Established in 1935 and headquartered in Tysons, Virginia, Pentagon Federal Credit Union (PenFed) is one of the largest federal credit unions with $31 billion in assets. As of this writing, PenFed serves 2.9 million members worldwide and offers various financial products and services, including checking, savings, share certificates (the credit union equivalent of certificates of deposit) and more.
TL;DR
- PenFed Credit Union offers a wide range of financial products and services.
- Membership is now accessible to nearly anyone, not just government employees.
- Savings account APYs are not as competitive as some leading financial institutions.
- PenFed provides a strong online banking platform and excellent customer support.
Previously, PenFed membership was restricted to individuals connected to the U.S. Government or military, but it's now accessible to nearly anyone. Here's a rundown of what to know about PenFed Credit Union.
All rates and fees are current as of Nov. 7, 2025, and are subject to change.
PenFed Credit Union
PenFed Credit Union
| Checking accounts | Starting at $0 per month |
| Savings accounts | Open with as little as $5 |
| Share certificates | Open with as little as $25 |
at MoneyLion
- Year Founded: 1935
- Company Headquarters: McLean, VA
- CEO: James Schenck
PenFed Credit Union is a suitable choice for individuals seeking a member-owned financial institution with a broad range of products and services.
For individuals seeking a comprehensive financial institution that consolidates all banking requirements, PenFed presents a strong option. Beyond just deposit accounts, PenFed provides a range of products including credit cards, auto loans, and mortgages.
The credit union is also known for its low APRs on products like credit cards and personal loans.
PenFed Credit Union isn't suitable for everyone.
PenFed's annual percentage yields for checking, savings, and certificates of deposit aren't as competitive as some leading financial institutions. For those prioritizing maximum returns on their deposit accounts, exploring other options might be advisable.
PenFed provides significantly fewer physical branches compared to institutions such as Chase. If having access to in-person banking services is important to you, confirm that a branch is conveniently located nearby prior to signing up.
Pros
- Membership open to anyone
- High-yield savings option
- Full-service financial institution
Cons
- APYs not competitive with many top options
- Steep early withdrawal penalty for share certificates
- Interest-bearing checking charges a fee (though it can be waived)
PenFed Credit Union rates and products
PenFed provides a variety of deposit accounts designed to assist you in achieving your financial objectives, featuring numerous checking, savings, and share certificate options.
Bank details checked as of Nov. 7, 2025.
Checking accounts
PenFed members can select from two distinct checking account choices. One is a free checking account account, while the other offers interest but includes monthly fees that can be waived.
Free Checking
- Minimum opening deposit: $25
- Monthly fees: $0
- APY: N/A
- Early direct deposit: Yes (up to 2 days early)
- Checks: Yes
Access America Checking
- Minimum opening deposit: $25
- Monthly fees: $10 (waived with a monthly $500+ direct deposit or a daily balance of $500+)
- APY: Up to 0.35%
- Balances of $25 – $19,999 — 0.15%
- Balances of $20,000 – $50,000 — 0.35%
- Early direct deposit: Yes (up to 2 days early)
- Checks: Yes
Bank details checked as of Nov. 7, 2025.
Savings accounts
PenFed provides a single standard savings account and one high-yield savings account designed to enhance your returns. As expected, the high-yield option accrues interest at a significantly better rate compared to the standard account.
Joining PenFed starts with opening a savings account and making a minimum deposit of at least $5.
Additionally, PenFed provides an IRA savings account that necessitates a $25 minimum initial deposit.
Bank details checked as of Nov. 7, 2025.
Regular Savings
- Minimum opening deposit: $5
- Monthly fees: $0
- APY: 0.05%
- Monthly transfer limit: Unlimited
- ATM card: Yes
Premium Online Savings
- Minimum opening deposit: $5
- Monthly fees: $0
- APY: 2.70%
- Monthly transfer limit: Unlimited
- ATM card: Yes
Bank details checked as of Nov. 7, 2025.
Share certificates
PenFed provides several share certificates that yield greater returns than its savings account if you're seeking top profits and plan to keep your funds deposited for an extended period. However, be aware that there are early withdrawal penalties for early withdrawals before the account's maturity, making it a higher-risk option compared to a savings account.
