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

How does PenFed Credit Union compare?

PenFed Credit Union

Regular Savings Account

NerdWallet Rating

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

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

HSBC

Online Savings Account

NerdWallet Rating

at HSBC,

Member, FDIC

APY

2.30%

Monthly Fees

$0

Bonus features

Competitive APY

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
Fair
Rates
Fair
Fees
High
Will completely waste your time and frustrate you
I weren’t to pended to do a car loan, I found that I was asked for the same documents multiple times and I had to continuously follow up to move the process forward. Finally it appeared to be complete and I was waiting for the dispursement check for the loan. It never came. I follow up again and was told that my loan was cancelled because they got “no response from me”. I asked them to produce whatever I failed to respond to and they could not. Customer service said that they were waiting for me to tell them to disperse the loan. As a customer, with no communication from the bank how am I to know they are needing me to say “yes go”. If I apply that means I want a loan why do I need to tell you to finish it. Terrible. Now I have to start the process all over again. If they need something or are going to go to the extent of cancelling, how about communicating to the customer... I would absolutely avoid this institution. I checked their web portal and it appeared my loan had been started and stopped three times, I don’t even want to know how many credit Inquiries they did. They are at best totally disorganized with no cultural motivation to compete the loan product and have terrible communication (no communication), at worst they are incompetent. I talked to management about my concerns and they did not seem to get it and we’re just stuck on the fact that “if I want to get a loan I’ll need to start a new application” when the point was... you have some major issues and improvements to make.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Avoid like the plague
I was a McGraw-Hill FCU member. We got scammed by McGraw-Hill execs, into merging with this PenFed racket. I can't even deposit my checks electronically using their website as I did with McGraw-Hill. I want my credit union back and I want the scoundrels responsible in jail
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