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Pentagon Federal Credit Union Review

Updated June 6, 2025
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At a glance

Overview

Pentagon Federal Credit Union offers above-average rates on a wide range of banking products including savings accounts and certificates of deposit (CDs, though they’re called share certificates at credit unions). The financial institution also offers mortgages and auto, student and personal loans. However, you won’t find as many physical branches as you will for other nation-wide banks and credit unions, so if you’re looking for in-person banking, you may want to look elsewhere if there’s not a branch near you.

Highlights:

Free Checking
4.1
Rating: 4.1 stars out of 5
Bankrate Score
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CDs

Rating: 4 stars out of 5
4.0 /5

Checking

Rating: 4.7 stars out of 5
4.7 /5

Savings

Rating: 4.4 stars out of 5
4.4 /5

MMA

Rating: 2.7 stars out of 5
2.7 /5
4.5
Rating: 4.5 stars out of 5
Customer Score
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Bank logo
Member FDIC
Savings Account
3.50
%
APY
APY
Info Icon
As of 7/10/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 7/10/2025
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Get up to $300 with eligible direct deposit. 
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 7/10/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

PenFed serves around 2.9 million members worldwide as one of the largest federal credit unions, based on assets and membership. It has a rich history in serving members of the armed forces, those affiliated with the military and employees of the federal government. PenFed has members in all 50 states, the District of Columbia and several U.S. territories. However, anyone can join the credit union by opening a savings account and depositing $5. PenFed is insured by the National Credit Union Administration (NCUA).

Pros

  • Checkmark Icon

    The Premium Online Savings account offers an annual percentage yield (APY) that’s well above the national average.

  • Checkmark Icon

    The APY on money market certificates are also much higher than that you’ll find with traditional savings accounts, and the bank has IRA certificates.

  • Checkmark Icon

    Checking or savings accounts can be opened with a low minimum deposit ($5 for the savings account and $25 for the checking account).

  • Checkmark Icon

    Tens of thousands of free ATMs are available.

Cons

  • The yield on even the high-yielding savings account is low compared to some of the best high-yield savings accounts. The yield on the regular savings account is lower than the national average.

  • The credit union’s network of around 50 branches extends across just 13 states.

  • There’s no customer service on Sunday.

Pentagon Federal Credit Union (PenFed) banking

Pentagon Federal Credit Union (PenFed) savings overview

4.4
/5
Rating: 4.4 stars out of 5

Pros

  • Checkmark Icon

    The Premium Online Savings account offers an above-average APY on all balance tiers, while some high-yield savings accounts at other banks and credit unions have minimum balance requirements to earn the advertised APY.

  • Checkmark Icon

    There are no monthly service fees to worry about on the savings accounts.

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    Customers can set up free online recurring transfers with the Premium Online Savings account.

Cons

  • The Regular Savings account pays an APY that’s lower than the national average.

  • The Premium Online Savings account doesn’t provide ATM access.

Pentagon Federal Credit Union (PenFed) CD overview

4.0
/5
Rating: 4 stars out of 5

Pros

  • Checkmark Icon

    A wide selection of CD terms are available.

  • Checkmark Icon

    Rates are above average.

Cons

  • No-penalty certificates are not available.

  • Some of the best CDs have lower minimum opening deposit requirements.

  • The early withdrawal penalties are higher than what you’ll see at some other financial institutions.

Pentagon Federal Credit Union (PenFed) checking overview

4.7
/5
Rating: 4.7 stars out of 5

Pros

  • Checkmark Icon

    The Free Checking account requires no minimum balance and charges no monthly fees.

  • Checkmark Icon

    Members have free access to more than 85,000 ATMs.

  • Checkmark Icon

    The Free Checking account works with Apple Pay, Samsung Pay and Google Pay.

  • Checkmark Icon

    An overdraft line of credit is available for added protection.

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    Direct deposit customers may be able to receive their paychecks up to two days early.

Cons

  • The charge per instance of nonsufficient funds is $30 with no daily limit on the number of occurrences.

Bank fees

Fee Charged
Non-sufficient funds fee $30
Monthly maintenance fee $10, can be waived
Out-of-network ATM fee $1.50
International transaction fee up to 2% of transaction amount

Customer experience

Consumers who choose PenFed will have access to about 50 branches, but those who aren’t in proximity to a branch can take advantage of robust digital features and do their banking online.

The mobile app is highly rated in both Apple’s App Store and the Google Play Store. It can be used to set travel notifications on debit/credit cards, deposit checks, pay bills and more.

Members also have ample access to free ATMs with tens of thousands of free ATMs available, including those in the Allpoint and Co-op networks.

PenFed has phone hours from 8 a.m. to 8 p.m. Eastern on every day except Sunday.

PenFed Credit Union Logo

We want to know what you think about Pentagon Federal Credit Union

Do you have experience with PenFed? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Pentagon Federal Credit Union (PenFed) customer reviews

CTA Pentagon Federal Credit Union (PenFed) has 60 reviews

Pentagon Federal Credit Union (PenFed) has 60 reviews

Dive into community reviews below and see what others think about Pentagon Federal Credit Union (PenFed).

4.5 Star Icon
60 ratings
Info Icon
Score breakdown
5 stars
60%
4 stars
33%
3 stars
7%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.5 / 5
Competitiveness of APY 4.2 / 5
Amount of fees 4.3 / 5
Customer support 4.5 / 5
Website / Mobile app 4.4 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Pentagon Federal Credit Union (PenFed).
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Anonymous account holder
March 25, 2025
The experience has been amazing. It’s been such a smooth, effortless process to use their services, including the app and website. I had no trouble whatsoever.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 25, 2025
My experience has been good. Never had a problem; it seems that they are improving their services, which is great to see.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 25, 2025
I really enjoy their service. The app is easy to use, safe, and reliable. If you need to speak to someone, they are very kind and helpful.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 25, 2025
Great customer service, competitive interest rates on deposits, no fee Yes - Checking.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 25, 2025
Plane but reliable. I’m moving from brick and mortar banking to digital banking and they are good at that.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 7, 2025
My overall experience has generally been positive. Compared to other banks their deposit features outperform and their customer service has been good so far. Their website is also easy so navigate and i have had no issues with Pentagon Federal Credit Union so far.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
March 7, 2025
They are convenient and make it easy for me to access my money.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
PenFed provides flexible account options, including checking and Yes - Savingss with relatively low fees. Their certificates of deposit (CDs) often have competitive rates, though minimum balance requirements may apply.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
It’s been okay. The interest rate earned I wish was better but its competitive
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 7, 2025
I have always had a great experience with the Pentagon. They are a great bank!
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5