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Last Updated: 10/10/2025

Premium Online Savings Account

from PenFed Credit Union

Last Updated: 10/10/2025

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APY (Annual Percentage Yield)

3.00%(Verified 06/21/2024)
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Minimum Opening Deposit

$5
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Minimum Balance to Earn APY

$0
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Premium Online Savings Account Review

Premium Online Savings Account is offered by PenFed Credit Union, a credit union founded in 1935 and based in Tysons, VA. Premium Online Savings are available in 50 states and Washington, DC.

Key Takeaways

  • Up to 3.00% annual percentage yield (APY). This account offers an annual percentage yield of up to 3.00%, which is much higher than the average for the checking accounts that we track (see terms and conditions for more details).
  • No monthly maintenance fees. This account does not charge any monthly account fees.
  • Small minimum initial deposit. You only need $5 to open an account.

Premium Online Savings Pros & Cons

Premium Online Savings FAQ

Are savings accounts from PenFed Credit Union federally insured?

Yes, your savings 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.

Does PenFed Credit Union offer a signup bonus?

Premium Online Savings doesn't offer a signup bonus.

What is the minimum initial deposit for Premium Online Savings?

The minimum deposit to open a Premium Online Savings is $5.

What APY does PenFed Credit Union offer?

Premium Online Savings offers an APY of 3.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.
The dividends paid by PenFed Credit Union can change at any time as set by the board of directors. Note that the APY of a savings account is what you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Premium Online Savings charge?

Premium Online Savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.
  • Outgoing domestic bank transfers come with a $25 fee.
  • Outgoing international bank transfers come with a $30 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Premium Online Savings charges $2 every time you request a paper statement.

What features and perks does Premium Online Savings offer?

This savings account includes the following features:
  • Fraud monitoring - Premium Online Savings monitors transactions for potentially fraudulent activity, such as when an account is accessed from a different location or there is a sudden string of suspicious transactions.
  • Mobile Banking Services - Premium Online Savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to Premium Online Savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the member customer support email for Premium Online Savings?

The member support email for Premium Online Savings is info@hq.penfed.org.
Premium Online Savings Account Disclosure: FEDERALLY INSURED BY NCUA. APY (Annual Percentage Yield) is accurate as of June 1, 2021 and is subject to change at any time. Fees may reduce earnings. $5 minimum to open the account. Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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.

Contact

Headquarters

7940 Jones Branch Dr
Tysons, VA 22102
Visit Site
Email Support

Hours of Operation

Sunday
Closed
Monday
8:00AM - 4:00PM
Tuesday
8:00AM - 4:00PM
Wednesday
8:00AM - 4:00PM
Thursday
8:00AM - 4:00PM
Friday
8:00AM - 4:00PM
Saturday
Closed

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APY (Annual Percentage Yield)

0.05%
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Minimum Opening Deposit

Starting at $5

Minimum Balance to Earn APY

N/A
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SuperMoney Net Recommendation Score

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0

-1000+100
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Everyone recommends
The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation. SuperMoney removes fake reviews when detected.

Premium Online Savings Account Community Reviews

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