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Pen Air Federal Credit Union CD review

Competitive APYs, easy membership requirements and a low opening deposit.’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.

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1-year APY


3-year APY


5-year APY


Star rate4
3-month APY0.2%
6-month APY0.3%
1-year APY0.5%
15-month APY0.5%
18-month APY0.6%
2-year APY0.65%
3-year APY0.7%
4-year APY0.75%
5-year APY0.8%
Early withdrawal penalty90 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 compoundingDaily

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.

Expert review

Pen Air Federal Credit Union CDs are a great option for anyone looking to lock in a competitive APY. Most accounts have a low, $500 opening deposit, and Pen Air gives you the flexibility to lock your money away for as little as three months or as long as five years.

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.

How do I open a Pen Air FCU CDs?

If you’re a current Pen Air member, follow these steps to open your CD online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Pen Air website, click Savings under the navigation menu.
  3. Scroll down until you see Certificate Accounts and click Open a Certificate.
  4. Enter your ZIP code.
  5. Click Certificate under the Available Products list.
  6. Click the + symbol next to the CD term you wish to open and click Continue.
  7. Enter your personal information, including your Pen Air membership number.
  8. Enter your address, contact information and employment status.
  9. Enter your government-issued ID information and click Continue.
  10. Follow the prompts to make your opening deposit and verify your account.

If you’re not a member, follow these steps to join Pen Air and open your CD and the mandatory savings account:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Pen Air website, click Membership under the navigation menu.
  3. Click Join Today.
  4. Enter your ZIP code and select your eligibility.
  5. Click the + symbol next to the Membership Savings account.
  6. Click Certificate, then click the + symbol next to the CD term you wish to open.
  7. Click Continue.
  8. Enter your personal information, including your Social Security number, name, date of birth and citizenship status.
  9. Enter your physical address, occupation status and contact information.
  10. Enter your government-issued photo ID information and click Continue.
  11. Follow the prompts to make your opening deposit and verify your account.


Anyone can open a Pen Air Federal Credit Union CD if they meet these requirements:

  • At least 18 years old
  • US citizen or resident
  • US residential address
  • $1,500 opening deposit for 3-month CD or $500 for all other terms

Required information

Make sure you have the following information on hand when you apply:

  • Full name, email address and phone number
  • Date of birth
  • Social Security number
  • Government-issued ID number
  • US residential address
  • Employment status

Funding options

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:

  • Bank transfer
  • Direct deposit
  • Mail a check or money order
  • Provide cash at a branch

Benefits of a Pen Air CD

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:

  • Free interest withdrawals. Your initial deposit is locked in until maturity, withdraw your interest for free at any time.
  • Low opening deposit. While the three-month CD has a $1,500 opening deposit, all other terms have a $500 opening deposit — quite low compared to other institutions.
  • Membership perks. All Pen Air members get access to special discounts for TurboTax, Sprint, TruStage Auto Insurance and other perks.
  • Flexible terms. Lock your money away for as short as three months or up to five years.
  • IRA CD option. Open up an IRA CD with Pen Air, with terms longer than three months.
  • Competitive APYs. Pen Air has strong APYs compared to other financial institutions.
  • Easy to join membership. Pen Air primarily serves active duty, civil service employees, retired military and their families. But anyone can join when they become a member of the Friends of the Navy-Marine Corps Relief Society. There’s a one-time fee, but Pen Air pays this on your behalf.

What to watch out for

Although Pen Air Federal Credit Union CDs have a long list of perks, there are a few drawbacks worth mentioning:

  • Early withdrawal penalties. Expect to pay a penalty equal to 90 days’ interest for terms less than 12 months and 180 days’ interest for terms of 12 months or longer.
  • Mandatory savings account. When you join Pen Air, you’re required to open up a savings account.
  • Limited customer service. Pen Air doesn’t have a live chat function on its website as most credit unions do. Instead, you’ll have to call or visit a local branch for assistance.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 4-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Bread Savings CDs
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
Ponce Bank CD
Open a 5-month, 13-month or 48-month CD with some of the highest interest rates available today

Compare up to 4 providers

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.

How do I cash in 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.

What other savings products does Pen Air offer?

There are four other savings accounts you can open with Pen Air:

  • Pen Air Savings Account. Establish your Pen Air membership with this account. It has no monthly fee and a $25 minimum deposit, but the APY only goes up to 0.45%.
  • Pen Air Money Market Account. This savings account allows you to write checks, but you need at least $2,500 to open an account and earn interest.
  • Pen Air Christmas Club account. Funds deposited into this account aren’t eligible for withdrawal until November 1 each year. As with most Christmas accounts, the APY is lower than what you’d earn with a high-yield savings account.
  • Pen Air Savings Minor Account. Help your child build healthy banking habits with this account designed for kids younger than 18 years old.

Frequently asked questions

CDs ratings

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★★★★★ — 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.

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