Checking Accounts
PenFed offers two checking accounts: Free Checking and Access America Checking. Note that you must establish membership at PenFed by opening a savings account with a $5 minimum initial deposit before you can gain access to the credit union’s checking accounts.
Unlike the best checking accounts, the PenFed Credit Union Access America Checking has a $10 monthly service fee. However, you can waive this fee with either a direct deposit of at least $500 per month or by maintaining a daily balance of at least $500. Setting up a minimum $500 recurring direct deposit also makes the account eligible for dividends. Eligible accounts earn 0.15% APY when you maintain a monthly recurring direct deposit of $500 or more and maintain a daily balance of up to $19,999.99 and 0.35% APY on daily balances between $20,000 and $50,000. Dividends are compounded daily and paid monthly.
The Access America Checking account comes with a free Visa contactless debit card, which is fully compatible with Apple Pay, Samsung Pay and Google Pay. With this debit card, you can access a fee-free ATM network of 85,000+ Allpoint and CO-OP ATMs. PenFed does not charge fees for out-of-network ATM use with the Access America Checking account, although there may be a surcharge fee from the third-party ATM operator.
The Free Checking account also offers free bill pay and a no-fee overdraft line of credit starting at $300. The line of credit has a fixed 17.99% APR.
Savings Accounts
PenFed offers two savings accounts: PenFed Credit Union Regular Savings and the PenFed Credit Union Premium Online Savings. Making a $5 initial deposit in either of these top savings accounts is all you need to do to become a member of PenFed.
The Regular Savings account offers 0.05% APY and the Premium Online Savings account offers 3.00% APY as membership dividends. Many of the best online savings accounts offer higher rates. PenFed compounds your dividends monthly and credits them to your account monthly. There is no minimum balance to earn the APY with either account, nor are there any maintenance or other monthly fees. You can pay bills from either account using PenFed’s free bill pay service.
Regular Savings accounts come with an ATM card that you can use to withdraw cash or check your balance at an ATM, but expect to pay $1.50 for withdrawals and $1.00 for balance inquiries at non-PenFed ATMs. The Premium Online Savings account does not offer ATM access (or an ATM card), which means you will have to transfer money from that account to another account to access your money.
Although the Regular Savings account is available to open and manage at any PenFed branch, via phone or online, the Premium Online Savings account is only available online, making it slightly less convenient in exchange for its higher APY.
Money Market Account
You can open the Money Market Savings account with a minimum $25 initial deposit. Members with this account earn higher APYs with higher balances. Rates start at 0.05% APY for account balances below $10,000, rise to 0.10% APY for account balances between $10,000 and $99,999 and top out at 0.15% APY for all account balances over $100,000.
There are no monthly fees associated with this account, and you can get free checks upon request and access to PenFed’s free bill pay service. You also receive a free ATM card with this account, which you can use to withdraw funds or check your balance.
Unlike many other institutions, PenFed doesn’t place limits on how many convenient withdrawals you can make from your savings account each month. However, PenFed charges $1.50 for withdrawals and $1.00 for balance inquiries at non-PenFed branded ATMs.
CDs
PenFed Credit Union offers Money Market Certificates—banks call these certificates of deposit (CDs). They are also referred to as “share certificates” in the world of credit unions. As with CDs, PenFed Credit Union Money Market Certificatess are sold in specific terms and apply penalties for early withdrawal prior to the maturity date. Rates are competitive with the best CD rates.
The particular terms and rates are as follows:
| Certificate Term | APY | Minimum Deposit |
|---|---|---|
6 Months | 3.00% | $1,000 |
12 Months | 4.20% | $1,000 |
15 Months | 4.20% | $1,000 |
18 Months | 4.20% | $1,000 |
24 Months | 4.20% | $1,000 |
36 Months | 3.60% | $1,000 |
48 Months | 3.50% | $1,000 |
60 Months | 3.50% | $1,000 |
84 Months | 3.40% | $1,000 |
There is a $1,000 minimum deposit to purchase a PenFed Money Market Certificate. If you decide to withdraw your money early, fees are determined based upon the maturity date of the certificate and the amount of time you have held it, as follows:
- Six-month certificates have a fee equal to the most recent 90 days of dividends earned.
- 12-month through seven-year certificates have a fee equal to the last 365 days of dividends earned if you withdraw your money within the first 365 days.
- If you withdraw money after the first 365 days of holding a 12-month through seven-year certificate, there will be a fee equal to 30% of the gross amount of dividends you would have earned if the certificate had reached maturity.
Other Accounts and Services
In addition to the above accounts, PenFed Credit Union members also have access to the following menu of accounts and services:
- Coverdell Education Savings Certificates
- IRA Certificates
- IRA Premier accounts
- IRA Savings accounts
- Credit cards
- Mortgage and home equity loans
- FHA mortgage loans
- Auto loans
- Personal loans
- Student loans
- Student loan refinancing
