at PenFed Credit Union,

Federally insured by the NCUA

Pros

Checking account earns interest.
Members have access to 68,000 free ATMs.
2.00% APY on its online savings account.

Cons

0.05% APY on its basic savings account.
$1,000 minimum on share certificates is high.
Doesn't participate in shared branching.

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Overall

4.0

Pentagon Federal Credit Union, or PenFed, offers a modest product selection for military-affiliated members and others. But it makes up for that with good interest rates for checking, online savings and money market certificates. PenFed offers a handy mobile app, it’s relatively easy to join for a credit union. Its $30 nonsufficient funds fee, however, isn’t as consumer friendly, especially since there’s no cap on how many times PenFed can charge it in one day.

 

Ratings methodology | Reviewed Dec. 19, 2018

Checking

4.5

Access America, PenFed’s lone checking option, has tiered interest rates that are better than the national average, though you can find higher rates elsewhere, particularly at top online banks. With daily balances under $20,000, you can earn an annual percentage yield of 0.20%; deposits of $20,000 to $50,000 earn 0.50%. Its network of ATMs is larger than that of many financial institutions.

Regular Savings Account
APY
0.05%
Min. balance for APY
$5

at PenFed Credit Union,

Federally insured by the NCUA

How does PenFed Credit Union compare?

PenFed Credit Union

Regular Savings Account

cheatgame.info Rating

APY

0.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Credit Union

Mobile-friendly

Goldman Sachs Bank USA

Online Savings

cheatgame.info Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

cheatgame.info Rating

at American Express National Bank,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Not for you? Read more bank reviews
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Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
The worst
This is the worst credit union. Stay away from them. They accepted my initial deposit open up an account and sent me a pamphlet welcoming me to the credit union. When I tried to go into my account several weeks later because I wanted to have a percentage of my paycheck go there for savings it wouldn't allow me in. So I called customer service and these incompetent unprofessional people tell me that they have to have a copy of my drivers license, a bill and copy of my social security card to assess the account. I said are you serious? You all take my money open up an account for me send me documents welcoming me the CU now telling me you have to have these identification documents to prove who I am to assess the account. I told them to close my account right now. So she asked me my 3 security questions to verify it's me to close the account. So I said you ask me those questions to close the account but in order for me to assess it you got have all these other documents. So how do you know it's really me closing this account. Unbelievable!! Stay away! I'm with Navy Federal. A class act Credit Union.
Overall
Customer service
Fair
Website / app
Fair
Rates
Fair
Fees
High
Not Military Friendly
Recently applied for the Pathfinders reward card and met resistance every step of the way. After multiple hard credit report pulls I was declined for the product I applied for. After some time I reapplied for the same card and received a counter offer for a card I did not want. Extremely difficult to work with and not military friendly as advertised. Stay away.
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