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PenFed Credit Union Premium Online Savings Account

in Savings Accounts from PenFed Credit Union · ncua

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PenFed Credit Union Premium Online Savings Account

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in Savings Accounts from PenFed Credit Union · Insured by NCUA

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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Monthly Fee $0
APY (Annual Percentage Yield) 0.45%
APY Minimum Balance $0

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).

Key Takeaways
  • 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.
PenFed savings Pros & Cons
Pros Cons
  • Membership Open to Everyone,
  • $5 covers the cost to establish membership.
  • Available in all 50 states.
  • Dividend-yielding account
  • Insured by NCUA.
  • Access to physical branches.
  • No signup bonus.
  • No ATM access to PenFed Credit Union Premium Online Savings Account.
  • Does not come with a debit card
  • Higher than average wire transfer fees.
PenFed savings FAQ

Are savings accounts from PenFed Credit Union federally insured?

Yes, your PenFed Credit Union 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?

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.
  • PenFed savings charges $3 every time you request a paper statement.

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.
  • 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 member customer support email for PenFed savings?

The member 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.

PenFed Credit Union 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.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance $0
Minimum Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit $5
Early Account Closure $0
Monthly Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - International (Incoming) $0
Paper Statement Fee $3
Returned Deposit Fee (Domestic) $30
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Outgoing) $30
Account Features
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Insured by NCUA
  • Branch Access
APY (Annual Percentage Yield) 0.45%

PenFed Credit Union Premium Online Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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