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
3.00%
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

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Synchrony Bank

High Yield Savings Account

NerdWallet Rating

at Synchrony Bank,

Member, FDIC

APY

1.85%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

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
Excellent
Website / app
Good
Rates
Excellent
Fees
Low
Great loan rates
Penfed has been great. They hold my mortgage and credit cards. The mortgage was the best rate I could find at the time. Their website isn't the easiest to use, but if I run into any trouble customer service is quick to help. I use 2 of their reward credit cards. One is a 5% cash back gas card. The cash back is an instant credit to my statement every month, really seamless. The other card is a 2% cash back on everything. With unlimited 2%, I put everything on this card. Getting the cash back is a manual process, but it still not that bad.
Overall
Customer service
Fair
Website / app
Fair
Rates
Fair
Fees
Low
It's OK
Not the best not the worst. Thinking on moving to Navy
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