PenFed caters to the military community, but it’s not necessarily a requirement to apply. You can earn up to 0.50% on it’s checking account with a balance from $20,000 to $50,000. Its savings accounts are free, but fall short with a low 0.05% if you have a balance less than $250,000.
Am I eligible?
PenFed is a little vague about its exact criteria for membership, but you’re a shoo-in if you identify with one of the following:
Member of an affiliate partner, which include:
American Red Cross
American Society of Military Comptrollers
National War College Alumni Association
Military Officers Association of America
United States Department of Energy
United States Army Warrant Officers Association
Navy League of the United States
Coast Guard Auxiliary Association
Marine Corps League
Active member of the military
Veteran
Employee of the United States Government
If you don’t meet any of these requirements, contact PenFed to see if there’s another way you could qualify.
What banking products does PenFed Credit Union offer?
PenFed puts its focus on savings products like free savings accounts, money markets and CDs. But it also offers a checking account, personal loans, mortgages and credit card products.
Personal banking
Checking
Access America Checking. Deposit $25 to open an account, and waive the $10 monthly service fee by maintaining a balance of $500 or by setting up a monthly direct deposit of at least $500. Accounts with balances between $500 and $49,999 can earn an APY of 0.20%, while balances of $50,000 qualify for an APY of 0.50%.
Savings
Regular Savings. This free savings account requires just $5 for the initial deposit, and establishes your membership with PenFed Credit Union. All account balances earn an APY of 0.05%.
Premium Online Savings. An account for those with large savings, there’s no monthly maintenance fee, but to earn the 1.80% APY you need a daily account balance of $250,000.
Money Market Savings. Streamline your savings by setting up a monthly direct deposit to this travel-oriented savings account. You can only transfer or withdraw your funds once a year on October 1.
Money Market. These accounts work like savings, but with easier access to your account with checks and a debit card. Deposit $25 to get started, and earn tiered APYs depending on your balance:
Less than $10,000 earns 0.05% APY
$10,000–$99,999 earns 0.10% APY
$100,000+ earns 0.15% APY
Money Market Certificates. Terms range from six months to seven years, with APYs ranging from 1.70% to 2.50%. Get started with a minimum deposit of $1,000. But keep in mind there’s a penalty for withdrawing funds early.
Other personal products
IRAs. Plan for retirement with savings or investment accounts. Certificates and Roth IRAs are also available.
Credit cards. Earn cashback and bonus points with a PenFed credit card.
Loans.PenFed Credit Union loans lends you cash to pay for a car, higher education or other expenses.
Mortgages. Take out a mortgage for a new house or refinance one you already own; you can also apply for a home equity loan.
PenFed doesn’t offer banking products to small or commercial businesses, so entrepreneurs should scout accounts elsewhere.
Why should I open an account at PenFed Credit Union?
PenFed Credit Union online banking platform offers standard features like automatic bill pay, mobile check deposit and an ATM locator. Other features include:
Checking account APY. With an industry average at 0.06%, PenFed’s minimum 0.20% on its checking account is a nice feature — but you have to maintain a $500 daily balance.
Easy ATM access. PenFed is part of the AllPoint ATM network, which gives members free access to over 68,000 ATMs spread across the nation.
Strong app. The PenFed Mobile App is rated 4.4 out of 5 stars on Google Play and 4.2 out of 5 stars in the Apple Store, with users reporting a positive experience banking from a smartphone.
Accessibility for military
PenFed has branch locations in the following locations:
Hagatna, Guam
Honolulu, Hawaii
Kadena, Japan
Puerto Rico
Military members might find this convenient if they find themselves deployed to one of these locations.
What should I look out for?
Typical of a credit union, PenFed is designed to be a one-stop financial hub for users rather than a one-off provider. But, before signing up, keep in mind these drawbacks:
Scant checking account options. PedFed only offers one checking account option for members.
Limited access within the US. Branch locations are essentially nonexistent in the northwest, and there are just 46 overall. If face-to-face interaction is important to you, verify a nearby hub first.
$30 fee for nonsufficient funds. PenFed will ding you with a $30 fee each time your account falls below $0. And there’s no limit as to how many times a day it can charge you. So a bad day and low balance could be very expensive to remedy.
Low APY on Regular Savings account. With the national average hovering at
0.46% APY, the basic account falls short with a low 0.05% APY.
Compare PenFed Federal Credit Union to the competition
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PenFed customer service
Got questions? Here’s how to get in touch with customer service:
Phone. Call 800-247-5626.
Email. Write to info@penfed.org.
Electronic message. Send a note through the PenFed website, whether or not you have an account.
Fax. 800-557-7328.
Snail mail. General letters should be addressed to: Box 1432 Alexandria, VA 22313-2032
Bottom line
Folks looking for a full-service financial provider might enjoy PenFed’s breadth of options, from basic savings accounts to credit cards. But if you’re looking for lower initial deposits or higher APYs on basic savings, see what competitors have to offer.
Frequently asked questions
Yes. Inactive accounts incur a $15 fee each quarter.
Yes. PenFed charges an extra 2% of every international transaction when you pay with a PenFed debit card.
No, you don’t have to be in the military to join PenFed Credit Union. However, it’s a little vague about its membership criteria so you’ll have to apply in order to determine whether or not you’re eligible.
PenFed has brick-and-mortar banks in the following states:
California
Florida
Georgia
Guam
Hawaii
Maryland
North Carolina
Nebraska
New Mexico
New York
Pennsylvania
Texas
Virginia
Washington, DC
Use its branch locator to find a spot in a city near you.
Amy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
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