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Pentagon Federal Credit Union Rates & Review

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Pentagon Federal Credit Union Review

Pentagon Federal Credit Union is the country's third largest credit union. It primarily exists to serve the military and others who promote national security, but membership is effectively open to all.

With very nearly a million members and assets of about $14.5 billion in 2010, Pentagon Federal Credit Union is the third biggest credit union in the country. In July 2010, it was named Credit Union of the Year by the National Association of Federal Credit Unions.

As its name implies, Pentagon Federal Credit Union exists principally to serve members of the armed forces and government employees in departments that enhance the security of the United States. However, membership is effectively open to all, because anyone can -- for a modest, one-time fee -- join the National Military Family Association, and belonging to that organization constitutes eligibility to enroll in the credit union.

Overview of services

Pentagon Federal Credit Union focuses on the needs of consumers with a range of banking services and products, including:

  • CDs
  • Credit cards
  • Checking accounts
  • High yield savings accounts
  • Insurance products
  • Investment services
  • IRAs
  • Loans
  • Money market accounts
  • Mortgages

Selected products

The credit union's main checking account does not carry a monthly maintenance fee providing the customer either maintains a minimum daily balance or sets up direct deposit (minimum $500). There is also a student checking account.

The Money Market Savings Account offers tiered interest rates depending on the size of the balance. However, the best money market rates are paid to those with Money Market Certificates, which actually seem to be CDs. Another form of CD with tax advantages is the Coverdale Education Savings Certificate, which is designed to help parents save for their children's education.

Deposit insurance

Pentagon Federal Credit Union has been insured through the National Credit Union Administration (NCUA) since 1971. NCUA coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are NCUA-insured up to at least $250,000 per account holder.

  • Account Type
  • APY
  • Adverstiser Comments
  • CD Rates
  • Money Market CD-membership is open to U.S. military .
  • Term
  • APY
  • Min. To Earn APY
  • Compounding Method
  •  
    • 1 year
    • 1.21%
    • $0
    • Compounding Daily
3 Responses to "Pentagon Federal Credit Union Rates & Review"
  1. Tom Sarsfield February 12, 2014 at 8:50 am

    What steps can I take to open a 12 month CD account with you?

    1. Anonymous February 13, 2014 at 10:57 am

      Tom, you'll want to contact the bank directly. Thanks, Samuel - SA moderator

  2. Coral Maxwell January 10, 2014 at 3:42 pm

    I would like more information on you CD and Money Market Accounts, PLEASE

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Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.