PenFed Credit Union review 2025: High-yield deposit accounts and top-tier customer service
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PenFed Credit Union review 2025: High-yield deposit accounts and top-tier customer service
Established in 1935 and headquartered in Tysons, Virginia, Pentagon Federal Credit Union (PenFed) is one of the largest federal credit unions with $31 billion in assets. As of this writing, PenFed serves 2.9 million members worldwide and offers various financial products and services, including checking, savings, share certificates (the credit union equivalent of certificates of deposit) and more.
Historically, PenFed membership was limited to those with ties to the United States government or military—but it’s now open to virtually everyone. Here’s what you need to know about PenFed Credit Union.
All rates and fees are current as of Nov. 7, 2025, and are subject to change.
SponsoredAdvertiser DisclosureAdvertiser DisclosureMany of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all account options available. *APY (Annual Percentage Yield). Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the financial institution for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.Compare Personal Finance Options for 2021 Select all products of interest and compare:Product DescriptionsProduct DescriptionsChecking A transactional account that allows for numerous withdrawals and unlimited deposits. Money can be accessed via checks, ATMs, or debit card among other methods. Savings A bank account that keeps your money safe and secure, while paying you interest. MMA A Money Market Account is an interest-bearing deposit account at a bank or credit union that pays interest based on current rates in the money markets. CD A Certificate of Deposit features historically higher APYs, guaranteed returns & FDIC insurance. CDs are offered in fixed terms w/penalties for early withdrawals. 401K A 401k is a retirement-savings account that allows an employee to divert a portion of their salary into long-term investments and provides special tax benefits. Brokerage An investment account used by investors to buy and sell stocks, bonds, and mutual funds. Income from investments are taxed as capital gains. REIT A Real Estate Investment Trust owns and operates income-generating real estate. REITs allow investment in real estate without the need to own, operate, or finance properties. Robo Advisor A robo-advisor is an automated investing service that uses algorithms to provide financial advice and/or investment management help you manage your investment portfolio. Relatively inexpensive compared to a human financial advisor. Roth IRA An individual retirement account allows after-tax contributions of earned income below a certain level. Investment growth and future withdrawals are tax free. Traditional IRA An individual retirement account where you contribute pre-or after-tax dollars. Investment growth is tax-deferred until withdrawal. Financial Advisor Financial advisors help people manage their money and reach their financial goals. Annuity A financial contract with an insurance company where you make the investor makes a lump-sum payment or series of payments in exchange for regular disbursements in the future. Cash Management A cash account typically offered by nonbank financial institutions. CMAs combine features from traditional checking and savings accounts. Business Checking A business checking account is similar to a personal checking account, but allows you to separate your business and personal expenses. This can help you keep records organized and simplify your taxes. Checking AccountsSavings AccountsCertificates of DepositRetirement AccountsReal Estate InvestmentInvestment AccountsAnnuityVIEW AllBusiness CheckingVIEW LESSPlease select one or more products to compare7 ResultsProduct Descriptions
Openbank : High Yield SavingsMember FDICDisclosureDisclosureOpenbank High Yield Savings is currently available to individuals who reside in the 50 states and the District of Columbia. *Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time Dec 12th 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only. Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured. VIEW DETAILS on Openbank's website Annual Percentage Yield 4.20% as of 12/12/2025Monthly Fee$0Min Deposit to Earn APY$500Member FDICDisclosureDisclosureOpenbank High Yield Savings is currently available to individuals who reside in the 50 states and the District of Columbia. *Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time Dec 12th 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only. Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured. VIEW DETAILS on Openbank's website Additional Features
Earn 10x the national savings averagefor Savings deposit products as published on FDIC.gov.
FDIC insured:Enjoy the peace of mind that comes with being FDIC insured up to $250,000.
No fees:Keep more of your money with no fees.
Industry leading account security:Trusted device verification with face or fingerprint for fast, secure access.
Additional Features
Earn 10x the national savings averagefor Savings deposit products as published on FDIC.gov.
