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. To find out if PenFed Bank is right for you, continue reading the review below.
PenFed Credit Union has 46 branches in 35 cities and thousands of ATMs throughout the United States. They cater to people of all ages and have various checking and savings accounts.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Saving Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 CD Account Options
- 8 Compare CD Accounts
- 9 Reasons To Bank With PenFed Credit Union
- 10 Reasons Not To Bank With PenFed Credit Union
- 11 PenFed Credit Union Routing Number
- 12 Contact Customer Service
- 13 How PenFed Credit Union Compares
- 14 Bottom Line
Checking Account Options
PenFed Credit Union has a variety of checking accounts. Each checking accounts come with a Visa Debit Card, access to online/mobile banking, online bill pay, and free use of PenFed Credit Union ATMs.
This premier checking account allows you to earn dividends on your funds as well as overdraft production. Also, enjoy no monthly fees and online and mobile access.
Compare Checking Accounts
Saving Account Options
PenFed Credit Union comes with online/mobile banking that gives you access to your savings account. You can also get recurring bank transfers, overdraft protection options, and free access to ATMs.
The Regular Savings Account is a simple, straightforward savings account with a competitive APY and a great way to establish ownership. A $5 deposit is all it takes to become a PenFed member.
The premium online savings account gives you a great APY on your funds as well as no monthly fees. Enjoy free online transfers and don’t forget that your funds are insured by the NCUA.
You’ll earn a fixed interest rate on your earnings.
you don’t need any starting balance to open this account.
Earn high yields on balances of $10,000 and above with this money market savings account. Open an account with a minimum of $25 and et higher dividends for higher balances ranging from $10K to $100K or more. Also this account has no monthly fees.
Compare Savings Accounts
Open a Discover Online Savings Account for all these features:
• Earn high interest rate of 0.50% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
• Enjoy a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
• Access to 16,000 Chase ATMs and nearly 4,900 branches
• Link this account to your Chase checking account for Overdraft Protection.
• Chase Mobile® app – Manage your accounts, deposit checks, transfer money and more — all from your device.
• Open your account online now.
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. PenFed Credit Union has specific savings accounts that earn money market interest rates.
If you open a Money Market Savings account, you will earn a great APY return on your funds. Invest as little as $1,000 on your funds and you can choose to renew or close your account at maturity.
This account offers competitive interest rates and has no monthly maintenance fee.
Compare Money Market Accounts
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 0.40% APY balances $100,000 and over
• Earn 0.35% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the BBVA Money Market Account, you’ll enjoy:
• Earn up to 0.15% APY (Annual Percentage Yield)
• Earn this exceptional rate on your entire balance
• $25 minimum opening deposit required
• Get a competitive rate, with tiered interest to grow your money faster
• Interest compounds and is credited monthly
• Easily withdraw money in branch & at BBVA ATMs w/no fees
• Enjoy 24/7 online access with Online and Mobile Banking
• Link to your BBVA checking account for Overdraft Protection
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.50% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD Account with PenFed Credit Union.
With a $1,000 deposit, you can open a “special promotion” CD with promotional rates. These accounts ranges from 6 month to 7 years.
If you have $500 you can invest in this CD account. Time ranges from one year to seven years. This account is tailored for education expenses throughout elementary, secondary, and college.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.60% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the BBVA CD:
• Earn up to 0.10% APY with just a $500 minimum deposit
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons To Bank With PenFed Credit Union
- Make transfers, deposit, and have access to your account with PenFed Credit Union’s 24/7 service.
- Create Online Bill Payment alerts to warn you of upcoming payments.
- Send money to friends and family via Zelle, a trusted money transferring app recommended by PenFed Credit Union.
- With location services on, PenFed Credit Union will locate you and your card.
Reasons Not To Bank With PenFed Credit Union
- Location. PenFed Credit Union is unfortunately only available in 35 cities. If you’re in one of those unlucky states and prefer online banking, consider looking elsewhere.
- If you want your fees waived, expect to put in a hefty amount into your account.
- On the occasion you go over your balance, expect expensive repercussions. Their overdraft fees can seem unforgiving.
PenFed Credit Union Routing Number
The main routing number is 256078446. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach PenFed Credit Union Customer Service at 1 (800) 247-5626. Reps are available Monday – Friday from 9 AM – 4 PM.
How PenFed Credit Union Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- BMO Harris Bank: BMO Harris offers a large, fee-free ATM network with more than 43,000 participating ATMs. Their account selections are much less than what PenFed Credit Union offers, and they only have one interest-bearing checking account that requires a $25,000 balance to waive the high monthly service charge.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
PenFed Credit Union is for those who are interested in exploring the large selection of checking and savings accounts they have to offer. Ranging from a basic checking and savings accounts to combined ones, PenFed Credit Union ensures that they have an option for any kind of person.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with PenFed Credit Union, see our list of the latest PenFed Credit Union bonuses! For more options from a variety of banks, see our list of the best bank promotions!
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