On This Page
On This Page
- At a glance
- Overall
- Pentagon Federal Credit Union (PenFed) bank products
- Bank fees
- About PenFed
- How PenFed compares to other banks
- FAQs
- Review Methodology
At a glance
4.3
Rating: 4.3 stars out of 5
Bankrate Score
CDs
Rating: 4.4 stars out of 5
Checking
Rating: 4.7 stars out of 5
Savings
Rating: 4.4 stars out of 5
MMA
Rating: 3.2 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
- Highly Rated App
- Low Min Deposit
- Top CD Rates
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
SoFi
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees and earn $250 with direct deposit (terms apply)
Member FDIC
Savings Account
4.75
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: Easy application. No minimum balance. High yield.
BMO Harris Bank DBA BMO Alto - 501
Member FDIC
Savings Account Details
4.75
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.63%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Easy application. No minimum balance. High yield.
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
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
The Premium Online Savings account offers an annual percentage yield (APY) that’s well above the national average.
Checking or savings accounts can be opened with a low minimum deposit.
Tens of thousands of free ATMs are available.
Cons
The yield on the basic savings account is low.
The credit union’s network of nearly 50 branches extends across just 13 states.
Pentagon Federal Credit Union (PenFed) banking products
4.4
Rating: 4.4 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
0.55% – 2.70% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of8/26/2023
$0 minimum deposit to open
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
The Premium Online Savings account offers an above average APY.
There are no monthly service fees to worry about.
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.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
SoFi
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of8/26/2023
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees and earn $250 with direct deposit (terms apply)
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
4.4
Rating: 4.4 stars out of 5
Bankrate Score
Compare top CD rates
FEATURES
2.70% – 4.70% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of8/26/2023
$1,000 minimum deposit to open
6 months – 5 years
Pentagon Federal Credit Union (PenFed) CD overview
PenFed offers several different types of certificates, including money market certificates, which are available with terms ranging from six months to seven years. All of these terms come with very high yields, though some are more competitive than others.
Other options include IRA certificates — which are for retirement savings — and Coverdell Education savings certificates — which are useful for setting aside money for a child’s education. With each of these products, the barrier to entry is fairly low, but the early withdrawal penalties are rather stiff.
Pros
A wide selection of CD terms is available.
The $1,000 minimum balance requirement is manageable for many savers.
Rates are above average.
Cons
Early withdrawal penalties on terms over a year in length can be substantial.
There are no options for flexible or no-penalty certificates.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
10mo
Term
Goldman Sachs Bank USA
Member FDIC
CD Details
5.05
%
APY
$500
Min. deposit
10mo
Term
Offer rate as of8/26/2023
Minimum deposit$500
APY may change before CD is opened & funded
Promoted offer: APY may change before CD is opened & funded
3.2
Rating: 3.2 stars out of 5
Bankrate Score
Compare top money market rates
Pentagon Federal Credit Union (PenFed) money market overview
The Money Market Savings account offers a tiered APY. Balances of more than $100,000 earn the highest yield, but higher yields with much lower deposit requirements can be found at other banks and some credit unions. The account has no monthly service fees, but an initial deposit of $5 is required to open the account. Checks are free upon request.
Pros
There’s no monthly service fee.
You can request free checks for the account.
Unlike the Online Savings account, ATM access is available.
A money market account can be opened with little money.
Cons
Better yields can be found elsewhere.
At least $100,000 is required to earn the highest APY.
4.7
Rating: 4.7 stars out of 5
Bankrate Score
Compare top checking rates
Pentagon Federal Credit Union (PenFed) checking overview
PenFed’s Free Checking account requires no minimum balance and charges no monthly service fees. Account holders have access to more than 85,000 fee-free ATMs nationwide, including those in the Allpoint and Co-op networks. Members who set up direct deposit may receive paychecks up to two days early.
The credit union also offers Access America checking, an interest-bearing account that has tiered interest rates that reward those with balances of $20,000 or more with a higher APY.
Pros
The Free Checking account requires no minimum balance and charges no monthly fees.
Members have free access to more than 85,000 ATMs.
The Free Checking account works with Apple Pay, Samsung Pay and Google Pay.
An overdraft line of credit is available for added protection.
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.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 8/26/2023
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of8/26/2023
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
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 |
About Pentagon Federal Credit Union (PenFed)
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. Customers can contact the credit union via an online form or by calling.
Customer support hours are available over the phone Monday through Friday from 7 a.m. to 11:00 p.m. Eastern time, Saturdays from 8 a.m. to 11:00 p.m. and Sundays from 9:00 a.m. to 5:30 p.m.
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.
Bank 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.
How does Pentagon Federal compare 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 generally offers higher yields on its savings and money market accounts.
Pentagon Federal Credit Union FAQs
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.