FDIC insured:Enjoy the peace of mind that comes with being FDIC insured up to $250,000.
No fees:Keep more of your money with no fees.
Industry leading account security:Trusted device verification with face or fingerprint for fast, secure access.
Jenius Bank : High Yield Savings AccountVIEW DETAILS on Jenius Bank's website Annual Percentage Yield 4.05% as of 12/12/2025Monthly Fees$0Min to Earn APY$0VIEW DETAILS on Jenius Bank's website Additional Features
FDIC insured deposits, no monthly fees, and no minimums. That’s Jenius
Earn 4.05% APY which can help you start living a richer life
24/7 support from actual humans
Additional Features
FDIC insured deposits, no monthly fees, and no minimums. That’s Jenius
Earn 4.05% APY which can help you start living a richer life
24/7 support from actual humans
Cash App : SavingsDisclosureDisclosure1Customers can qualify for Cash App Green by spending $500 in Qualifying Purchases using your Cash App Card or Cash App Pay per month, or by depositing $300 of Qualifying Deposits per month. Eligibility restrictions apply to some benefits. See Terms and Conditions for more information. To earn the highest interest rate on your Cash App savings balance, you need to (a) have a Cash App Card, or sponsor one or more sponsored accounts, and qualify for Cash App Green or (b) have a sponsored account with sponsor approval. Customers can qualify for Cash App Green by spending $500 in Qualifying Purchases using your Cash App Card or Cash App Pay per month, or by depositing $300 in Qualifying Deposits per month. See terms and conditions for more information on how to qualify. If you are signed up to earn interest, Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. Exceptions may apply. Savings yield rate is subject to change. Round Ups provided by Cash App, a Block, Inc. brand. With a Cash App Card, your funds are eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand. VIEW DETAILS on Cash App's website Annual Percentage Yield Up to 3.25% as of 12/12/2025Monthly Fee$0Min to Earn APY$1DisclosureDisclosure1Customers can qualify for Cash App Green by spending $500 in Qualifying Purchases using your Cash App Card or Cash App Pay per month, or by depositing $300 of Qualifying Deposits per month. Eligibility restrictions apply to some benefits. See Terms and Conditions for more information. To earn the highest interest rate on your Cash App savings balance, you need to (a) have a Cash App Card, or sponsor one or more sponsored accounts, and qualify for Cash App Green or (b) have a sponsored account with sponsor approval. Customers can qualify for Cash App Green by spending $500 in Qualifying Purchases using your Cash App Card or Cash App Pay per month, or by depositing $300 in Qualifying Deposits per month. See terms and conditions for more information on how to qualify. If you are signed up to earn interest, Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. Exceptions may apply. Savings yield rate is subject to change. Round Ups provided by Cash App, a Block, Inc. brand. With a Cash App Card, your funds are eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand. VIEW DETAILS on Cash App's website Additional Features
Unlock Cash App's highest savings interest offer of up to 3.25%1
Set goals and save automatically when you get paid or spend with your Cash App Card using Round Ups
No monthly fees or minimum balance
24/7 fraud monitoring and prevention
Additional Features
Unlock Cash App's highest savings interest offer of up to 3.25%1
Set goals and save automatically when you get paid or spend with your Cash App Card using Round Ups
* The Annual Percentage Yield (APY) is accurate as of 12/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.
Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.
The average daily balance of your Axos ONE Checking account is at least $1,500.
Option 2
Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total.
The average daily balance of your Axos ONE Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
The Axos ONE Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.
The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
VIEW DETAILS on Axos ONE®'s website Annual Percentage Yield 4.31% as of 12/12/2025Monthly Fee$0.00Min to Earn APY$0.00FDIC InsuredDisclosureDisclosure
* The Annual Percentage Yield (APY) is accurate as of 12/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.
Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.
The average daily balance of your Axos ONE Checking account is at least $1,500.
Option 2
Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total.
The average daily balance of your Axos ONE Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
The Axos ONE Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.
