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