Available for residents nationwide, PenFed Credit Union is offering 0.50% APY when you open a Premium Online Savings account. Keep reading to find out everything you need to know about PenFed Credit Union.
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About PenFed Credit Union Premium Online Savings
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions serving 1.7 million members worldwide with $25 billion in assets. They are federally insured by NCUA and are an Equal Housing Lender.
I’ll review PenFed Credit Union Premium Online Savings account below.
PenFed Credit Union Online Savings 0.50% Rate
To earn this competitive rate, simply have an opening deposit of $5 and you can begin your savings today.
- Account Type: Premium Online Savings Account
- Interest Rate: 0.50% APY
- Minimum Balance: None listed
- Maximum Balance: $100,000
- Availability: Nationwide (Bank Locator)
- Credit Inquiry: Hard pull or soft pull? Let us know
- Opening Deposit: $5
- Credit Card Funding: Unknown. Let us know.
- Monthly Fee: There are no monthly service fees
- Early Termination Fee: None listed, check with CSR for more information
American Express® High Yield Savings Account - You earn 0.40% interest rate along with no minimum deposits or monthly fees. Amex High Yield Savings account has been my favorite Hub account for the past 7 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the high yield savings account website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express High Yield Savings Account include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos Bank and CIT Bank accounts offer great rates available nationwide which I recommend.
|Discover Bank Online Savings||$200 Bonus + 0.40% APY||Review|
|Aspiration||1.00% APY + $150 Cash||Review|
|Axos Bank High Yield Savings||Up to 0.61% APY||Review|
|Quontic Bank High Yield Savings||0.55% APY||Review|
|CIT Bank Money Market||0.45% APY||Review|
|American Express High Yield Savings||0.40% APY||Review|
PenFed Credit Union ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
Editor’s Note: Help us with the table above in the comment section if you have experience with PenFed Credit Union’s ACH capabilities.
How to Earn PenFed Credit Union Rate
- Open a Premium Online Savings account from PenFed Credit Union with an opening deposit of $5.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Maintain the account balance up to $100,000, enroll in online banking, and agree to electronic-only statements.
|Balance Requirement||APY Rate|
|None listed||0.50% APY|
Why You Should Sign Up For This Account
- Member discounts
- Advice Center
- Financial Hardship Center
- Free Online Transfers
Check out this offer from PenFed Credit Union for a great rate for balances up to $100,000. There are no monthly service fees, leaving you less to worry about. Take advantage of the services they have to offer along with these savings. Let us know about your experience with this bank and comment below.
For more bank offers, see the complete list of Best Bank Rates!
Come back often to see the latest info on PenFed Credit Union Online Savings Account.