The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
VIEW DETAILS on Axos ONE®'s website Additional Features
Celebrating 25 years of putting people first. Axos Bank continues to deliver financial services that evolve with you.
Earn up to 4.31% APY on savings, and 0.51% APY on checking when you meet requirements.
Get your money up to 2 days early. You’ve earned it, so start earning on it.
Earn more, with no hidden hoops or restrictive caps.
We’ve got you covered. Access expanded FDIC Insurance for up to $250 million.
Access a network of over 95,000 fee-free ATMs.
Additional Features
Celebrating 25 years of putting people first. Axos Bank continues to deliver financial services that evolve with you.
Earn up to 4.31% APY on savings, and 0.51% APY on checking when you meet requirements.
Get your money up to 2 days early. You’ve earned it, so start earning on it.
Earn more, with no hidden hoops or restrictive caps.
We’ve got you covered. Access expanded FDIC Insurance for up to $250 million.
Access a network of over 95,000 fee-free ATMs.
DCU : Primary Savings AccountNCUA InsuredDisclosureDisclosure1APY = Annual Percentage Yield. Earn 5.00% APY on balances up to and including $1,000.00. Balances over $1,000.00 earn a range of 5.00% - 0.05% APY. Requires a $5.00 minimum balance to open the account and remain on deposit to maintain membership status. Rates are variable and may change after the account is opened at any time at DCU’s discretion. Fees may reduce earnings on the account. One Primary Savings account per person, additional memberships receive one savings account. Other conditions may apply. Please refer to DCU's Account Agreement for Consumers, and Schedule of Fees and Service Charges, for important information and disclosures. VIEW DETAILS on DCU's website Annual Percentage Yield 5.00%1as of 12/12/2025Min. Opening Deposit$5Min to Earn APY$0NCUA InsuredDisclosureDisclosure1APY = Annual Percentage Yield. Earn 5.00% APY on balances up to and including $1,000.00. Balances over $1,000.00 earn a range of 5.00% - 0.05% APY. Requires a $5.00 minimum balance to open the account and remain on deposit to maintain membership status. Rates are variable and may change after the account is opened at any time at DCU’s discretion. Fees may reduce earnings on the account. One Primary Savings account per person, additional memberships receive one savings account. Other conditions may apply. Please refer to DCU's Account Agreement for Consumers, and Schedule of Fees and Service Charges, for important information and disclosures. VIEW DETAILS on DCU's website Additional Features
Earn 5.00% APY on balances up to and including $1,000. Balances over $1,000 earn a range of 5.00% - 0.05% APY1
No monthly fee
$5 minimum to open
Membership required
Additional Features
Earn 5.00% APY on balances up to and including $1,000. Balances over $1,000 earn a range of 5.00% - 0.05% APY1
No monthly fee
$5 minimum to open
Membership required
New Customer Offer
Barclays : Tiered Savings AccountMember FDICDisclosureDisclosure1Bonus Qualifications and Timeline: For new bank customers only (existing Savings and CD accounts holders not eligible)
Open a new Tiered Savings account
Deposit $30,000 or more within 30 days
Maintain at least $30,000 for the next 120 days
After the $30,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account in approximately 60 days
Offer available until 12/31/2025VIEW DETAILS on Barclays's website Bonus$200Monthly Fee$0.00Min Deposit to Earn APY$0.00Member FDICDisclosureDisclosure1Bonus Qualifications and Timeline: For new bank customers only (existing Savings and CD accounts holders not eligible)
Open a new Tiered Savings account
Deposit $30,000 or more within 30 days
Maintain at least $30,000 for the next 120 days
After the $30,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account in approximately 60 days
Offer available until 12/31/2025VIEW DETAILS on Barclays's website Additional Features
$200 Bonus with qualifying activities. Terms Apply1
Plus, earn 4.00% APY with a minimum balance of $250,000
Earn 7X the national average
No monthly maintenance fees
Secure and easy online account access
Additional Features
$200 Bonus with qualifying activities. Terms Apply1
Plus, earn 4.00% APY with a minimum balance of $250,000
Earn 7X the national average
No monthly maintenance fees
Secure and easy online account access
Quontic : Savings AccountMember FDICVIEW DETAILS on Quontic's website Annual Percentage Yield 3.75% as of 12/12/2025Monthly Fee$0.00Min to Earn APY$100Member FDICVIEW DETAILS on Quontic's website Additional Features
Earn 3.75% APY with a Quontic High Yield Savings Account
Interest is compounded daily and credited to your account every month
Start earning interest from Day 1 of your first deposit with no limit on how much you can earn.
