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
Lack of Service, STAY AWAY.
PenFed has good rates but that is it. EVERYTHING else is failure. They have no sense of urgency, attention to detail or getting documents correct. Worst banking experience of my life with this place. Only reason I am still a customer is I cannot get this rate on my load again. I dread dealing with this place. STAY WAY
Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
Low
Amateur Experience
They seem great and together on the outside but sure enough, this credit union makes many flaws and mistakes with your money once you're in with them. They casually blame mistakes on their "systems" and say they will fix it as soon as possible. They shouldn't be making these mistakes at all. "Glitches" and systems not speaking too each other makes me very nervous to trust them with any more of my money. Beware.
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