Credit Union
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PenFed Credit Union

Advertiser Disclosure

About Credit Union

Pentagon Federal Credit Union, commonly known as PenFed, is a not-for-profit financial institution that was established in 1935. With over 2.8 million members worldwide and $36.6 billion in assets as of June 30, 2022, PenFed is currently the second-largest federal credit union in the United States. The credit union's mission is to empower its members to achieve their financial well-being by providing a range of financial products and services.

PenFed offers various financial services, including certificates, checking accounts, credit cards, personal loans, mortgages, auto loans, student loans, and more. One of the key features of PenFed is its commitment to offering Best-in-Class rates on car loans and home mortgages. Additionally, the credit union's portfolio of credit cards offers innovative features and incentives that are hard for competitors to match.

PenFed is federally insured by the National Credit Union Administration (NCUA) and is an Equal Housing Lender. The credit union prides itself on its dedication to its members' financial well-being and strives to provide education and encouragement to help them realize their potential. PenFed's community-focused approach is reflected in its mission to help its members achieve their financial goals.

In addition to its financial products and services, PenFed also offers cashback rewards to its members. As of 2023, PenFed has paid its members $37 million in cashback rewards. The credit union has financed over 4,150 homes and has welcomed 15,037 new members this year.

PenFed Credit Union is a reputable financial institution offering various products and services to help its members achieve their financial goals, including checking accounts, money market accounts, certificates, credit cards, personal loans, mortgages, auto loans, and more. Its commitment to Best-in-Class rates on car loans and home mortgages, innovative credit card features, and cashback rewards are just a few of the reasons why PenFed is a popular choice for individuals looking for a trustworthy financial partner.

Key Features

Some of the key features of Pentagon Federal Credit Union (PenFed) include:

Non-profit status

PenFed is a not-for-profit financial institution that operates solely for the benefit of its members. As a result, the credit union is able to offer competitive rates and better terms on its financial products and services.

Community-focused

PenFed's mission is to empower its members to achieve their financial well-being. The credit union provides education and resources to help its members make informed financial decisions.

Best-in-Class rates

PenFed is committed to offering Best-in-Class rates on car loans and home mortgages. This commitment to competitive rates allows members to save money and achieve their financial goals faster.

Cashback rewards

PenFed offers cashback rewards to its members as a way to thank them for their loyalty. Members can earn cashback on purchases made with their PenFed credit cards.

Federal insurance

PenFed is federally insured by the National Credit Union Administration (NCUA). This means that members' deposits are protected up to $250,000 per account.

Online and mobile banking

PenFed offers online and mobile banking services, making it easy for members to manage their accounts from anywhere at any time.

Variety of financial products

PenFed offers a range of financial products and services, including checking accounts, money market savings accounts, certificates, credit cards, personal loans, mortgages, auto loans, and more. This variety allows members to choose the products and services that best meet their financial needs.

Membership eligibility

PenFed membership is open to a wide range of individuals, including military personnel and their families, government employees, and others who meet certain eligibility criteria. This inclusivity allows more individuals to benefit from PenFed's financial products and services.

Requirements

To become PenFed Credit Union members, potential clients have to comply with a few requirements similar to the requirements of other credit unions:

  1. Eligibility. PenFed membership is open to a wide range of individuals, including military personnel and their families, government employees, and others who meet certain eligibility criteria. You can check your eligibility on the PenFed website or by contacting their customer service.

  2. Savings account. To become a member, you must open a savings account with PenFed and fund it with a low minimum deposit of $5. This is the first step in the membership application process.

  3. Membership application. You can apply for membership during the application process for any of PenFed's financial products, such as checking accounts, credit cards, personal loans, mortgages, auto loans, or others. You will be asked to provide personal and financial information and proof of eligibility during the application process.

  4. Verification. PenFed will verify your identity and eligibility during the membership application process. This may involve providing additional documentation or answering questions to confirm your eligibility.

Once your membership application is approved, you will have access to all of PenFed's financial products and services. PenFed's online and mobile banking platforms make it easy to manage your accounts and stay on top of your finances. As a member-owned credit union, PenFed is committed to providing its members with competitive rates, excellent customer service, and a range of financial resources to help them achieve their financial goals.

Access on the Go

Pentagon Federal Credit Union (PenFed) offers a range of digital banking options to help members access their accounts and manage their finances on the go. Here are some of the ways you can gain access to PenFed's services:

  1. Online banking. PenFed's online banking platform allows you to manage your accounts, transfer funds, pay bills, view statements, and more. You can access online banking through the PenFed website or mobile app.

