Established in 1935 and headquartered in Tysons, Virginia, Pentagon Federal Credit Union (PenFed) is one of the largest federal credit unions with $31 billion in assets. As of this writing, PenFed serves 2.9 million members worldwide and offers various financial products and services, including checking, savings, share certificates (the credit union equivalent of certificates of deposit) and more.
Historically, PenFed membership was limited to those with ties to the United States government or military—but it’s now open to virtually everyone. Here’s what you need to know about PenFed Credit Union.
All rates and fees are current as of Nov. 7, 2025, and are subject to change.
PenFed Credit Union
PenFed Credit Union
| Checking accounts | Starting at $0 per month |
| Savings accounts | Open with as little as $5 |
| Share certificates | Open with as little as $25 |
at MoneyLion
- Year Founded: 1935
- Company Headquarters: McLean, VA
- CEO: James Schenck
Who is PenFed Credit Union good for?
PenFed could be a good choice for someone looking for a full-service financial institution that offers all your banking needs under one roof. PenFed issues not just deposit accounts but credit cards, auto loans, mortgages, and more.
The credit union is also known for its low APRs on products like credit cards and personal loans.
Who shouldn’t use PenFed Credit Union?
The APYs for PenFed’s checking, savings, and CDs don’t quite measure up to some top competitors. If your priority is a high return rate across deposit accounts, you may want to look elsewhere.
Additionally, PenFed offers considerably fewer branches than banks like Chase. If you value in-person banking, make sure there’s a location near you before you join.
Pros
- Membership open to anyone
- High-yield savings option
- Full-service financial institution
Cons
- APYs not competitive with many top options
- Steep early withdrawal penalty for share certificates
- Interest-bearing checking charges a fee (though it can be waived)
PenFed Credit Union rates and products
PenFed offers several deposit accounts to help you meet your financial goals, including multiple checking, savings, and share certificate accounts.
Bank details checked as of Nov. 7, 2025.
Checking accounts
PenFed members have a couple of options for checking accounts. You can choose between a free checking account option and one that earns interest but comes with (waivable) monthly fees.
Free Checking
- Minimum opening deposit: $25
- Monthly fees: $0
- APY: N/A
- Early direct deposit: Yes (up to 2 days early)
- Checks: Yes
Access America Checking
- Minimum opening deposit: $25
- Monthly fees: $10 (waived with a monthly $500+ direct deposit or a daily balance of $500+)
- APY: Up to 0.35%
- Balances of $25 – $19,999 — 0.15%
- Balances of $20,000 – $50,000 — 0.35%
- Early direct deposit: Yes (up to 2 days early)
- Checks: Yes
Bank details checked as of Nov. 7, 2025.
Savings accounts
PenFed offers one basic savings account and one high-yield savings account to boost your earnings. Predictably, the high-yield account earns interest at a substantially more generous rate than the basic one.
Joining PenFed starts with opening a savings account and making a minimum deposit of at least $5 .
It’s also worth noting that PenFed offers an IRA savings account requiring a minimum $25 opening deposit.
Bank details checked as of Nov. 7, 2025.
Regular Savings
- Minimum opening deposit: $5
- Monthly fees: $0
- APY: 0.05%
- Monthly transfer limit: Unlimited
- ATM card: Yes
Premium Online Savings
- Minimum opening deposit: $5
- Monthly fees: $0
- APY: 2.70%
- Monthly transfer limit: Unlimited
- ATM card: Yes
Bank details checked as of Nov. 7, 2025.
Share certificates
If you’re after the highest returns and willing to keep your savings on deposit longer, PenFed offers several share certificates that are more generous than what’s offered from its savings account. Just keep in mind that there are early withdrawal penalties for withdrawing your money before your account matures—so it’s higher stakes than a savings account.
PenFed issues three types of share certificates with unique terms, return rates, minimum opening deposits, and early withdrawal penalties.
Money market share certificates
Of all PenFed share certificates, its money market options provide the highest APY and the most freedom when it comes to term lengths. They require a $1,000 opening deposit.
PenFed money market share certificate rates
| Term length | APY |
|---|---|
| 6 months | 2.70% |
| 12 months | 3.10% |
| 15 months | 3.10% |
| 18 months | 3.10% |
| 24 months | 3.00% |
| 36 months | 3.00% |
| 48 months | 2.90% |
| 60 months | 2.90% |
| 84 months | 2.90% |
| 6 months | |
|---|---|
| APY | 2.70% |
| 12 months | |
| APY | 3.10% |
| 15 months | |
| APY | 3.10% |
| 18 months | |
| APY | 3.10% |
| 24 months | |
| APY | 3.00% |
| 36 months | |
| APY | 3.00% |
| 48 months | |
| APY | 2.90% |
| 60 months | |
| APY | 2.90% |
| 84 months | |
| APY | 2.90% |
Bank details checked as of Nov. 7, 2025.
Individual retirement account (IRA) share certificates
PenFed gives you the option to choose between a traditional, Roth, or Simplified Employee Pension (SEP) IRA CD.
PenFed enforces its own early withdrawal penalties—and so does the IRS—for those that take an IRA distribution before age 59 ½. If you’re at or above this age, you can take partial withdrawals without penalty.
To open an IRA share certificate, you’ll need to download the appropriate form (based on whether you’re new to PenFed, you’ve got a current IRA you’d like to transfer, or if you have current PenFed IRA funds you’re trying to convert into an IRA certificate), and then upload them to the site. You can also mail or fax the form.
