Pentagon Federal Credit Union is one of the largest federal credit unions, based on assets and membership. It has a rich history in serving members of the armed force, 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. It is insured by the National Credit Union Administration (NCUA).
The Premium Online Savings account offers a top-tier APY.
The checking account is interest bearing and earns a highly competitive yield.
Checking or savings accounts can be opened with a low minimum deposit.
Tens of thousands of free ATMs are available.
Consumers who choose PenFed will have access to nearly 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.
About Pentagon Federal Credit Union (PenFed)
Pentagon Federal Credit Union was established in 1935 in Washington, D.C., as the War Department Federal Credit Union. Today, PenFed is based in McLean, Virginia, and serves 2 million members worldwide.
PenFed offers a variety of banking products, including checking, savings and money market accounts as well as several types of share certificates.
Current and retired members of the armed forces and employees of the federal government are eligible to join the credit union, but membership is open to just about anyone. PenFed makes qualifying easy by allowing new customers to sign up as a member of one of dozens of organizations, such as the Marine Corps League or the Air Force Association.