PenFed offers three distinct share certificate options, each featuring its own specific conditions, yields, initial deposit requirements, and penalties for early withdrawal.
Certificates of deposit for money markets
Among PenFed's share certificates, its money market choices offer the best APY and the greatest flexibility regarding term durations. A $1,000 initial deposit is needed to open them.
PenFed money market share certificate rates
| Term length | APY |
|---|---|
| 6 months | 2.70% |
| 12 months | 3.10% |
| 15 months | 3.10% |
| 18 months | 3.10% |
| 24 months | 3.00% |
| 36 months | 3.00% |
| 48 months | 2.90% |
| 60 months | 2.90% |
| 84 months | 2.90% |
| 6 months | |
|---|---|
| APY | 2.70% |
| 12 months | |
| APY | 3.10% |
| 15 months | |
| APY | 3.10% |
| 18 months | |
| APY | 3.10% |
| 24 months | |
| APY | 3.00% |
| 36 months | |
| APY | 3.00% |
| 48 months | |
| APY | 2.90% |
| 60 months | |
| APY | 2.90% |
| 84 months | |
| APY | 2.90% |
Bank details checked as of Nov. 7, 2025.
Certificates of deposit (CDs) for individual retirement accounts (IRAs)
You can select a traditional, Roth, or Simplified Employee Pension (SEP) account with PenFed IRA CD.
PenFed imposes its own penalties for early withdrawals, as does the IRS, for anyone taking an IRA distribution before reaching 59 ½ years of age. Individuals who have reached or surpassed this age threshold are permitted to make partial withdrawals without incurring penalties.
To establish an IRA share certificate, you must download the relevant form—depending on whether you're a new PenFed customer, wish to move an existing IRA, or are converting current PenFed IRA assets to an IRA certificate—and subsequently submit it online. Alternatively, you can send the form via mail or fax.
PenFed IRA share certificate rates
| Term length | APY |
|---|---|
| 12 months | 3.00% |
| 24 months | 2.90% |
| 36 months | 2.90% |
| 48 months | 2.80% |
| 60 months | 2.80% |
| 84 months | 2.80% |
| 12 months | |
|---|---|
| APY | 3.00% |
| 24 months | |
| APY | 2.90% |
| 36 months | |
| APY | 2.90% |
| 48 months | |
| APY | 2.80% |
| 60 months | |
| APY | 2.80% |
| 84 months | |
| APY | 2.80% |
Bank details checked as of Nov. 7, 2025.
Coverdell Education Savings Program certificates
PenFed's Coverdell Education Savings share certificates, which come without service fees, offer a tax-free method for accumulating funds for education. These accounts feature a reduced minimum opening deposit of $500, yet they have an annual maximum contribution cap of $2,000.
To establish this account, you'll need to contact PenFed at 800-247-5626 or go to a physical location. Another option is to get a form from the website and then submit it by mail or electronically.
PenFed Coverdell Education Savings share certificate rates
| Term length | APY |
|---|---|
| 12 months | 3.00% |
| 24 months | 2.90% |
| 36 months | 2.90% |
| 48 months | 2.80% |
| 60 months | 2.80% |
| 84 months | 2.80% |
| 12 months | |
|---|---|
| APY | 3.00% |
| 24 months | |
| APY | 2.90% |
| 36 months | |
| APY | 2.90% |
| 48 months | |
| APY | 2.80% |
| 60 months | |
| APY | 2.80% |
| 84 months | |
| APY | 2.80% |
Bank details checked as of Nov. 7, 2025.
Other services PenFed Credit Union offers
Beyond its robust range of savings options, PenFed also provides offerings like:
- Credit cards: PenFed offers several credit cards with low or no annual fees and extremely reasonable APRs.
- Auto loans: Members have the option to obtain new auto loans or refinance current ones, and they can also buy added protection like guaranteed asset protection (GAP) insurance.
- Mortgages: In addition to conventional mortgages, PenFed is also a lender of Federal Housing Administration (FHA), Veterans Affairs (VA), and jumbo loans. It also offers refinancing and home equity lines of credit.
- Personal loans: PenFed offers personal loans with terms of up to 60 months.
- Student loans: Students can borrow funds to pay for college and refinance existing student loans.
