Great Rates on CDs & Savings, NCUA Insurance up to $250,000
The History of PenFed Credit Union
PenFed Credit Union (short for Pentagon Federal Credit Union) was founded in 1935 to serve members of the U.S. military and Department of Defense (DoD) employees. Its mission was to provide affordable financial services to military personnel who were, at the time, facing financial challenges due to economic conditions following the Great Depression. The credit union was originally known as the War Department Credit Union and later renamed to Pentagon Federal Credit Union in 1947 to reflect its broader reach within the military.
Over the decades, PenFed expanded its membership base to include all branches of the U.S. military, veterans, DoD civilians, and certain government contractors. Today, PenFed is one of the largest credit unions in the United States, serving over 2 million members, with assets exceeding $25 billion. With its continued commitment to offering affordable banking services, low-interest loans, and competitive rates on savings and credit cards, PenFed has earned its place as a trusted financial institution within the military community and beyond.
For men over 35 pursuing financial security and high returns, PenFed Credit Union delivers industry-leading rates on both savings accounts and certificates of deposit (CDs), coupled with the safety of NCUA insurance up to $250,000.
Beyond stellar deposit products, PenFed offers a streamlined credit card lineup and a robust mobile banking experience—making it easy to grow and manage your wealth.
Why Choose PenFed Credit Union
PenFed stands out for:
- Competitive Yields: Premium Online Savings at 2.80% APY, far above the national average PenFed Credit Union.
- High-Rate CDs: Certificates of deposit up to 3.20% APY for flexible terms Investopedia.
- NCUA Insurance: Federal protection on deposits up to $250,000 per account (NCUA).
- No Hidden Fees: No maintenance, minimum-balance, or transaction fees on savings.
- Credit Card Integration: A suite of credit card products to match your spending and rewards goals.
Premium Online Savings with High APY
PenFed’s Premium Online Savings requires only a $5 minimum deposit and offers:
- 2.80% APY on all balances, compounded daily
- Electronic Statements and alerts to track progress
- Instant Transfers between PenFed accounts
With easy online access, your money grows efficiently—ideal for emergency funds or future goals PenFed Credit Union.
High-Yield Certificates of Deposit (CDs)
PenFed’s CD lineup lets you lock in top rates across various terms:
| Term | APY | Minimum Deposit |
|---|---|---|
| 6 Month | 2.80% | $1,000 |
| 12 Month | 3.20% | $1,000 |
| 24 Month | 3.00% | $1,000 |
| Jumbo 12–17 Month (≥$75K) | 4.05% | $75,000 |
- Daily Compounding: Maximizes your interest earnings.
- Flexible Options: Choose terms from 6 to 60 months.
- Dividend Payouts: Monthly or at maturity—your choice.
These CDs suit both short-term savers and those seeking higher returns on larger balances.
NCUA Insurance for Your Deposits
All deposit accounts at PenFed are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor, per ownership category. This guarantee ensures your savings and CDs remain safe and secure, no matter market conditions.
Digital Banking & the PenFed Mobile App
PenFed’s 100% digital platform brings all your accounts—and credit card activity—into one user-friendly app:
- Account Dashboard: View balances, transactions, and statements for savings, CDs, and credit cards.
- Mobile Check Deposit & Zelle®: Snap, deposit, and send money instantly.
- Spend Analyzer: Track categories, set budgets, and monitor NCUA-insured balances.
- Security: Biometric login, multi-factor authentication, and card controls (freeze/unfreeze).
App Ratings & Downloads
- Apple App Store: 4.8 / 5 stars from 21.5K ratings Apple
- Google Play Store: 4.4 / 5 stars, 28.9K reviews, 500K+ downloads Android Apps on Google Play
- Availability: iOS (13.0+) and Android (8.0+), available in the United States and select international app stores (e.g., New Zealand) Android Apps on Google Play
Why You Should Consider Acquiring a PenFed Credit Card
PenFed Credit Union offers a wide variety of credit cards, designed to cater to different needs, from cashback to travel rewards. Here are some of the compelling reasons why you should consider acquiring a PenFed credit card:
Low APR and No Annual Fee
Many of PenFed’s credit cards feature low annual percentage rates (APR), making them ideal for individuals looking to carry a balance without accumulating heavy interest fees. Moreover, most of the cards come with no annual fee, meaning you won’t have to worry about paying an extra fee just for having the card.
Competitive Rewards and Cashback Offers
- PenFed’s Power Cash Rewards Visa Signature® Card offers 1.5% cashback on all purchases, and 2% cashback for PenFed Honors Advantage members.
- PenFed’s Pathfinder Rewards Visa Signature® Card gives you 3 points per dollar on travel-related expenses, which can be redeemed for travel bookings, merchandise, or statement credits.
- The Platinum Rewards Visa Signature® Card gives you 5 points per dollar on purchases at gas stations, supermarkets, restaurants, and streaming services, making it ideal for everyday spenders.
- PenFed’s Gold Visa® Card is a perfect choice for those looking for a low-interest rate card with no foreign transaction fees, ensuring you pay less in interest over time while earning rewards.
Security and Convenience
- Zero Liability Protection: All PenFed credit cards come with zero fraud liability, ensuring you are protected if your card is used without your authorization.
- Access to a World-Class Mobile App: Manage your credit card from anywhere through PenFed’s award-winning mobile banking app. You can pay bills, view transactions, set up alerts, and more, making it easy to stay on top of your spending.
Travel Perks and Benefits
For those who travel frequently, PenFed’s credit cards come with various travel benefits, including:
- Access to 24/7 concierge services to help with reservations, bookings, and recommendations.
- Travel insurance and purchase protection.
- Access to global Visa Signature benefits, including VIP airport lounge access, travel emergency assistance, and more.
Customer Service
PenFed offers exceptional customer service, with U.S.-based representatives available to assist you 24/7. Whether you need help with making payments, disputing charges, or learning more about rewards, PenFed’s support team is there to help.
Eligibility for Membership
PenFed membership is available not only to military personnel and government employees but also to their immediate families. Becoming a PenFed member gives you access to all of the credit union’s offerings, including great rates on loans, savings accounts, CDs, and, of course, credit cards.
Conclusion
PenFed Credit Union has a long history of serving the financial needs of military personnel and their families, and today, it stands as one of the largest and most respected credit unions in the U.S. With competitive rewards, low APR, no annual fees, and excellent customer service, PenFed’s credit cards are an ideal choice for individuals seeking a reliable, affordable, and rewarding financial solution.
Whether you’re looking to save money on interest, earn cash back, or take advantage of travel rewards, PenFed offers a credit card to meet your needs. And with the added benefit of being a part of one of the most respected financial institutions, you can feel confident knowing you’re getting some of the best rates and benefits in the industry.
