PenFed Credit Union IRA Certificate Review

PenFed Credit Union IRA Certificate is offered by PenFed Credit Union, a credit union founded in 1935 and based in Alexandria, VA. PenFed Credit Union IRA Certificate is available in 50 states (and Washington, DC).

Are cd accounts from PenFed Credit Union federally insured?

Yes, your PenFed Credit Union cd accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does PenFed Credit Union offer?

• IRA

What APY does PenFed Credit Union offer on its CDs?

PenFed Credit Union IRA Certificate offers an APY starting at 2.35% and ranging up to 3% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What is the minimum deposit to open a CD account with PenFed Credit Union?

PenFed Credit Union IRA Certificate requires a minimum initial deposit of $1,000 to open an account.

What types of early withdrawal penalties does PenFed Credit Union IRA Certificate charge?

Financial institutions don't typically charge many fees on certificate of deposit accounts. However, some do charge a fee if you chooose to withdrawal your money before the CD term ends.

PenFed Credit Union does not charge an early withdrawal fee.