Open an account online in just 3 minutes
Additional Features
Earn 3.75% APY with a Quontic High Yield Savings Account
Interest is compounded daily and credited to your account every month
Start earning interest from Day 1 of your first deposit with no limit on how much you can earn.
PenFed could be a good choice for someone looking for a full-service financial institution that offers all your banking needs under one roof. PenFed issues not just deposit accounts but credit cards, auto loans, mortgages, and more.
The credit union is also known for its low APRs on products like credit cards and personal loans.
Who shouldn’t use PenFed Credit Union?
The APYs for PenFed’s checking, savings, and CDs don’t quite measure up to some top competitors. If your priority is a high return rate across deposit accounts, you may want to look elsewhere.
Additionally, PenFed offers considerably fewer branches than banks like Chase. If you value in-person banking, make sure there’s a location near you before you join.
N/A
Pros
Membership open to anyone
High-yield savings option
Full-service financial institution
Cons
APYs not competitive with many top options
Steep early withdrawal penalty for share certificates
Interest-bearing checking charges a fee (though it can be waived)
PenFed Credit Union rates and products
PenFed offers several deposit accounts to help you meet your financial goals, including multiple checking, savings, and share certificate accounts.
Checking accounts
Up to 0.35% APY
Savings accounts
Up to 2.70% APY
Share certificates
Up to 3.10% APY
Bank details checked as of Nov. 7, 2025.
Checking accounts
PenFed members have a couple of options for checking accounts. You can choose between a free checking account option and one that earns interest but comes with (waivable) monthly fees.
PenFed Credit Union Free checking account features
Minimum opening deposit
$25
Monthly fees
$0 –$10
Top APY
0.35%
ATM access
Access to over 85,000 ATMs through Allpoint & Co-op
Free Checking
Minimum opening deposit:$25
Monthly fees:$0
APY:N/A
Early direct deposit:Yes (up to 2 days early)
Checks:Yes
Access America Checking
Minimum opening deposit:$25
Monthly fees:$10 (waived with a monthly $500+ direct deposit or a daily balance of $500+)
APY:Up to 0.35%
Balances of $25 – $19,999— 0.15%
Balances of $20,000 – $50,000— 0.35%
Early direct deposit:Yes (up to 2 days early)
Checks:Yes
Bank details checked as of Nov. 7, 2025.
