Pros Explained
Cons Explained
Who Is PenFed Credit Union Best for?PenFed Credit Union is best for consumers who want high-yield accounts with low minimum deposit requirements and low fees. It may be a good fit if you: Show
What Does PenFed Credit Union Offer?PenFed Credit Union offers an array of deposit accounts, loans, and services to meet your needs. Although PenFed was historically limited to people with ties to the military and government, membership is now open to all citizens and permanent residents of the U.S. Checking AccountsPenFed currently offers only one checking account: Access America Checking. This dividend-bearing checking account has two tiers of annual percentage yields (APYs), depending on your daily balance. For balances above $50,000, no dividends are earned. There is a $25 minimum deposit required to open your account. The monthly fee of $10 is waived with a daily balance of $500 or direct deposits totaling at least $500 per month. Members can use more than 85,000 ATMs with no fee. Although PenFed Credit Union has limited ATMs that it owns, the credit union partners with Allpoint, Target, CVS, Safeway, and more, so that members can use an ATM without being charged. If you use another bank’s ATM, PenFed Credit Union does not charge a fee. However, it will not reimburse you for any fees charged by the owner of that ATM.
Money Market Savings AccountsThe Money Market Savings account earns a higher rate of dividends, depending on the amount deposited. There is a minimum opening deposit of $25 and no monthly service fees. Free checks are available upon request, so members have easy access to their funds.
Savings AccountsPenFed Credit Union has a Regular Savings account and an online-only option. The Regular Savings account can be opened with $5 and has no fees with electronic statements. If you choose paper statements, there is a fee of $2 per month. The Premium Online Savings account is a high-yield savings account with a competitive dividend rate (though it’s not as high as the best rates going) and no monthly fees. There is a $5 minimum to open this account as well.
Money Market CertificatesCredit unions use the term “money market certificates” instead of “certificates of deposit (CDs).” PenFed Credit Union has money market certificates ranging from six months to seven years. A minimum deposit of $1,000 is required to open an account. Money market certificates are also available for individual retirement accounts (IRAs) and Coverdell education savings accounts for college. The required minimum deposit for a Coverdell account is $500. At maturity, money market certificates will renew automatically unless you selected the nonrenewal option. When this happens the funds will be automatically deposited into a regular savings account.
If you withdraw from the money market certificate prior to maturity, there is a penalty based on the term selected. The penalties seem to be stiffer than what other banks charge for the same term.
Credit CardsPenFed has four credit card choices for its members. The Platinum Rewards, Power Cash Rewards, and Gold cards have no annual fee. The PenFed Pathfinder Rewards card has a $95 annual fee. Members can select from a low annual percentage rate (APR), cash back, or rewards, depending upon their needs.
Other Financial Products Offered by PenFed Credit UnionIn addition to the deposit products listed above, PenFed Credit Union members also have access to the following products and services:
PenFed Credit Union Customer ServiceCustomer service is available by phone (1-800-247-5626) Monday through Friday from 7 a.m. to 11 p.m. EST. During the weekends live customer service is available from 8 a.m. to 11 p.m. EST on Saturday and 9 a.m. to 5:30 p.m. on Sunday. PenFed Credit Union is available by secure messaging online and through its mobile app 24 hours a day. Members can download its mobile app for Apple and Android. Because it is a credit union, its deposits are insured by the National Credit Union Association (NCUA) instead of the Federal Deposit Insurance Corporation (FDIC). How to Bank With PenFed Credit UnionIf you’d like to bank with PenFed Credit Union, becoming a member is simple. Now that it has opened its charter, membership is available to any American or permanent resident who wishes to open an account nationwide. You can open an account online or by visiting one of the PenFed Credit Union branches. The online-only savings account can only be opened online. Final Verdict Membership with PenFed Credit Union used to be limited to people who have close ties to the military and the federal government. Since it opened its charter to allow more people to join, its attractive products and services are now available to every American nationwide. PenFed Credit Union offers competitive rates and fees on its checking, online savings, and money market certificates. It offers a full suite of deposit and lending products and services that are comparable to larger banks. As long as you don’t need a physical branch nearby, you can perform all of your banking needs online, through its app, or on its partner network of ATMs. MethodologyInvestopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. What ATM can I use for PenFed?Get access to our 85,000+ fee-free ATM network of Allpoint and Co-op ATMs, giving you access to more machines than the leading banks. Easy Access: Fee-free PenFed ATMs are located at many well known retailers such as Target®, CVS Pharmacy®, Circle K®, Winn Dixie®, Rite Aid®, Kroger®, Speedway®, and Safeway®.
Does PenFed charge ATM fees?PenFed will not charge ATM fees to members who have an Access America Checking or Free Checking account for using any ATM for withdrawals or balance inquiries of any PenFed share account. Third party ATM operators may still impose surcharge fees.
Who is PenFed credit union affiliated with?Members of the National Military Family Association. Members of the Air Force Association. Members of the United States Coast Guard Auxiliary. Members of the Military Officers Association of America.
How do I withdraw money from PenFed?With PenFed's debit card, you can withdraw money for free from any one of its 85,000 nationwide ATMs. If you can't find an ATM that partners with PenFed, you'll be charged $1.50 plus whatever fees are charged by that ATM for withdrawing cash.
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