PenFed Savings Account

PenFed offers a variety of banking products and services, including savings accounts. It also provides credit cards, mortgages, auto loans, and personal loans. The credit union has more than 50 branches and partners with the largest surcharge-free ATM network in the country.

PenFed offers a variety of savings accounts. Their Premium Online Savings account earns an impressive APY, while their basic savings account has a low yield. They also offer money market certificates with competitive rates. These are the credit union equivalent of Certificates of Deposit and have terms that range from six months to seven years. They also offer a wide variety of mortgages, auto loans, and personal loans. They even have an extensive network of over 85,000 ATMs that members can use. They are a great choice for military families who need to manage multiple accounts.

In addition to checking and savings accounts, PenFed also offers a robust suite of mobile apps and online banking services. Their mobile app provides access to instant check deposits, bill pay, and the ability to send money almost anywhere. They also offer a mobile deposit feature that lets you make deposits using your phone camera. PenFed also offers the ability to transfer funds between your accounts at any time, and they have no monthly maintenance fees.

PenFed IRA

PenFed has a good variety of savings accounts, but the rate is a bit low compared to other credit unions. It also has a few other fees you might want to know about.

For example, it charges $5 for returned deposited checks and $20 for wire transfers. It also charges a fee of $10 for excessive transactions that violate federal Regulation D rules. These include automatic transfers between accounts, electronic transfers to other accounts, and ATM withdrawals.

You can also open an IRA account at PenFed. This account is protected by the NCUA and earns daily compounding interest. You can choose from a Traditional or Roth IRA.

PenFed Checking Accounts
PenFed Savings Account 1

PenFed Checking Accounts

PenFed has two checking options: a free and Access America Checking accounts. The free checking account has no minimum balance requirement, no fees beyond the initial opening, and a network of more than 85,000 fee-free ATMs. The Access America checking account offers a 0.35% APY on balances between $20,000 and $50,000, with higher rates for larger balances.


PenFed doesn’t nickel and dime its members with fees, unlike many other credit unions. While it does have a few different fees, it also has a number of benefits that make it a good choice for people who want to bank with a federally chartered institution.

High Withdrawals from PenFed Accounts

The credit union’s Premium Online Savings account is an excellent option for those who aren’t looking to make high withdrawals from their savings. It has a great APY, and there are no monthly fees. This account also comes with ATM access. On the other hand, the credit union’s Regular Savings account has a relatively low APY and charges $10 per transaction that exceeds federal regulation limits.

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