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PenFed Savings Accounts Review

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Founded in 1935, PenFed is a federal credit union that draws its members from the general population. At one time, military affiliation was required, but this is no longer the case. The company offers many personal banking products, such as high-yield savings accounts, checking accounts, car loans, and mortgages.
 
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How is PenFed Savings Account rated?

Breakdown

4.8/5
Rates and fees
4.3/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.3/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.3 / 5 (Excellent)

PenFed is a great alternative for people who want the convenience of a high-yield savings account and the experience of an 85-year-old bank with physical locations nationwide. The 0.80% APY is much higher than that offered by most traditional banks and fees appear to be very minimal. The lack of access to ATMs with the Premium account may be disqualifying for some consumers who want constant access to their money, but others may consider it a good choice for long-term savings.

PenFed Savings Account Account Features

Balance Requirements - 4.3 / 5

PenFed has the Premium Online Savings account, which offers consumers a 0.80% APY. Interest is compounded and credited monthly. The account can be funded through electronic deposits and by check when mailed in. To open an account with PenFed, a minimum deposit of $5 must be made, which makes the consumer a member of the credit union. ATM withdrawals are not available with the Premium account, but the regular savings account does allow for free ATM withdrawals at PenFed-branded ATMs and lower fees at Allpoint or co-op ATMs. This account is not insured by the FDIC, but it is insured by the National Credit Union Administration (NCUA) for up to $250,000, just like FDIC-insured accounts.

APY (Annual Percentage Yield)

3.00%
Interest Compounded
Monthly
Mobile App
Yes
Debit/ATM Card
No
No-Fee ATM
No-Fee at Branded ATMs
Branch Offices
PenFed has branches in 20 cities across 7 states. It also has branches in Washington, DC and at military bases in Guam, Puerto Rico, Japan, and Portugal.

PenFed Savings Account Fees and Restrictions

Rates and fees - 4.8 / 5

PenFed does not advertise its schedule of fees online. However, they do notify potential customers that they do not charge a monthly maintenance fee. Additionally, transfers initiated online are free. As with every savings account, electronic or phone withdrawals are limited to 6 per monthly cycle; after the limit, a fee is charged. No more than $5,000 can be transferred in a single day. The Premium account has a maximum balance of $100,000 for the APY.
Minimum Opening Deposit
$5
Transfer Limit
$5,000 per day
Maximum Balance
$100,000

PenFed Savings Account Reputation & Financial Strength

Financial Stability & Ratings - 4.3 / 5

Customers may contact PenFed's service representatives by phone, email, or secure online chat. Though 24-hour assistance is not available, business hours are long enough that customers on any US time zone will likely receive the help they need.

PenFed is rated A+ by the Better Business Bureau, with a few reviews and 124 customer complaints posted as of the date of this posting. Details for most of these complaints are unavailable, so it's impossible to determine whether the complaints were justified or not.
Year Founded
1935
Consumer Financial Protection Board (CFPB) Complaints
975

Contact Methods

  • Phone
  • Email
  • Chat
BBB Rating
A+
BBB Total Complaints
124
BBB Resolved Complaints
34
Customer Support Hours
Monday–Friday: 7 AM–11 PM ET; Saturday: 8 AM–11 PM ET; Sunday: 9 AM–5:30 PM ET

Company Profile

Full Name
PenFed Savings Accounts
Company Website
https://www.penfed.org/
Headquarters
2930 Eisenhower Avenue, Alexandria, VA, 22314

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Customer Comments & Reviews

Loading Reviews ...
scare0527
10/18/2020
I have been a member of Pentagon Federal Credit Union (PFCU) since 1982 and they have always provided superb service. I have “NEVER” had any problems with my accounts. I am a PFCU member for life!!!

Top Rated
Our Partner
3.90% APY on Savings Account
  • $0 monthly balance
  • 60,000 ATMs
  • Easy cash access
  • 24/7 live customer support
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