Pentagon Federal Credit Union Review 2022
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At a glance
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PenFed is good for savers who are interested in getting above average rates and the option to choose from a wide variety of banking products. Consumers who prefer in-person banking may want to consider an institution with a larger branch network.
Highlights
- Highly Rated App
- Low Min Deposit
- Top CD Rates
Overall
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 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. It is insured by the National Credit Union Administration (NCUA).
Pros
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The Premium Online Savings account offers an annual percentage yield (APY) that’s well above the national average.
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The interest checking account earns a competitive yield when balance requirements are met.
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Checking or savings accounts can be opened with a low minimum deposit.
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Tens of thousands of free ATMs are available.
Cons
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The yield on the basic savings account is low.
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The credit union’s network of nearly 50 branches extends across just 13 states.
Pentagon Federal Credit Union (PenFed) bank products
Pentagon Federal Credit Union (PenFed) savings overview
PenFed’s Regular Savings account doesn't offer an impressive APY, but it can be opened at a branch and provides easy ATM access.
Pros
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The Premium Online Savings account offers an above average APY.
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There are no monthly service fees to worry about.
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Customers can set up free online recurring transfers with the Premium Online Savings account.
Cons
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The Regular Savings account pays a much lower APY than the Premium Online Savings account.
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The Premium Online Savings account doesn’t provide ATM access.
Bank experience
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 2.8 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.
Review methodology
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.