PenFed IRA share certificate rates
| Term length | APY |
|---|---|
| 12 months | 3.00% |
| 24 months | 2.90% |
| 36 months | 2.90% |
| 48 months | 2.80% |
| 60 months | 2.80% |
| 84 months | 2.80% |
| 12 months | |
|---|---|
| APY | 3.00% |
| 24 months | |
| APY | 2.90% |
| 36 months | |
| APY | 2.90% |
| 48 months | |
| APY | 2.80% |
| 60 months | |
| APY | 2.80% |
| 84 months | |
| APY | 2.80% |
Bank details checked as of Nov. 7, 2025.
Coverdell Education Savings share certificates
PenFed’s service-fee-free Coverdell Education Savings share certificates are a tax-free way to save for school. They’ve got a lower minimum opening deposit requirement of $500 —but a maximum contribution limit of $2,000 per year.
To open this account, you’ll have to call PenFed at 800-247-5626 or visit a branch. Alternatively, you can download a form online and upload or mail it.
PenFed Coverdell Education Savings share certificate rates
| Term length | APY |
|---|---|
| 12 months | 3.00% |
| 24 months | 2.90% |
| 36 months | 2.90% |
| 48 months | 2.80% |
| 60 months | 2.80% |
| 84 months | 2.80% |
| 12 months | |
|---|---|
| APY | 3.00% |
| 24 months | |
| APY | 2.90% |
| 36 months | |
| APY | 2.90% |
| 48 months | |
| APY | 2.80% |
| 60 months | |
| APY | 2.80% |
| 84 months | |
| APY | 2.80% |
Bank details checked as of Nov. 7, 2025.
Other services PenFed Credit Union offers
In addition to its healthy selection of deposit accounts, PenFed offers products and services such as:
- Credit cards: PenFed offers several credit cards with low or no annual fees and extremely reasonable APRs.
- Auto loans: Members can secure auto financing or refinance an existing loan and purchase protection, such as guaranteed asset protection (GAP) coverage.
- Mortgages: In addition to conventional mortgages, PenFed is also a lender of Federal Housing Administration (FHA), Veterans Affairs (VA), and jumbo loans. It also offers refinancing and home equity lines of credit.
- Personal loans: PenFed offers personal loans with terms of up to 60 months.
- Student loans: Students can borrow funds to pay for college and refinance existing student loans.
Online banking
You can use PenFed’s online banking and mobile app to deposit checks, set travel alerts, review account transactions, check the status of a loan or credit card, make payments, transfer funds, and more.
The PenFed Credit Union platform and customer support
Customers can access a robust online banking platform through PenFed’s mobile app, which has a rating of 4.8 stars in the Apple App Store and 4.5 stars on Google Play across well over 60,000 reviews.
PenFed customer service operates from Monday to Saturday between 8 a.m. and 8 p.m. Eastern Time. You can reach a representative by phone at 800-247-5626.
If you need to contact a PenFed representative, representatives are available by phone Monday through Saturday from 8 a.m. to 8 p.m. Eastern Time. You can also fill out an online form to schedule a call or use the online chat feature at the bottom of the contact page.
Is PenFed Credit Union secure?
PenFed works in a variety of ways to keep your information secure, including the implementation of multi-factor authentication, security alerts, and the ability to track login activity.
The credit union is also covered by the National Credit Union Administration (NCUA), insuring up to $250,000 per account holder per ownership category.
PenFed Credit Union user reviews
Banks and credit unions tend to receive poor online reviews. That’s because a disgruntled customer is more likely to write a review than a customer who experienced no issues.
With that in mind, PenFed receives a more than respectable 3.8 stars on Trustpilot. Customers rave about the excellent customer service and willingness to forgive fees. Others complain about occasional IT glitches, such as with its website, bill payment feature, and Zelle.
On forums like Reddit, users also have great things to say about PenFed’s customer service and overall lack of issues.
Compare PenFed Credit Union alternatives
PenFed is a strong choice for someone who wants to keep all their banking under one umbrella. But, it doesn’t always offer the highest rates on the market. Alliant Credit Union and SoFi are two institutions worth a look for those seeking to maximize interest earnings.
 PenFed Credit Union |  SoFi® Member FDIC |  Alliant Credit Union |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 2.70% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.10% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.35% | 0.50% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 3.10% | N/A | 4.10% |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked as of Nov. 7, 2025.
Is PenFed Credit Union right for you?
PenFed offers a wide range of products, making it ideal for those interested in having all accounts at the same institution. Its customer service hours are also abnormally lengthy, as representatives are available 12 hours per day, six days a week.
That said, its savings and share deposit APYs don’t always compete with what you can find at many online banks—and its mobile apps leave room for improvement.
Again, if you’re interested in in-person banking, make sure you’ve got a PenFed branch near you before enrolling; they’re far from ubiquitous.
Frequently asked questions
Who can join PenFed Credit Union?
PenFed’s membership is open to anyone in the U.S. by opening a savings account and depositing at least $5.
Does PenFed have free checking accounts?
Yes, PenFed offers one checking account with no minimum balance requirement and no monthly fees.
What is the minimum deposit to open a PenFed account?
You’ll need to deposit at least $5 to open a PenFed savings account, $25 to open a free checking account, and between $500 and $1,000 to open a PenFed share certificate account.
How many ATMs does PenFed have?
PenFed states that it has more than 85,000 fee-free ATMs.
Is PenFed FDIC-insured?
No. PenFed is a credit union, which is insured by an entity called the National Credit Union Administration (NCUA). You’ll be covered for $250,000 per account holder per ownership category—similar to the FDIC.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.