About Pentagon Federal Credit Union (PenFed)
Pentagon Federal Credit Union was established in Washington, D.C., in 1935 as the War Department Federal Credit Union. Now, PenFed is based in Tysons, Virginia, and serves more than 1.8 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.
PenFed is good for savers who are interested in getting both a competitive rate and the option to take out a variety of other banking products from the same institution. If you prefer in-person banking, you’ll probably want to choose an institution with a larger branch network.