. Had to buy house with cash. They are horrible. Won’t return calls or emails. Had to get senior managers involved. Rate was good. Fees are high. If you want to close on time don’t use PenFed
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