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  PenFed Credit Union Regular Savings Account

PenFed Credit Union Regular Savings Account

in Savings Accounts from PenFed Credit Union · ncua

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PenFed Credit Union Regular Savings Account

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in Savings Accounts from PenFed Credit Union · Insured by NCUA

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Highlights
Monthly Fee $0
APY (Annual Percentage Yield) 0.05%
APY Minimum Balance N/A

PenFed Credit Union Regular Savings Account Review

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

Key Takeaways
  • Higher than average APY. PenFed Credit Union Regular Savings Account has an annual percentage yield of up to 0.05%, 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 Regular Savings Account does not charge fees on ATM transactions.
PenFed savings Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Dividend-yielding account
  • Insured by NCUA.
  • Access to physical branches.
  • No signup bonus.
  • 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 Regular Savings Account Minimums
Description
Minimum Opening Deposit Starting at $5

What APY does PenFed Credit Union offer?

PenFed savings offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest 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 $1 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 a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • 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.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

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.

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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

Minimum Opening Deposit Starting at $5
Monthly Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - International (Incoming) $0
International ATM Surcharge $1.50
Paper Statement Fee $1
Returned Deposit Fee (Domestic) $5
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Outgoing) $30
Account Features
  • No ATM Fees
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Insured by NCUA
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.05%

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