Description
PenFed Credit Union was established in 1935. Its corporate office is located in McLean, Virginia, and its formal name is the Pentagon Federal Credit Union. Initially, only persons with connections to the armed forces or the federal government were eligible for participation. Now that this credit union has an open charter, anyone can join.
PenFed Credit Union currently has more than 2.5 million members and more than $31 billion in assets. Over 50 branches in the United States as well as military installations in Guam, Japan, and Puerto Rico are accessible to members.
Mission
PenFed’s goal is more than just to make ends meet for its members. Also, PenFed is here to support them in reaching their full potential. And they are here to both inform and inspire. Also they are here to help them make their aspirations a reality.
And for that reason, PenFed works hard to continually offer home mortgage rates and auto loan rates that are Best-in-Class. Additionally, their collection of honorable credit cards includes benefits and cutting-edge features that are challenging for rivals to match.
Pros
High-yield checking account with simple fee waivers
Checking accounts that pay dividends typically have low dividend rates. With a daily balance or monthly direct deposit of $500 or more, the Access America Checking account offers a high rate and no monthly charge.
A competitive dividend rate
A competitive dividend rate is offered by an online savings account: The Premium Online Savings account features no monthly fees and a competitive dividend rate. Additionally, the opening deposit is simply $5.
Low minimum deposit
Low minimum deposit required to open checking and savings accounts: PenFed offers accounts that can be opened for $25 or less. These accounts can be checking, savings, or money market accounts. People’s transitions of their accounts from their old bank are made easy by this.
PenFed App
Your PenFed accounts can be accessed 24/7 with the PenFed Mobile banking app. You may pay invoices, follow the status of loan applications, transfer balances, see transaction data, and much more. Use your smartphone or tablet to quickly and effortlessly deposit checks.
Need an ATM? Find one with the aid of the app. Forgot to activate the trip alert on your PenFed credit card? You may do it from anywhere directly in the app. Want to purchase a house? Please take advantage of our special real estate awards and other current promotions.
PenFed Mobile puts the power of your credit union where it belongs—on your preferred mobile device—with lightning-fast, round-the-clock access.
By using this app, you agree to our privacy statement, non-compete clause, and non-disclosure agreement.
PenFed for PC or MAC Download and Installation Instructions:
From your PC’s start menu or desktop shortcut, launch the emulator program.
Your Google account should be linked or configured with the emulator.
To install PenFed for PC, either download the APK file and open it in the emulator, or drag the file into the emulator window. You can also install the program from the Google Play Store inside the emulator.
To install PenFed for PC using any of the available Android emulators, simply follow the directions above.
The greatest option for customers seeking high-yield accounts with minimal deposit requirements and cheap fees is PenFed Credit Union. You might fit it well if you:
would rather bank online
Want to earn a high yield on your money market certificates, checking, and savings accounts?
are seeking a modest opening deposit threshold
Want to quickly waive monthly fees?
Choose a full-service bank with a wide range of goods and services.
Looking for a credit card without an annual fee?
would rather bank online
Want to earn a high yield on your money market certificates, checking and savings accounts?
are seeking a modest opening deposit threshold
Want to quickly waive monthly fees?
Choose a full-service bank with a wide range of goods and services.
Looking for a credit card without an annual fee?
What Services Offers PenFed Credit Union?
To accommodate your needs, PenFed Credit Union provides a variety of deposit accounts, loans, and services.
Checking Accounts
At the moment, PenFed only provides Access America Checking as a checking account option.
To open your account, you must make a minimum deposit of $25. If you have a daily amount of $500 or get direct deposits that total at least $500 each month, the $10 monthly charge is waived.
More than 85,000 ATMs are free to use for members. PenFed Credit Union has a small number of ATMs, but thanks to partnerships with Allpoint, Target, CVS, Safeway, and other businesses, members can use an ATM without paying a fee. PenFed Credit Union does not charge a fee if you use an ATM from another bank. However, it won’t pay back any fees that the ATM’s owner may have assessed.
Accounts with money market funds
Depending on the amount deposited, the Money Market Savings account pays out dividends at a higher rate. There are no monthly service fees and a $25 minimum initial deposit. Members get quick access to their money thanks to the availability of free checks upon request.
Savings Account
Regular Savings Accounts are available through PenFed Credit Union both online and offline. With $5 to open, there are no fees for the Regular Savings account, which also offers electronic statements. There is a $2 monthly fee for choosing paper statements.
The Premium Online Savings account offers high yields, no monthly fees, and a reasonable dividend rate (although it isn’t as high as the greatest rates available). The minimum deposit required to open this account is also $5.
Money Market Instruments
Money market certificates, which range in duration from six months to seven years, are what credit unions refer to instead of certificates of deposit (CDs). To open an account, a $1,000 minimum deposit is needed.
Individual retirement accounts (IRAs) and Coverdell education savings accounts (for college) can also use money market certificates. A $500 minimum deposit is needed to open a Coverdell account.
Unless you chose the nonrenewal option, money market certificates will automatically renew at maturity. The money will then be transferred automatically into a standard savings account.
Credit Cards
Members of PenFed have access to four different credit cards. No annual fee is required for the Gold, Platinum Rewards, and Power Cash Rewards cards. An annual fee of $95 is associated with the PenFed Pathfinder Rewards card. Depending on their needs, members can choose between rewards, a low annual percentage rate (APR), and cash back.
Gold Visa from PenFed
Visa Signature Card issued by PenFed
Visa Signature with PenFed Platinum Rewards
the Visa Signature Card from PenFed Power
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