Summary : Established in 1935, Pentagon Federal Credit Union (PenFed) has an open-membership charter and is the second-largest credit union in the U.S. PenFed stands out for its wide variety of bank accounts and loan products, its minimal fees on checking and savings accounts, and its low deposit requirements.
PenFed was ranked among our top 10 credit unions of the year and 5 best banks and credit unions for military .
PenFed product overview
Free Checking
PenFed offers a 0% interest, Free Checking account that has the basic features you might get with any other checking account. You only need to deposit $25 or more to open Free Checking, but there's no minimum balance requirement and no monthly fees.
One thing to look out for with their checking accounts, however, is the overdraft protection terms. If you attempt an overdraft, PenFed will either draw from savings (without charging you a fee) or, for overdrafts over $300, they may offer you a line of credit. But beware, that line of credit comes with a 17.99% interest rate.
Read more: Overdraft coverage vs. overdraft protection: What's the difference?
Access America Checking
PenFed's Access America Checking account requires a little more maintenance than the Free Checking option, but it also pays 0.35% when you carry a balance between $20,000 and $50,000. To avoid a $10 monthly maintenance fee, you need to either keep a daily balance of $500 or make a $500 direct deposit each month.
Regular Savings
You can become a PenFed member by depositing just $5 to their Regular Savings account. But there aren't many advantages to choosing this account over their other savings product (Premium Online Savings) since the APY is just 0.05% and the account lacks stand-out features.
Read more: 7 credit unions anyone can join
Premium Online Savings
Another pathway to membership at PenFed is to open their Premium Online Savings account and deposit at least $5. This account is the better of the two savings options since it pays 2.90% APY on all balances.
Certificates
Read more: What is a share certificate?
Credit cards
Loans
PenFed fees
If low fees are your priority, PenFed is a solid option to consider. This credit union has both checking and savings accounts that come with $0 monthly fees, regardless of your deposit amount. PenFed also has no application fee for auto loans, and members can choose from 85,000 fee-free ATMs.
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PenFed pros and cons
Pros:
Cons:
Customer service and mobile banking experience
PenFed's hours of operation are somewhat limited. They're open and available for customer service Monday to Saturday, 8:00 a.m. to 8:00 p.m. (ET). Here's how you can reach out for support:
For digital banking, members can use Zelle for online transfers or download PenFed's iPhone or Android apps, both of which are rated over four stars by users. However, a handful of recent reviews say the apps can be very slow and account notifications are inconsistent.
Read more: 10 best mobile banking apps of 2025
Social and environmental impact
PenFed Credit Union has a strong focus on supporting members of the military. Its PenFed Foundation is a nonprofit agency that offers grants to service members and supports veteran-owned businesses and entrepreneurs.
PenFed also donates to organizations that serve military members, such as Canine Companions and Willing Warriors, and the credit union actively seeks to hire members of the military.
How to become a member of Pentagon Federal Credit Union
The easiest way to become a PenFed member is to submit an online application for a savings account and then deposit $5 to your account. You can also become a member by applying for an auto loan or mortgage, since PenFed sets you up for membership during the application process for these loans.
PenFed FAQs
Is PenFed NCUA-insured?
Yes, PenFed is a National Credit Union Administration (NCUA) insured credit union. Your deposits are protected up to the federal limit.
What is PenFed’s routing number?
The ABA routing number for PenFed is 2560-7844-6.
Who qualifies for PenFed Credit Union?
PenFed membership is open to anyone. To join, you must open a savings account and deposit at least $5.
Who is the largest credit union in the U.S.?
Navy Federal Credit Union is the largest credit union in the U.S., followed by PenFed.