  2. Mobile app. The PenFed mobile app is available for iOS and Android devices and allows you to manage your accounts, deposit checks, transfer funds, pay bills, and more. You can also use the app to find PenFed ATMs and branches.

  3. Text banking. PenFed's text banking service allows you to check your account balances, view transaction history, and receive account alerts via text message.

  4. Telephone banking. PenFed's telephone banking service allows you to check your account balances, transfer funds, and more over the phone.

PenFed Credit Union Products

Pentagon Federal Credit Union (PenFed) offers a wide range of financial products to help its members achieve their financial goals. Here are some of the products offered by PenFed:

  1. Checking Accounts. PenFed offers a variety of checking account options, including the Free Checking account and Access America checking account. No monthly service fees and no minimum balance options are available.

  2. Savings Accounts. PenFed offers several savings account options, including the Premium Online Savings account, Regular Savings account, and Money Market Savings account.

  3. Certificates. PenFed offers a range of certificate options, including money market certificates and Coverdell education savings certificates.

  4. IRAs. PenFed offers IRA savings accounts and IRA certificates to help members save for retirement.

  5. Auto Loans. PenFed offers auto loans with competitive rates and a car-buying service to help members find their dream car.

  6. Home Loans. PenFed offers a range of home loan options, including VA loans, FHA loans, conventional fixed-rate loans, jumbo loans, adjustable-rate mortgages, and more.

  7. Home Equity Loans and Lines of Credit (HELOCs). PenFed offers HELOCs to help members access equity in their homes.

  8. Personal Loans. PenFed offers personal loans for a variety of purposes, including debt consolidation, home improvements, and more.

  9. Student Loans. PenFed offers student loan refinancing and in-school student loans to help members pay for college.

  10. Credit Cards. PenFed offers several credit card options, including the Gold Visa card, Power Cash Rewards Visa Signature card, Platinum Rewards Visa Signature card, and Pathfinder Rewards Visa Signature card. These cards offer cashback rewards, points, and other benefits to help members save money and earn rewards.

Which associations does PenFed Credit Union Belong to?

PenFed Credit Union, also known as the Pentagon Federal Credit Union, is a member of several associations. Some of these associations include:

  1. National Association of Federally-Insured Credit Unions (NAFCU) – PenFed is a member of the NAFCU, which advocates for the interests of federally-insured credit unions in the United States.

  2. Defense Credit Union Council (DCUC) – PenFed is part of the DCUC, an organization that represents and supports credit unions serving the U.S. Department of Defense community.

  3. Credit Union National Association (CUNA) – Although I could not confirm PenFed's membership in CUNA, many credit unions are members of this national association, which aims to represent and provide resources for credit unions in the United States.

PenFed Credit Union Reliability

PenFed Credit Union is a reliable financial institution offering its members various financial products and services, including savings accounts, checking accounts, loans, and credit cards. As a federally insured credit union, PenFed is regulated and insured by the National Credit Union Administration (NCUA).

The NCUA is an independent federal agency that provides oversight and insurance for credit unions in the United States. PenFed savings accounts are federally insured by the NCUA for up to $250,000 per depositor. This means that your deposits at PenFed are backed by the full faith and credit of the U.S. federal government, offering high security and protection for your funds.

In addition to being NCUA-insured, PenFed also adheres to the Equal Housing Lender guidelines. This means that they are committed to providing fair and equal lending opportunities to all applicants without discrimination based on race, color, religion, national origin, sex, handicap, or familial status. PenFed's commitment to Equal Housing Lending ensures that they maintain ethical lending practices.

Finally, the routing number for PenFed Credit Union is #256078446. This number is used to identify the financial institution during financial transactions, such as transferring funds or setting up direct deposits.

PENFED

FAQ

Who owns PenFed Credit Union?

PenFed Credit Union, or Pentagon Federal Credit Union, is a member-owned financial cooperative. Unlike traditional banks, which are owned by shareholders and prioritize profits, credit unions are owned and controlled by their members, who are also the account holders and customers of the credit union.

As a member-owned institution, PenFed Credit Union's primary goal is to serve its members and provide them with affordable financial products and services. Any profits made by the credit union are typically reinvested into the organization to improve services, offer better interest rates, and lower fees for its members.

