at PenFed Credit Union,

Federally insured by the NCUA

Pros

Checking account earns interest.
Members have access to 68,000 free ATMs.
1.40% 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.

Premium Online Savings
APY
1.40%
Min. balance for APY
$5

at PenFed Credit Union,

Federally insured by the NCUA

Money Market Certificate
APY
1.15%
Min. balance for APY
$1,000
Length of term
1 year

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

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
Excellent
Rates
Excellent
Fees
Low
Customer Review
Pentagon Federal Credit Union is in my opinion first rate for financial services. This organization offers a wide range of accounts for customers including checking, savings and loans. The online and telephone communications are excellent. Questions are answered by telephone representatives with knowledge. Applications are processed in a timely manner. This is a well managed credit union with my highest recommendations.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Good
Fees
Low
Great banking experience
There checking, savings and CD's have best interest rates for the 40 years I have been a member. I have lived all over the world and I also had access to PenFed. Never in 40 years has anyone been rude or unhelpful to me or my family and have had car loan approved within 48 hours. For veterans this is the best company for your financial needs.
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