PenFed is a large credit union serving all 50 states, and membership is available to anyone who opens a savings account with a small $5 deposit. PenFed offers a variety of accounts and services, including interest-bearing checking, high-APY savings, certificates of deposit, IRAs, mortgages, personal loans and more. Overall, there aren’t many cons to point out with PenFed, but if you prefer branch access, you’ll have to live in one of the few states where it has a physical presence.
Best for: Those who prefer not-for-profit institutions with high APYs.
PenFed is one of the largest credit unions in the US, with nearly $35 billion in assets and around 50 physical branches nationwide. It’s also known for supporting military families and serving its communities through financial literacy programs and volunteer services.
Credit unions require membership to access their products and services. Becoming a PenFed member simply requires opening a Regular Share or Premium Online Savings account with a minimum $5 deposit. Unlike many credit unions, membership isn’t restricted by where you work or reside.
The majority of PenFed’s branch locations are in California, Nebraska, North Carolina, Ohio, Oregon, Texas and Virginia. If branch access is a priority for you and you’re not in one of those states, PenFed may not be the best option. However, it does serve all 50 states and has a very large ATM network of over 85,000, consisting of Allpoint and Co-op ATMs.
Like other credit unions, PenFed’s deposit accounts are insured up to $250,000 by the NCUA. In addition to its checking and savings accounts, PenFed also offers credit cards, certificates of deposit (CDs), IRAs, auto loans, mortgages and personal loans.
PenFed offers two checking accounts. With either option, you’ll have access to the large 85,000-strong ATM network, mobile check deposit through the app, the money transfer service Zelle and early paycheck deposits up to two days early.
Just like with its checking options, PenFed offers two savings accounts to choose from. By opening one of these accounts with a $5 deposit, you can also become a PenFed member and access the rest of its products and services.
PenFed offers high-APY CDs they call Money Market Certificates. There’s a minimum $1,000 opening deposit requirement, but rates are decent across terms, which range between six and 84 months.
| Term | APY | Opening deposit requirement |
|---|---|---|
6 month | 3% | $1,000 |
12 months | 3.65% | $1,000 |
15 months | 3.65% | $1,000 |
18 months | 3.6% | $1,000 |
24 months | 3.55% | $1,000 |
36 months | 3.4% | $1,000 |
48 months | 3.2% | $1,000 |
60 months | 3.2% | $1,000 |
84 months | 3% | $1,000 |
PenFed offers a variety of other products and services you’d expect from a large credit union.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.19 out of 5 stars, based on 269 customer reviews |
| Trustpilot score | 4.1 out of 5 stars, based on 1,493 customer reviews |
| Apple App Store Score | 4.7 out of 5 stars, based on 10,300 customer reviews |
| Google Play Score | 4.1 out of 5 stars, based on 26,100 customer reviews |
| Customer reviews verified as of | 28 November 2024 |
PenFed receives pretty great customer ratings. A 4.1-star rating on Trustpilot is no easy feat for a financial institution, as many people leave reviews only after a negative experience.
Many customers mention how easy loan and refinance applications are and how they’re happy with their low and fair interest rates. Others highlight great experiences with PenFed tellers and customer support, and many military families say they feel supported by the credit union.
On Reddit, discussions about PenFed are mostly about its credit card offerings. Many Redditors point out that credit unions are known for their low interest rates on loans and better APYs on savings — but aren’t known so much for great credit card offerings, especially compared to big banks like Chase or Amex.
Other threads also talk about how PenFed’s mobile banking app is outdated compared to other institutions, but it’s common for credit unions to lag on tech. Since credit unions are not-for-profit institutions, they typically don’t invest as much in apps or their site as other big banks.
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