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
Good
Fees
High
Do not waste your time if you value customer service and convienance
Clunky slow horrible online banking. I regret the day I opened my accounts. Will close out as soon as possible.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Horrible
PenFed has steadily gone down hill with regards to poor customer service. Add high fees, antiquated website, & outdated app. As a Veteran & long time member, I’ve moved most of my financial business to Navy Federal. Then they hire Andrea McCarren to promote a facade of a program “PenFed Digital” Efforts & funding need to be redirected to customer service, now mostly a third party contractor. They fell way behind USAA too when trying to compete with financial centers, which USAA eventually closed. PenFed was leading decades ago, now a shell of weak infrastructure poor IT systems, bad cumbersome useless apps.
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