PenFed Credit Union Premium Online Savings Account Review

Where does PenFed Credit Union Premium Online Savings Account do business?

PenFed Credit Union is a credit union based in Alexandria, VA. It was founded in 1935 and offers savings accounts in 50 states (and Washington, DC).

PenFed Credit Union Premium Online Savings Account is not a member of the Federal Deposit Insurance Corporation (FDIC). This means your deposits are not covered by the FDIC if PenFed Credit Union Premium Online Savings Account were to fall into financial difficulties.

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.