Advertiser Disclosure

Pros

0.20% APY available on checking account is higher than most.
Members have free access to over 56,000 ATMs.

Cons

0.05% APY on basic savings account; better rates available elsewhere.
$1,000 minimum on share certificates is high.
Doesn't participate in shared branching.

Overall

4.0

With its strong interest rates and modest product selection, Pentagon Federal Credit Union has the trappings of a typical credit union.

But unlike many of its not-for-profit competitors, PenFed also offers a user-friendly mobile app and an engaging website.

Ratings methodology | Reviewed June 24, 2016

Checking

4.0

There is a lot to like about PenFed’s sole checking option. Access America Checking comes with solid interest rates and an extensive ATM network, and members shouldn’t have a hard time avoiding the monthly fee.

The $10 monthly fee is easily waived; you just need to keep a minimum balance of $500 or receive direct deposits totaling at least $500 each month. There's a 0.20% APY on balances under $20,000, and an excellent 0.50% APY on balances between $20,000 and $50,000. To qualify for either rate, members must receive direct deposits of at least $1,000 per month.

Regular Savings Account
0.05%
APY
$5
Min. balance for APY
Learn moreat PenFed Credit Union
Money Market Certificate
1.36%
APY
$1,000
Min. balance for APY
1 year
Length of term
Learn moreat PenFed Credit Union
Access America Checking
0.20%
APY
$10
Monthly fee
$500
Balance to waive monthly fee
Learn moreat PenFed Credit Union
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