SponsoredAdvertiser DisclosureAdvertiser DisclosureMany of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all account options available. *APY (Annual Percentage Yield). Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the financial institution for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.Compare Personal Finance Options for 2021 Select all products of interest and compare:Product DescriptionsProduct DescriptionsChecking A transactional account that allows for numerous withdrawals and unlimited deposits. Money can be accessed via checks, ATMs, or debit card among other methods. Savings A bank account that keeps your money safe and secure, while paying you interest. MMA A Money Market Account is an interest-bearing deposit account at a bank or credit union that pays interest based on current rates in the money markets. CD A Certificate of Deposit features historically higher APYs, guaranteed returns & FDIC insurance. CDs are offered in fixed terms w/penalties for early withdrawals. 401K A 401k is a retirement-savings account that allows an employee to divert a portion of their salary into long-term investments and provides special tax benefits. Brokerage An investment account used by investors to buy and sell stocks, bonds, and mutual funds. Income from investments are taxed as capital gains. REIT A Real Estate Investment Trust owns and operates income-generating real estate. REITs allow investment in real estate without the need to own, operate, or finance properties. Robo Advisor A robo-advisor is an automated investing service that uses algorithms to provide financial advice and/or investment management help you manage your investment portfolio. Relatively inexpensive compared to a human financial advisor. Roth IRA An individual retirement account allows after-tax contributions of earned income below a certain level. Investment growth and future withdrawals are tax free. Traditional IRA An individual retirement account where you contribute pre-or after-tax dollars. Investment growth is tax-deferred until withdrawal. Financial Advisor Financial advisors help people manage their money and reach their financial goals. Annuity A financial contract with an insurance company where you make the investor makes a lump-sum payment or series of payments in exchange for regular disbursements in the future. Cash Management A cash account typically offered by nonbank financial institutions. CMAs combine features from traditional checking and savings accounts. Business Checking A business checking account is similar to a personal checking account, but allows you to separate your business and personal expenses. This can help you keep records organized and simplify your taxes. Checking AccountsSavings AccountsCertificates of DepositRetirement AccountsReal Estate InvestmentInvestment AccountsAnnuityVIEW AllBusiness CheckingVIEW LESSPlease select one or more products to compare1 ResultsProduct DescriptionsTop Pick
SoFi® : Checking and Savings AccountMember FDICDisclosureDisclosure1. Up to $300 Bonus Tiered: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not receiveda cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time.These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 2. APY: Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy: We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. 4. FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. 5. ATM Access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time. 6. Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduledpayment date, but may vary. 7. Overdraft Coverage: Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at http://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website. 8. 0.70% Savings APY Boost: Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25)for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2 SoFi Bank, N.A. Member FDIC.VIEW DETAILS on SoFi®'s website Annual Percentage Yield 0.50% as of 12/12/2025Monthly Fees$0.00Min Deposit to Earn APY$0.00Member FDICDisclosureDisclosure1. Up to $300 Bonus Tiered: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not receiveda cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time.These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 2. APY: Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy: We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. 4. FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. 5. ATM Access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time. 6. Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduledpayment date, but may vary. 7. Overdraft Coverage: Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at http://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website. 8. 0.70% Savings APY Boost: Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25)for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2 SoFi Bank, N.A. Member FDIC.VIEW DETAILS on SoFi®'s website Additional Features
Sign up and earn $50 or $300 with eligible direct deposit.
55,000+ fee-free ATMs within the Allpoint® Network.
Up to 2-day-early paycheck with direct deposit.
Earn 0.50% APY.
+0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.
Additional Features
Sign up and earn $50 or $300 with eligible direct deposit.
55,000+ fee-free ATMs within the Allpoint® Network.
Up to 2-day-early paycheck with direct deposit.
Earn 0.50% APY.
+0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.
PenFed offers one basic savings account and one high-yield savings account to boost your earnings. Predictably, the high-yield account earns interest at a substantially more generous rate than the basic one.
Joining PenFed starts with opening a savings account and making a minimum deposit of at least $5 .
It’s also worth noting that PenFed offers an IRA savings account requiring a minimum $25 opening deposit.
PenFed Credit Union savings account features
Minimum opening deposit
$5
Monthly fees
$0
Top APY
0.05%–2.70%
Monthly transfer limit
Unlimited
Bank details checked as of Nov. 7, 2025.
Regular Savings
Minimum opening deposit:$5
Monthly fees:$0
APY:0.05%
Monthly transfer limit:Unlimited
ATM card:Yes
Premium Online Savings
Minimum opening deposit:$5
Monthly fees:$0
APY:2.70%
Monthly transfer limit:Unlimited
ATM card:Yes
Bank details checked as of Nov. 7, 2025.
Share certificates
If you’re after the highest returns and willing to keep your savings on deposit longer, PenFed offers several share certificates that are more generous than what’s offered from its savings account. Just keep in mind that there are early withdrawal penalties for withdrawing your money before your account matures—so it’s higher stakes than a savings account.