Online banking
PenFed's online banking and mobile app allow you to deposit checks, set travel alerts, review account transactions, check the status of a loan or credit card, make payments, transfer funds, and perform other actions.
The PenFed Credit Union platform and customer support
PenFed's mobile app, boasting a rating of 4.8 stars on the Apple App Store and 4.5 stars on Google Play based on more than 60,000 reviews, provides users with a comprehensive online banking experience.
PenFed's customer service is available Monday through Saturday, 8 a.m. To 8 p.m. ET. To speak with a representative, call 800-247-5626.
To reach a PenFed representative, you can call them Monday through Saturday between 8 a.m. And 8 p.m. Eastern Time. Alternatively, you may complete an online form to arrange a callback or utilize the live chat option found at the bottom of the contact page.
Is PenFed Credit Union secure?
PenFed employs several methods to safeguard your data, such as employing multi-factor authentication, providing security alerts, and enabling you to monitor login activity.
The National Credit Union Administration (NCUA) also insures the credit union, providing coverage up to $250,000 for each account holder within every ownership category.
PenFed Credit Union user reviews
Financial institutions like banks and credit unions often get negative online feedback. This is largely due to the fact that unhappy clients are more inclined to post reviews compared to those who had a smooth experience.
With that in mind, PenFed receives a more than respectable 3.8 stars on Trustpilot. Customers rave about the excellent customer service and willingness to forgive fees. Others complain about occasional IT glitches, such as with its website, bill payment feature, and Zelle.
Users on platforms such as Reddit also express strong positive feedback regarding PenFed's customer support and the general absence of problems.
Compare PenFed Credit Union alternatives
PenFed is a solid option for individuals preferring to consolidate their banking with a single provider. However, it may not consistently provide the top interest rates available. For those aiming to boost their earnings, Alliant Credit Union and SoFi are two financial institutions worth considering.
 PenFed Credit Union |  SoFi® Member FDIC |  Alliant Credit Union |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 2.70% | Get up to 3.60%.1 Get a 0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.10% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.35% | 0.50% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 3.10% | N/A | 4.10% |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked as of Nov. 7, 2025.
Is PenFed Credit Union right for you?
PenFed's extensive product selection makes it a great choice for customers wanting to consolidate all their banking needs in one place. Additionally, their customer support operates for an unusually long period, with staff accessible 12 hours daily, six days a week.
While it offers savings and share deposit APYs, they don't consistently match rates available at numerous online banks, and its mobile applications could be enhanced.
If in-person banking is your preference, confirm a PenFed branch is conveniently located before signing up, as they aren't widely available.
Frequently asked questions
Membership in PenFed Credit Union is open to a wide range of individuals.
Anyone in the U.S. Can become a member of PenFed by opening a savings account and depositing a minimum of $5.
PenFed offers checking accounts at no cost.
Yes, PenFed offers one checking account with no minimum balance requirement and no monthly fees.
The minimum deposit required to establish a PenFed account is $5.
To establish a PenFed savings account, a minimum deposit of $5 is required. For a complimentary checking account, you'll need to deposit $25. Opening a PenFed share certificate account necessitates a deposit ranging from $500 to $1,000.
PenFed operates a certain number of ATMs.
PenFed states that it has more than 85,000 fee-free ATMs.
Is PenFed FDIC-insured?
PenFed operates as a credit union, federally insured by The National Credit Union Administration (NCUA). This coverage extends to $250,000 per account holder within each ownership category, mirroring FDIC protections.
SoFi disclaimer
1:
The annual percentage yield (APY) can fluctuate and is subject to modification without notice. The rates provided are accurate as of 11/12/25. No minimum balance is necessary to open an account. Any applicable fees might decrease your earnings. You can find further rate details and information at https://www.sofi.com/legal/banking-rate-sheet
2: 0.70% Savings APY Boost
You can achieve an Annual Percentage Yield (APY) of up to 4.30% on SoFi Savings, which includes a 0.70% APY Boost (added to the existing 3.60% APY as of 11/12/25) for a period of up to six months. To qualify, enroll in SoFi Plus between September 18, 2025, and January 31, 2026. Please note that rates are variable and may change. Terms and conditions apply at sofi.com/sofi-plus. SoFi Bank, N.A. Is a Member FDIC.