PenFed Credit Union Premium Online Savings Account Review

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

Are savings accounts from PenFed Credit Union federally insured?

Yes, your PenFed Credit Union savings 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 APY does PenFed Credit Union offer?

PenFed Credit Union Premium Online Savings Account offers an APY of 1.65% (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 features and perks does PenFed Credit Union Premium Online Savings Account offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• Fraud monitoring - PenFed Credit Union Premium Online Savings Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.

What fees does PenFed Credit Union Premium Online Savings Account charge?

PenFed Credit Union Premium Online Savings Account does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fee if you have a minimum daily balance of $5.

• Outgoing domestic bank transfers come with a $20 fee.
• Outoing 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.
• PenFed Credit Union Premium Online Savings Account charges $1 every time you request a paper statement.