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finder.com’s rating: 4.0 / 5.0
★★★★★
Pen Air is a federal credit union based in Pensacola, Florida. It’s CD rates top out at 0.8% and its terms range from three months to five years. But you’ll lose out on 90 to 180 days’ interest if you need to withdraw your money early.
0.5%
1-year APY
0.7%
3-year APY
0.8%
5-year APY
Star rate | 4 |
---|---|
3-month APY | 0.2% |
6-month APY | 0.3% |
1-year APY | 0.5% |
15-month APY | 0.5% |
18-month APY | 0.6% |
2-year APY | 0.65% |
3-year APY | 0.7% |
4-year APY | 0.75% |
5-year APY | 0.8% |
Early withdrawal penalty | 90 days interest for terms of 3 to 11 months 180 days interest for terms of 12 to 60 months |
Minimum deposit to open | $500 |
Interest compounding | Daily |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
But as with most credit unions, you must meet certain eligibility requirements to join. Thankfully, Pen Air has easy membership requirements. But you must have a savings account with Pen Air before you can open a CD.
If you’re a current Pen Air member, follow these steps to open your CD online:
If you’re not a member, follow these steps to join Pen Air and open your CD and the mandatory savings account:
Anyone can open a Pen Air Federal Credit Union CD if they meet these requirements:
Make sure you have the following information on hand when you apply:
You’ll fund your Pen Air Federal Credit Union CD using money from your Pen Air Savings account. If you don’t have enough money in your savings account, you can add more funds using one of these methods:
As with most CDs, Pen Air doesn’t charge any monthly maintenance fees and your total account balance is federally-insured up to $250,000. It’s a good choice for anyone looking for these perks:
Although Pen Air Federal Credit Union CDs have a long list of perks, there are a few drawbacks worth mentioning:
If you’re looking for an account that doesn’t have membership requirements, you’ll want to keep looking. As always, compare your options when considering a CD.
When you open your account, you have the option to renew or transfer it to another account once your CD reaches maturity. If you select to have it automatically renew, you’ll have a seven-day grace period once it reaches maturity to withdraw funds, change your term or add more money to your CD. If it’s not set up to automatically renew, the money is transferred to another account upon maturity.
There are four other savings accounts you can open with Pen Air:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.