at PenFed Credit Union,

Federally insured by the NCUA

Pros

Checking deposits of $20,000 to $50,000 earn 0.50% APY, and balances below that amount earn 0.20%.
Members have access to 68,000 free ATMs.

Cons

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

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Overall

3.5

Like many of its not-for-profit competitors, Pentagon Federal Credit Union, or PenFed, has a modest product selection. But it makes up for that with good interest rates for checking 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 Feb. 16, 2018

Checking

4.5

Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average, though it’s possible to get 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%.

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

at PenFed Credit Union,

Federally insured by the NCUA

Money Market Certificate
APY
3.30%
Min. balance for APY
$1,000
Length of term
5 years

at PenFed Credit Union,

Federally insured by the NCUA

Access America Checking
APY
0.20%
Monthly fee
$10
Balance to waive monthly fee
$500

at PenFed Credit Union,

Federally insured by the NCUA

How does PenFed Credit Union compare?

PenFed Credit Union

Regular Savings Account

NerdWallet Rating

at PenFed Credit Union,

Federally insured by the NCUA

APY

0.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Credit Union

Mobile-friendly

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

2.00%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Not for you? Read more bank reviews
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
Customer service in drive through horrible.
Staff not properly trained in basic customer service skills. Customer feels like you are interrupting their day to drive through. Awful compared to previous Belvoir CU service. Management should be replaced for having such low standards!
Overall
Customer service
Good
Website / app
Fair
Rates
Fair
Fees
Fair
Bad experience
I apply for a home equity loan and was denied because of debt to income ratio but at the same time I am paying off a personal loan for $572. 00 per month with them and the estimated loan payments would be $769.00. Which is way less of a payment than my Bill's I was trying to consolidate. I am disappointed because I know that credit unions was built on the motto of helping their members and community.. And they ask for every info that you could give the bank and then take less than an hour to deny me. I think this is an injustice to the middle class who are trying to do the right thing. .
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