PenFed Credit Union Review: Checking, Savings and Share Certificates
Pentagon Federal Credit Union, or PenFed, offers deposit accounts and other services primarily for military-affiliated members.
Overall bank rating

Savings
Checking
CD rates
Banking experience
Overdraft fees
4.0
The bottom line: Pentagon Federal Credit Union, or PenFed, offers a modest banking 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.
Pros
Checking account earns interest.
Members have access to more than 85,000 free ATMs.
Good APY on its online savings account.
Cons
Low APY on its basic savings account.
$1,000 minimum on share certificates is high.
Doesn't participate in shared branching.
Full review

PenFed Credit Union Premium Online Savings
4.5
NerdWallet ratingAPY
0.45%
With $0 minimum balance
PenFed offers the Premium Online High-Yield Savings account with a competitive 0.45% annual percentage yield on all balances. The basic savings offers a much lower APY as well as the ability to withdraw money at ATMs, which the online account does not. Both accounts have no monthly fees and require only $5 to open.

PenFed Credit Union Access America Checking
4.0
NerdWallet ratingMonthly Fee
$10.00
Waived with $500 minimum balance
APY
0.15%
With $1 minimum balance
Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average. You can find higher rates elsewhere, particularly at top online banks, but you might have to meet quite a few requirements to earn them. With daily balances under $20,000, you can earn an annual percentage yield of 0.15%; deposits of $20,000 to $50,000 earn 0.35%. Its network of ATMs is larger than that of many financial institutions. You can avoid the $10 monthly fee by setting up a monthly direct deposit of $500 or more, or having a daily balance of at least $500.

PenFed Credit Union Money Market Certificate
4.0
NerdWallet rating1-year APY
0.45%
3-year APY
0.55%
5-year APY
0.70%
Minimum Deposit
$1,000
Money market certificates, PenFed’s version of a certificate of deposit, earn solid APYs, up to 0.70%. They function like standard share certificates, the term used by most credit unions.
Banking experience
3.5
NerdWallet ratingThough many members of the credit union are military personnel or family, anyone can apply to join. All that’s required to be a member is a $5 deposit in a savings, or share, account.
The credit union's iOS and Android mobile apps get solid ratings from users, and customer phone support is available late into the evening hours and on weekends.
Overdraft fees
2.5
NerdWallet ratingPenFed charges a $30 nonsufficient funds fee when you don’t have enough money in your account to cover a transaction. Unlike some other financial institutions, PenFed doesn’t have an overdraft transfer service or a daily limit on how many times it will charge the fee. Members can sign up for an overdraft line of credit that comes with a 17.99% annual percentage rate and no fee.

PenFed Credit Union Premium Online Savings
4.5
NerdWallet ratingAPY
0.45%
With $0 minimum balance
PenFed offers the Premium Online High-Yield Savings account with a competitive 0.45% annual percentage yield on all balances. The basic savings offers a much lower APY as well as the ability to withdraw money at ATMs, which the online account does not. Both accounts have no monthly fees and require only $5 to open.

PenFed Credit Union Access America Checking
4.0
NerdWallet ratingMonthly Fee
$10.00
Waived with $500 minimum balance
APY
0.15%
With $1 minimum balance
Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average. You can find higher rates elsewhere, particularly at top online banks, but you might have to meet quite a few requirements to earn them. With daily balances under $20,000, you can earn an annual percentage yield of 0.15%; deposits of $20,000 to $50,000 earn 0.35%. Its network of ATMs is larger than that of many financial institutions. You can avoid the $10 monthly fee by setting up a monthly direct deposit of $500 or more, or having a daily balance of at least $500.

PenFed Credit Union Money Market Certificate
4.0
NerdWallet rating1-year APY
0.45%
3-year APY
0.55%
5-year APY
0.70%
Minimum Deposit
$1,000
Money market certificates, PenFed’s version of a certificate of deposit, earn solid APYs, up to 0.70%. They function like standard share certificates, the term used by most credit unions.
3.5
NerdWallet ratingThough many members of the credit union are military personnel or family, anyone can apply to join. All that’s required to be a member is a $5 deposit in a savings, or share, account.
The credit union's iOS and Android mobile apps get solid ratings from users, and customer phone support is available late into the evening hours and on weekends.
2.5
NerdWallet ratingPenFed charges a $30 nonsufficient funds fee when you don’t have enough money in your account to cover a transaction. Unlike some other financial institutions, PenFed doesn’t have an overdraft transfer service or a daily limit on how many times it will charge the fee. Members can sign up for an overdraft line of credit that comes with a 17.99% annual percentage rate and no fee.
How does PenFed Credit Union compare?
Member FDIC | Deposits are FDIC Insured | |
---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING METHODOLOGY
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.