Pros

0.20% APY available on checking account is higher than most.
Members have free access to 68,000 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

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 strong interest rates for checking and money market certificates. PenFed offers a handy mobile app and digital tools, plus it’s relatively easy to join. The credit union’s $30 overdraft fee, however, isn’t customer-friendly, especially when you consider there’s no cap on how many times PenFed can charge it in one day.

Ratings methodology | Reviewed May 10, 2017

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 0.20% APY; $20,000 to $50,000 earn 0.50%.

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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Overall
Customer service
Excellent
Website / app
Good
Rates
Good
Fees
Low
Very good experience
I have nothing but good things to say about this Credit Union. The rates are good, the customer service is prompt and courteous and the responses are prompt. Would actually give all 5s but then there would be no room for improvement.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Good
Fees
Low
great rates
they have very good rates for loans for auto purchases. hoping to use them in the near future
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