PenFed Credit Union Info + Reviews

PenFed Credit Union is our focus here. We’ll be taking a look at a number of details on arguably the most federal of all federal credit unions. This article will cover things like products, rates, eligibility and a whole lot more.

By the time you’re finished reading, it should give you useful information to make an educated decision about working with them.

At the end, you can also add in your own personal review of this CU if you have experience with them.

If you currently work there and want to be notified when reviews come in, please email info@thiscollegelife.com and request to be on the email list. Please say the specific name of your credit union in the subject line.

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*Routing #: 256078446

*Phone #: 1-800-247-5626

*General Mailing Address:

Box 1432

Alexandria, VA 22313-2032

A Little History on PenFed Credit Union

They came into the world at about the same time as most other credit unions out there: the 1930’s. Their charter issue date was 1935, according to the PenFed Credit Union NCUA profile page. Today, they have 2.5 million members worldwide and $31 billion in assets – that is a lot!

They also have 85,000 ATMs nationwide thanks to various partnerships. That’s probably the farthest reaching credit union ATM-wise to date that I’ve ever looked at.

Do They Give Back At All?

They do. In fact, PenFed Credit Union has their own 501(c)3 nonprofit dedicated to helping empower military service members, veterans, and their communities with resources for financial stability.

Since 2001, they’ve provided more than $38.5 million in financial support to over 140,000 military families. That’s incredible.

Membership Requirements at PenFed Credit Union

Looks like membership is open to anyone and everyone. That’s a good thing depending on the type of credit union you are looking for. It’s nice that you don’t need to be working or living somewhere specific.

It’s also nice that you don’t need to bug your family members to get you in. On the other hand, you may also want something smaller. Ultimately, it’s up to you!

Their Products

You’ll be able to find all of the standard banking products at PenFed Credit Union. It doesn’t look like they many business products, so, you’ll need to look elsewhere for those core ones like checking/savings. They have a really good looking high-yield personal savings account.

As far as checking accounts go, their main ones are Free Checking and Access America Checking. Main savings accounts are premium online savings, regular savings, and money market savings accounts.

They offer credit cards and a large selection of loan products as well. You can find student loan refinancing, auto loans, mortgages, home equity loans, and personal loans there.

You can also find various investment services at PenFed Credit Union like retirement income planning, trusts, financial planning, education planning, life insurance, and some business services through CUNA Brokerage Services.

Rates

(all PenFed Credit Union rates were current at the time of publishing this article, however, they are subject to change without notice)

Auto Rates

Model Year 2021 or newer & never titled

36 Months0.99%*
48 Months1.49%*
60 Months1.49%*
72 Months2.14%*
84 Months

Model Year 2021 or newer & never titled

36 Months1.79%*
48 Months1.99%*
60 Months1.99%*
72 Months2.39%*
84 Months3.99%

Pre-owned vehicles or vehicles with over 7,501 miles

36 Months1.99%*
48 Months1.99%*
60 Months1.99%*
72 Months3.14%*
84 Months

Pre-owned vehicles or vehicles with over 7,501 miles

36 Months2.39%*
48 Months2.59%*
60 Months2.59%*
72 Months3.39%*
84 Months

*APR as low as

Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.

Money Market Accounts

TERMAPY*
6 Month0.45%**
12 Month0.85%
15 Month1.00%
18 Month0.70%
2 Year0.85%
3 Year1.00%
4 Year0.95%
5 Year1.30%
7 Year1.50%
*Annual Percentage Yield
$1,000 minimum amount to open. A penalty will be imposed for early withdrawal. This will reduce earnings on the account. Please see ‘Disclosures’ below for important account information.

Their other rates aren’t as readily available, so, you will need to check out their website here to see things like mortgage or student loan refinancing rates.

PenFed Credit Union – Final Thoughts

PenFed is a credit credit union if you’re looking for something that has a massive reach. The good news is that you won’t need to move anywhere to become a member, start working somewhere, or ask Uncle Jimmy to call in a favor and verify you’re related. If you’re looking for a smaller, more tight-knit credit union with more extensive business products, then check out one of the many in Virginia like that. Their returns on their high-yield accounts are awesome compared to other CU’s out there, so, if you’re looking for one of those accounts, this is the place.

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*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.

*This site is not affiliated with the Credit Union mentioned in this article.