PenFed Credit Union Certificates

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in CD Accounts from PenFed Credit Union · Insured by NCUA

SuperMoney Net Recommendation Score +89

Strongly recommended

16 users recommend

2 users are unsure

0 users don't recommend

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Highlights
Community Rating	Strongly recommended
APY (Annual Percentage Yield)	0.4% - 1.1%
Minimum Opening Deposit	Starting at $1,000
Certificate Term	6 months 12 months 18 months 2 years 3 years 4 years 5 years 7 years
Number of Reviews	18

PenFed Credit Union Certificates Review

PenFed Credit Union Certificates are offered by PenFed Credit Union, a credit union founded in 1935 and based in Tysons, VA. PenFed Credit Union Certificates are available in 50 states (and Washington, DC).

Key Takeaways

Small selection of CD account types. PenFed only offers IRA and traditional CDs.
Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.1%, which is much higher than the national average for a certificate account.
$1,000 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
Wide selection of certificate terms. PenFed allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of PenFed Credit Union Certificates

Pros	Cons
Insured by NCUA. Multiple certificate terms available. Available in all 50 states. High-dividend yield	There isn't a no-penalty certificate option.

PenFed Credit Union Certificates FAQ

Are certificates from PenFed Credit Union federally insured?

Yes, your PenFed Credit Union accounts are insured up to $250,000 per share owner for each account ownership category. 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 certificates does PenFed Credit Union offer?

PenFed provides the following types of certificates.

Traditional certificates. These certificates pay a fixed dividend if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the certificate for another term.
IRA certificates. An IRA certificate is a type of IRA that consists entirely of certificates. In general, you can invest in certificates in any IRA, but PenFed offers a certificate that is specifically for retirement.

What certificate rates does PenFed Credit Union offer?

PenFed offers an APY starting at 0.4% and ranging up to 1.1%. APY stands for annual percentage yield and shows the dividend paid by the certificate after taking into account compounding.

What terms does PenFed offer?

PenFed Credit Union offers terms of the following lengths:

PenFed Credit Union Certificates Rates & Terms
Description
APY (Annual Percentage Yield)	0.4% - 1.1%
6-Month APY	0.4%
12-Month APY	0.6%
15-month APY	0.55%
18-Month APY	0.55%
2-Year APY	0.65%
3-Year APY	1.00%
4-Year APY	0.75%
5-Year APY	1.25%
7-Year APY	1.1%

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

PenFed requires a minimum deposit of $1,000 to open an account.

What is the grace period for PenFed?

PenFed does not have a grace period. A grace period is a period of time during which you can withdraw the money in your certificate without paying an early withdrawal penalty. A grace period starts the day after a certificate’s maturity date, or the final day a certificate is opened. Standard certificates renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does PenFed charge?

Financial institutions don't typically charge many fees on certificates. However, most charge a fee if you choose to withdraw your money before the term ends.

PenFed Credit Union does not charge an early withdrawal fee.

PenFed Credit Union Certificates Disclosure: APY (Annual Percentage Yield) is accurate as of July 21,2021. Rates are subject to change and are fixed for the term of the certificate. Certificates dividends compound daily and credited monthly. Penalty will be imposed for early withdrawal. This will reduce earnings on the account.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From PenFed

Our members’ financial growth is our growth. When you invest with PenFed, we want to ensure you get the most for your money. That’s why we offer IRA certificates that give you dividends like a certificate and tax advantages like an IRA. Start saving with balances as low as $1,000 with no maximum limit. With a PenFed IRA Certificate, you can start small and earn more. Growth and security: get the best of both worlds with a certificate and an IRA rolled into one. Invest in your future while steadily growing your dividends.