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PenFed CDs Review

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Pentagon Federal (PenFed) Credit Union, founded in 1935, is the second largest credit union in the United States. With over 1.6 million members, PenFed provides Money Market Certificates, home mortgages, auto loans, and other financial services throughout the U.S., Puerto Rico, Okinawa, and Guam. The financial institution is headquartered in McLean, Virginia.
 
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How is PenFed CDs rated?

Breakdown

0.0/5
Types of CDs
5.0/5
Term Lengths and Features
4.0/5
Minimum Deposits, Fees, and Penalties
4.8/5
Customer Experience

Overall Rating: 4.4 / 5 (Excellent)

Pentagon Federal Credit Union (PenFed), the nation's second largest credit union, provides Money Market Certificates of Deposits (CDs) to help its customers save money and earn more while doing so. The credit union has an A+ rating from BBB and has responded to a significant portion of online complaints. The CDs offered are NCUA-insured and available through a wide selection of terms, ranging from 6 months to 7 years. There are no fees aside from early withdrawal and only $1,000 is required to enroll. PenFed customer service is available 7 days a week and customers can sign up for CD accounts online. PenFed does have a considerate amount of online complaints, but most concerns pertain to loans and credit cards, not the CD accounts. PenFed CDs can be a nice alternative for customers who want to store away money for savings without direct access to the account.

PenFed CDs Account Features

Term Lengths and Features - 5 / 5

Interest on PenFed CDs is compounded daily and disbursed monthly. All accounts are insured through the NCUA and customers have access to the online calculator to see how much dividends they earn. Terms range from six months to seven years.
Type of Rate (Traditional)
Fixed
Interest Compounded
Daily
Term Range
Customers can choose CD terms as short as six months up to a maximum of seven years.
Minimum Deposit Amount
$1,000
Maximum Balance Limit
not specified
CD Calculator
Yes

PenFed CDs Fees and Penalties

Minimum Deposits, Fees, and Penalties - 4 / 5

Customers must deposit at least a $1,000 minimum into the CD account. Early withdrawal is subject to penalty of forfeiting all or at least 30% of dividends earned, depending on the account's term length.
Early Withdrawal Penalty
Yes, depending on the term length

PenFed CDs Financial Strength and Reputation

Customer Experience - 4.8 / 5

PenFed Credit Union, the second largest credit union in the U.S., was given an A+ rating from the Better Business Bureau, in which the company responded to a significant amount of online complaints. PenFed only has about 100 complaints on the Consumer Financial Protection Board, compared to thousands against other banks and credit unions, and most were regarding PenFed credit cards. There were very few complaints about Certificate of Deposit accounts.
Year Founded
1935
Live Help 24/7
No
Customer Support Hours
7am-11pm Mon-Fri; 8am-11pm Sat; 9am-5:30pm Sun
Contact Methods
Phone
Email
Chat
BBB Rating
A+
BBB Total Complaints
125
BBB Resolved Complaints
35
Consumer Financial Protection Board (CFPB) Complaints
1
Date Collected
2018-09-25

Company Profile

Full Name
PenFed CDs
Company Website
https://www.penfed.org/
Headquarters
7940 Jones Branch Drive, McLean, VA, 22102

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Top Rated
Our Partner
  • 1.21% high-yield CD, 7.1X higher than national average.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • No fees.
  • FDIC insured.
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