Each member of PenFed has an equal say in the credit union's decision-making process through voting rights, usually exercised during annual meetings. Members can also be elected to serve on the board of directors, which is responsible for the overall management and direction of the credit union.

Is PenFed Credit Union a good credit union?

Yes, PenFed Credit Union is generally considered a good credit union. Here are some of the reasons why:

  1. Competitive Rates: PenFed offers some of the most competitive rates on various financial products, including car loans, home mortgages, and credit cards.

  2. Range of Financial Products: PenFed offers a wide range of financial products, including checking and savings accounts, certificates, IRAs, auto loans, home loans, personal loans, student loans, and credit cards, providing members with a comprehensive suite of financial services.

  3. Non-Profit Status: As a not-for-profit financial institution, PenFed operates solely for the benefit of its members, allowing it to offer more favorable rates and better terms than traditional banks.

  4. Member Benefits: PenFed offers various benefits to its members, such as cashback rewards on credit card purchases, access to exclusive travel discounts, and special promotions on financial products.

  5. Digital Banking: PenFed offers robust online and mobile banking platforms, allowing members to manage their accounts, transfer funds, pay bills, and more from the comfort of their own homes.

  6. Customer Service: PenFed is known for its excellent customer service, with representatives available to assist members with their financial needs.

  7. Membership Eligibility: PenFed's membership is open to a wide range of individuals, including military personnel and their families, government employees, and others who meet certain eligibility criteria, making it accessible to more people.

Is PenFed Credit Union hard to get approved for?

Getting approved for a financial product with PenFed Credit Union is similar to getting approved with any other financial institution. Your eligibility and approval will depend on factors such as your credit score, income, debt-to-income ratio, and other financial information.

It is difficult to say if PenFed Credit Union is harder or easier to get approved for compared to many other financial services companies or institutions, as the approval process can vary depending on the specific product, individual circumstances, and other factors.

However, PenFed Credit Union is generally known for having competitive rates. It offers various financial products with flexible terms and conditions and acceptable monthly fees, making it an attractive option for many borrowers.

Suppose you're interested in applying for a financial product with PenFed Credit Union. In that case, it is recommended that you review the eligibility requirements and application process for the specific product you're interested in. Additionally, you can contact PenFed's customer service representatives, who can provide further guidance and assistance throughout the application process.

Financial products
PenFed Credit Union
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $50,000
Rate
i

Effective interest rate on the product

from 7.74%
Term
i

Loan term for the financial product

up to 60 months
PenFed Credit Union
Auto Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 5.24%
Term
i

Loan term for the financial product

up to 84 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,000,000
Rate
i

Effective interest rate on the product

from 6.479%
Term
i

Loan term for the financial product

up to 30 years
All cards
Similars products
Best Quick Loan Today 12.04.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Effective interest rate on the product

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
i

Effective interest rate on the product

up to 160%
Term
i

Loan term for the financial product

9-18 months
Caribou
Refinance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $45,000
Rate
i

Effective interest rate on the product

up to 36%
Term
i

Loan term for the financial product

up to 72 months
AUTOPAY
Vehicle Purchase
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,500-$100,000
Rate
i

Effective interest rate on the product

from 2.99%
Term
i

Loan term for the financial product

up to 96 months
Auto Approve
Auto Lease Purchase
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$7,500-$150,000
Rate
i

Effective interest rate on the product

from 2.94%
Term
i

Loan term for the financial product

up to 72 months
Rocket Mortgage
30-Year Fixed
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

6.00 – 6.28 %
Term
i

Loan term for the financial product

5 years – 30 years
Mariner Finance
Home Refinance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,500,000
AmeriSave
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
New American Funding
30 Year Fixed Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
PennyMac
Home Purchase Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 3%
Term
i

Loan term for the financial product

up to 30 years
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All PenFed Credit Union’s reviews by april 2024
Leave feedback
Similar companies
Summit Credit Union
1709 Landmark Dr Cottage Grove, WI 53527
(800) 236-5560
Langley Federal Credit Union
11742 Jefferson Avenue, Suite 300 Newport News, Virginia 23606
800-826-7490
Redstone Federal Credit Union
220 Wynn Drive Huntsville, AL 35893-0001*
800-234-1234
Landmark Credit Union
P.O. Box 510870 New Berlin, WI 53151-0870
(262) 796-4500
University of Wisconsin Credit Union
PO Box 44963 Madison, WI 53744-4963
608-232-5000