Pros Explained

• High-yield checking account with easy-to-waive monthly fees: Dividend-bearing checking accounts usually have a meager dividend rate. The Access America Checking account offers a high yield and no monthly fee with a daily balance or monthly 澳洲幸运5官方开奖结果体彩网:direct deposit of $500 or more.
• Online savings account offering a competitive dividend rate: The Premium Online Savings account has a competitive dividend rate with no monthly fees. Plus, it requires only a $5 deposit to open.
• Low minimum deposit to open checking and savings accounts: You can open a checking, savings, or 澳洲幸运5官方开奖结果体彩网:money market account with PenFed for $25 or less. This makes it easier for people as they transition their accounts from their old bank.

Cons Explained

• Limited number of branches: PenFed has just over 50 branches across the U.S. This is a problem for people who want the comfort of a physical branch nearby.
• Does not reimburse ATM fees charged by other banks: If you use another bank’s ATM, PenFed does not charge a fee. However, PenFed will not reimburse you for that bank’s fees because it partners with Target, CVS, and others to provide fee-free access to more than 85,000 ATMs.
• Stiff penalties for early withdrawal from money market certificates: Members who need to access their money before their money market certificate matures could pay a stiff penalty. For example, a one-year term would forfeit all dividends earned if withdrawn before maturity.

Who Is PenFed Credit Union Best for?

澳洲幸运5官方ꦆ开奖结果体彩网:PenFed Credit Union is best for🌄 consumers who want hi💖gh-yield accounts with low minimum deposit requirements and low fees. It may be a go🎶od fit if you:

• Prefer to bank online
• Want to earn a high yield on your checking and savings accounts and money market certificates
• Are looking for a low minimum opening deposit requirement
• Want to waive monthly fees easily
• Prefer a full-service bank that offers many products and services
• Want a credit card with no annual fee

What Does PenFed Credit Union Offer?

PenFed Credit Union offers an array of depo🤪sit accounts, loans, and𝕴 services to meet your needs.

Checking Accounts

PenFed currently offers two checking accounts: Free Checking and Access America Checking. The latter is a dividend-bearing checking account has two tiers of annual percentage yields (APYs), dep🔥ending on your daily balance. For balances above $50,000, no dividends🍰 are earned.

There is a $25 minimum deposit required to open both checking accountꦚs. For Access America, the monthly fee of $10 is waived with a daily balance of $500𝔍 or direct deposits totaling at least $500 per month.

Members can use more than 85,000 ATMs with no fee. Although PenFed Credit Union has limited ATMs that it owns, the credit union partners with Allpoint, Target, CVS, Safeway, and more, so that members can use an ATM without being charged. If you use another bank’s ATM, PenFed Credit Union does not charge a fee. However, it will not reimburse you for any fees charged by the owner of that ATM.

Savings Accounts

PenFed Credit Union has a Regular Savings account and an online-only option. The Regular Savings account can be opened with $5 and has no fees with electronic statements. If you choose paper statements, there is a fee of $2 per month.

The Premium Online Savings account is a 澳洲幸运5官方开奖结果体彩网:high-yield savings account with a competitive dividend rate (澳洲幸运💯5官方开奖结果体彩网:though it’s not as 🐟high as the best rates going) and no monthly fees. There is a $5 minimum to open this account as well.

Money Market Certificates

PenFed Credit Union uses the term “money market certificates” instead of “澳洲幸运5官方开奖结果体彩网:certificates of deposit (CDs)” and has options ranging from six months to seven years. A minimum deposit of $1,000 is required to open an account.

Money market certificates also are available for individual retirement accounts (IRAs) and 澳洲幸运5官方开奖结果体彩网💧:Coverdell education savings accounts for college. The required minimum deposit for a Coverdell account is $500.

At maturity, money market certificates will renew automatically unless you selected the nonrenewal option. When this happens the funds will be automatically deposited into a regular savings a✤ccount.

If you withdraw from the money market certificate prior to mat🌜urity, there is a penalty based on the term selected. The penalties seem to be stiffer than what other banks charge for the same term.

Credit Cards

PenFed has four credit card choices for its members. The Platinum Rewards, Power Cash Rewards, and Gold cards have no annual fee. The PenFed Pathfinder Rewards card has a $95 annual fee. Members can select from a low 澳洲幸运5官方开奖结果体彩网:annual percentage rate (APR), cash back, or rewards, depending upon their needs.

• PenFed Gold Visa Card
• PenFed Pathfinder Rewards Visa Signature Card
• PenFed Platinum Rewards Visa Signature Card
• PenFed Power Cash Rewards Visa Signature Card

Other Financial Products Offered by PenF💙ed Credit Union

In addition to the depositไ pr🌸oducts listed above, PenFed Credit Union members also have access to the following products and services:

• 澳洲幸运5官方开奖结果体彩网:Auto loans
• Purchase mortgages
• 澳洲幸运5官方开奖结果体彩网:Refinance mortgages
• 澳洲幸运5官方开奖结果体彩网:Home Equity Lines of Credit (HELOCs)
• 澳洲幸运5官方开奖结果体彩网:Personal loans
• Student loans
• 澳洲幸运5官方开奖结果体彩网:Student loan refinancing
• IRAs
• Financial advisors

PenFed Credit Union Customer Service

Customer service is ava🙈ilable by phone (1-800-247-5626) Monday through Satur🦹day from 8 a.m. to 8 p.m. ET.

PenFed Credit Union is available by secure messaging onl💎ine and through its mobile app 24 hours a day.🤡 Members can download its mobile app for Apple and Android.

Because it is a credit union, its deposits are insured by the 澳洲幸运5官方开奖结果体彩网:National Credꦍit Union ꦏAdministration (NCUA) instead of the Federal Deposit Insurance Corporation (FDIC).

How to Bank With PenFed Credit Union

If you’d like ܫto bank with PenFed Credit Union, becoming a member is simple. Now that it has opened its charter, membership is available to any American or permanent resident who wishes to open an account nationwide.

You can open an account online or by visiting one of the PenFed Credit Union branches. The online-only savings account 澳洲幸运5官方开奖结果体彩网:can only be opened online.

Final Verdict

Membership with PenFed Credit Union used to be limited to people who have close ties to the military and the federal government. Since it opened its charter to allow more people to join, its attractive products and services are now available to every American nationwide. PenFed Credit Union offers competitive rates and fees on its checking, online savings, and money market certificates. It offers a full suite of deposit and lending products and🙈 services that are comparable t🐈o larger banks. As long as you don’t need a physical branch nearby, you can perform all of your banking needs online, through its app, or on its partner network of ATMs.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across ꦕmore than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.