PenFed issues three types of share certificates with unique terms, return rates, minimum opening deposits, and early withdrawal penalties.
PenFed Credit Union share certificates
Minimum opening deposit
$500 –$1,000
Term lengths
6, 12, 15, 18, 24, 36, 48, 60, 84 months
APY
Up to 3.90%
Early withdrawal penalties
Unlimited
Money market share certificates
Of all PenFed share certificates, its money market options provide the highest APY and the most freedom when it comes to term lengths. They require a $1,000 opening deposit.
PenFed Credit Unionmoney market share certificate features
Minimum opening deposit
$1,000
Term lengths
6, 12, 15, 18, 24, 36, 48, 60, 84 months
APY
2.70%-3.10%
Early withdrawal penalties
– Terms of 6 months or 182 days: Loss of most recent 90 days of dividends earned – Terms of 12, 15, 18, 24, 36, 48, 60, and 84 months: Within 365 days of account opening, a penalty of the last 365 days of dividends earned; after 365 days from account opening, 30% of gross amount of dividends had the account reached maturity
PenFed gives you the option to choose between a traditional, Roth, or Simplified Employee Pension (SEP) IRA CD.
PenFed enforces its own early withdrawal penalties—and so does the IRS—for those that take an IRA distribution before age 59 ½. If you’re at or above this age, you can take partial withdrawals without penalty.
To open an IRA share certificate, you’ll need to download the appropriate form (based on whether you’re new to PenFed, you’ve got a current IRA you’d like to transfer, or if you have current PenFed IRA funds you’re trying to convert into an IRA certificate), and then upload them to the site. You can also mail or fax the form.
PenFed Credit Union IRA share certificate features
Minimum opening deposit
$1,000
Term lengths
1, 2, 3, 4, 5, 7 years
APY
Up to 3.00%
Early withdrawal penalties
– If withdrawn within the first year: All dividends forfeited – If withdrawn after the first year: 30% of earnings had the certificate been held to maturity (capped at your total dividends earned) * No penalty applied if the account holder is at least 59 ½
PenFed IRA share certificate rates
Term length
APY
12 months
3.00%
24 months
2.90%
36 months
2.90%
48 months
2.80%
60 months
2.80%
84 months
2.80%
12 months
APY
3.00%
24 months
APY
2.90%
36 months
APY
2.90%
48 months
APY
2.80%
60 months
APY
2.80%
84 months
APY
2.80%
Bank details checked as of Nov. 7, 2025.
Coverdell Education Savings share certificates
PenFed’s service-fee-free Coverdell Education Savings share certificates are a tax-free way to save for school. They’ve got a lower minimum opening deposit requirement of $500 —but a maximum contribution limit of $2,000 per year.
To open this account, you’ll have to call PenFed at 800-247-5626 or visit a branch. Alternatively, you can download a form online and upload or mail it.
PenFed Credit Union Coverdell Education Savings share certificate features
Minimum opening deposit
$500
Term lengths
1, 2, 3, 4, 5, 7 years
APY
2.80%–3.00%
Early withdrawal penalties
30% of what would have been earned if the account reached maturity (capped at total dividends earned)
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Best CD Rates for December 12, 2025
ZIP Code Deposit Amount $Min. Term Length 6 months
1 months
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Max. Term Length 3 years
6 months
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4 years
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FEATURED OFFERSAPYTERMMIN. DEPOSITEST. EARNINGSLoading...
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Other services PenFed Credit Union offers
In addition to its healthy selection of deposit accounts, PenFed offers products and services such as:
Credit cards:PenFed offers several credit cards with low or no annual fees and extremely reasonable APRs.
Auto loans:Members can secure auto financing or refinance an existing loan and purchase protection, such as guaranteed asset protection (GAP) coverage.
Mortgages:In addition to conventional mortgages, PenFed is also a lender of Federal Housing Administration (FHA), Veterans Affairs (VA), and jumbo loans. It also offers refinancing and home equity lines of credit.
