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
Do not use PenFed CU, not a good bank!
Very difficult to reach someone, I also applied for a modest loan, I had to jump though a lot things to get the loan, even though I had a credit score of over seven hundred plus
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
DON'T DO IT
Do not do it. Penfed solicited ME, approved me JULY 26, 2019. 2 1/2 weeks later, no card. They said there were multiple applications and re-issued another card. HUH? TO THIS DATE OF AUGUST 26, 2019, STILL NO CARD! They stated they mailed a second card on the 20th of August, but they shut that card down also stating "I" asked for it to be closed. NOW, THEY WANT ME TO RE-OPEN!. MOST IMPORTANTLY, THEY SCREWED MY CREDIT SCORE A "MINUS 30 POINTS”! I have PRISTINE A+ CREDIT!! TODAY, I called and asked for a stupidvisor, I mean supervisor and omg I cannot put it into words.. DO NOT DO BUSINESS HERE. DON’T DO IT! PERIOD.
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