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 Tysons, VA. PenFed Credit Union Premium Online Savings Account is available in 50 states (and Washington, DC).

• Higher than average APY. PenFed Credit Union Premium Online Savings Account has an annual percentage yield of up to 0.45%, which is higher than the national average interest rate on savings accounts.
• $0 monthly fee. This account does not charge a monthly Service Charge.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. PenFed Credit Union Premium Online Savings Account does not charge fees on ATM transactions.
• Bill pay. Pay your bills to practically anyone in the United States through PenFed Credit Union.

Pros	Cons
Membership Open to Everyone, $5 covers the entire cost of membership Available in all 50 states. Interest-yielding account. Deposits are insured by the NCUA (up to $250K). Access to physical branches. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not come with a debit card Not FDIC-insured. Higher than average wire transfer fees. No ATM access to savings.

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.

Does PenFed Credit Union offer a signup bonus?

PenFed savings doesn't offer a signup bonus.

What is the minimum initial deposit for PenFed savings?

The minimum deposit to open a PenFed savings is $5.

PenFed Credit Union Premium Online Savings Account Minimums

Description
APY Minimum Balance	$0
Minimum Balance to Avoid Monthly Fee	$0
Minimum Direct Deposit to Avoid Monthly Fee	$0
Minimum Opening Deposit	$5

What APY does PenFed Credit Union offer?

PenFed savings offers an APY of 0.45% (APY stands for annual percentage yield, rates may change).

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 PenFed savings charge?

PenFed 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.
• An overdraft on your account will trigger a $35 fee per item.
• PenFed savings charges $2 every time you request a paper statement.

Does PenFed savings charge overdraft fees?

Yes, PenFed savings charges a $35 overdraft fee.

PenFed savings offers overdraft protection at a cost of $35 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.

What features and perks does PenFed savings offer?

This savings account includes the following features:

• Fraud monitoring - PenFed 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.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - PenFed 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 PenFed 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 customer support email for PenFed savings?

The customer support email for PenFed savings is info@hq.penfed.org.

How do people rate the customer service and user experience of PenFed savings?

Overall, PenFed savings is strongly recommended based on community reviews that rate customer service and user experience.