Pentagon Federal Credit Union Review 2024
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At a glance
CDs
Checking
Savings
MMA
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
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking 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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment 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
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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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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 around 50 branches extends across just 13 states.
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
Pentagon Federal Credit Union (PenFed) savings overview
PenFed’s Regular Savings account offers a very low 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 an APY that’s lower than the national average.
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The Premium Online Savings account doesn’t provide ATM access.
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Pentagon Federal Credit Union (PenFed)APYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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)
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.
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.
PenFed has phone hours from 8 a.m. to 8 p.m. Eastern on every day except Sunday.
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.
Pentagon Federal Credit Union FAQs
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.
Pentagon Federal Credit Union (PenFed) customer 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).
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
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