Personal loans:PenFed offers personal loans with terms of up to 60 months.
Student loans:Students can borrow funds to pay for college and refinance existing student loans.
Online banking
You can use PenFed’s online banking and mobile app to deposit checks, set travel alerts, review account transactions, check the status of a loan or credit card, make payments, transfer funds, and more.
The PenFed Credit Union platform and customer support
Customers can access a robust online banking platform through PenFed’s mobile app, which has a rating of 4.8 stars in the Apple App Store and 4.5 stars on Google Play across well over 60,000 reviews.
PenFed customer service operates from Monday to Saturday between 8 a.m. and 8 p.m. Eastern Time. You can reach a representative by phone at 800-247-5626.
If you need to contact a PenFed representative, representatives are available by phone Monday through Saturday from 8 a.m. to 8 p.m. Eastern Time. You can also fill out an online form to schedule a call or use the online chat feature at the bottom of the contact page.
Is PenFed Credit Union secure?
PenFed works in a variety of ways to keep your information secure, including the implementation of multi-factor authentication, security alerts, and the ability to track login activity.
The credit union is also covered by the National Credit Union Administration (NCUA), insuring up to $250,000 per account holder per ownership category.
PenFed Credit Union user reviews
Banks and credit unions tend to receive poor online reviews. That’s because a disgruntled customer is more likely to write a review than a customer who experienced no issues.
With that in mind, PenFed receives a more than respectable 3.8 stars on Trustpilot. Customers rave about the excellent customer service and willingness to forgive fees. Others complain about occasional IT glitches, such as with its website, bill payment feature, and Zelle.
On forums like Reddit, users also have great things to say about PenFed’s customer service and overall lack of issues.
Compare PenFed Credit Union alternatives
PenFed is a strong choice for someone who wants to keep all their banking under one umbrella. But, it doesn’t always offer the highest rates on the market. Alliant Credit Union and SoFi are two institutions worth a look for those seeking to maximize interest earnings.
PenFed Credit Union
SoFi® Member FDIC
Alliant Credit Union
Top savings APY
Top savings APY
Top savings APY
2.70%
Get up to 3.60%.1 Get a 0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2
3.10%
Top checking APY
Top checking APY
Top checking APY
0.35%
0.50%
0.25%
Top CD APY
Top CD APY
Top CD APY
3.10%
N/A
4.10%
Learn more
Learn more
Learn more
View offer at MoneyLion
View offer at SoFi
View offer at MoneyLion
Bank details checked as of Nov. 7, 2025.
Is PenFed Credit Union right for you?
PenFed offers a wide range of products, making it ideal for those interested in having all accounts at the same institution. Its customer service hours are also abnormally lengthy, as representatives are available 12 hours per day, six days a week.
That said, its savings and share deposit APYs don’t always compete with what you can find at many online banks—and its mobile apps leave room for improvement.
Again, if you’re interested in in-person banking, make sure you’ve got a PenFed branch near you before enrolling; they’re far from ubiquitous.
Frequently asked questions
Who can join PenFed Credit Union?
PenFed’s membership is open to anyone in the U.S. by opening a savings account and depositing at least $5.
Does PenFed have free checking accounts?
Yes, PenFed offers one checking account with no minimum balance requirement and no monthly fees.
What is the minimum deposit to open a PenFed account?
You’ll need to deposit at least $5 to open a PenFed savings account, $25 to open a free checking account, and between $500 and $1,000 to open a PenFed share certificate account.
How many ATMs does PenFed have?
PenFed states that it has more than 85,000 fee-free ATMs.
Is PenFed FDIC-insured?
No. PenFed is a credit union, which is insured by an entity called the National Credit Union Administration (NCUA). You’ll be covered for $250,000 per account holder per ownership category—similar to the FDIC.
SoFi disclaimer
1:
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings.Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
2: 0.70% Savings APY Boost
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25)for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
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