Pentagon Federal Credit Union is the second-largest federal credit union. It has a rich history in serving members of the military and those who are affiliated with the military. PenFed has members in all 50 states and the District of Columbia, and it is insured by the National Credit Union Administration (NCUA).
You can get a highly competitive APY on the Premium Online Savings account.
The checking account is interest-bearing and provides a highly competitive rate.
There’s a low minimum deposit to open a checking or savings account.
You’ll have access to tens of thousands of free ATMs.
In choosing PenFed, you will have access to around 45 branches. Luckily, the credit union offers a number of great digital features so you can do the bulk of your banking online.
The mobile app is highly rated in both Apple’s App Store and the Google Play Store. You can use it to do things like set travel notifications on your cards, deposit checks and pay bills.
You will also have ample access to free ATMs; PenFed makes tens of thousands of free ATMs available to members, including those in the Allpoint and CO-OP networks.
About Pentagon Federal Credit Union (PenFed)
Pentagon Federal Credit Union was established in Washington, D.C., as the War Department Federal Credit Union in 1935. Now, PenFed is based in McLean, Virginia, and serves more than 2 million members worldwide.
PenFed offers a variety of banking products, including checking accounts, savings accounts, different types of certificates (or CDs provided by credit unions) and money market accounts.
There are several ways to become a member. You can join the credit union if you serve in the United States military, for instance. You can also join PenFed’s field of membership by signing up for one of dozens of organizations, such as the Marine Corps League or the Air Force Association.