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Pentagon Federal Credit Union Review 2024

Updated January 2, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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CDs

Rating: 4 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 4.4 stars out of 5

MMA

Rating: 2.7 stars out of 5

About Bankrate Score

Overview

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

  • Free Checking
Sponsored offers
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Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 12/4/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 12/4/2024
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 12/4/2024
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.

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

  • Checkmark Icon

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

  • Checkmark Icon

    Checking or savings accounts can be opened with a low minimum deposit.

  • Checkmark Icon

    Tens of thousands of free ATMs are available.

Cons

  • The yield on the basic savings account is low.

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

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.

Pentagon Federal Credit Union (PenFed) banking products

4.4
Rating: 4.4 stars out of 5
Bankrate Score

Pentagon Federal Credit Union (PenFed) savings overview

The Premium Online Savings account earns a dividend rate that’s above the national average APY, and it requires only a $5 minimum deposit with no monthly fee.

PenFed’s Regular Savings account offers a very low APY, but it can be opened at a branch and provides easy ATM access.

Pros

  • Checkmark Icon

    The Premium Online Savings account offers an above average APY.

  • Checkmark Icon

    There are no monthly service fees to worry about.

  • Checkmark Icon

    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)
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

Bank fees

Fee Charged
Overdraft fee $15
Non-sufficient funds fee $30
Monthly maintenance fee None
Out-of-network ATM fee $1.50
Excessive transaction fee None

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.

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 around 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.

How Pentagon Federal compares to other banks

Pentagon Federal Credit Union vs. Navy Federal Credit Union

As some of the largest credit unions in the country, both PenFed and Navy Federal offer a wide array of financial products and services, including deposit accounts like checking and savings in addition to loans and credit cards. 

Membership at PenFed is open to everyone, but Navy Federal requires you or a family/household member to have ties to the armed forces, the Department of Defense or the National Guard. 

While both credit unions offer similar yields on their CDs, PenFed offers higher yields on its Premium Online Savings account.

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 23 reviews

Pentagon Federal Credit Union (PenFed) has 23 reviews

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

4.6 Star Icon
23 ratings
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Score breakdown
5 stars
65%
4 stars
30%
3 stars
4%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.6 / 5
Competitiveness of APY 4.2 / 5
Amount of fees 4.2 / 5
Customer support 4.5 / 5
Website / Mobile app 4.5 / 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
September 13, 2024
I’ve had no issues with them and they’re a great bank. It’s been wonderful. Everyone is helpful and I haven’t had any issues.
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
September 13, 2024
The state that I live in does not have a physical penfed that you can go into. we need them here in atlanta ga. PenFed is a great bank overall for me. But the customer service support could be better.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
I've had many banks but this one is easy the best. The high interest rates and low fees.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They provide the customer service and low competitive rates and absolutely love banking with them. they have good customer service as well. Low rates, good customer service, reliable banking.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They've provided me with many useful things since I've been with them. What I've heard from others personal experience and knowledge.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
PenFed has hands down the best customer service I have ever experienced from a bank. You can tell they truly value their customers. PenFed also offers amazing interest rates on their loans and high limit personal credit cards. I could not recommend them enough! Anytime you call them you get a human being on the phone almost instantly and they are always super helpful. Their website and app are very easy to navigate and I have never had any issues where the site or app was down for any reason.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The app and direct deposit is very helpful. Chose because it was nearest to where I’m located.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
The account was easy to open and maintain with no fees and a reasonable interest rate. They have a great reputation as a credit union.
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
September 13, 2024
Has good interest and transferring is easy. They have been kind, helpful and just plain nice to me and my hubs. They explain and answer all our questions.
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
September 13, 2024
PenFed offers competitive interest rates, user-friendly online banking, and no-fee banking. PenFed has been a joy to use. I expect to have a trouble-free experience with each interaction and have never been let down. I have never had to use customer service as it is so easy to use their website that gives 24-hour access to manage your account.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5