November 15th, 2010
Pentagon Federal Credit Union has been around since 1935. Interestingly, they didn’t become federally insured until 1971. They are celebrating their 75th anniversary this year and have a great logo to represent it. They are quite strong and doesn’t look like they plan on going anywhere, anytime soon.
|Star Rating:||4 (****)|
|Address:||2930 Eisenhower Ave|
Alexandria, VA 22314
|Penalty:||1-year (5-year and longer)|
|Credit Inquiry:||Hard Pull|
|Membership Info:||Fee of $25 — $5 for share account and $20 one-time fee to join National Military Family Association if you don’t qualify otherwise. Visit https://www.penfed.org/howToJoin/overview.asp for particulars.|
Pentagon Federal Credit Union, also referred to as PenFed, is very easy to deal with and I haven’t heard many complaints about them except when they had an IRA special that was supposed to last a month and ended up being pulled in the middle. Many people had made arrangements for funds to transfer before month end and had to scramble to get transfers done earlier. Now they don’t make promises for rates to be good through a certain period of time.
They recently ran a unique offer for maturities in October. If members would move funds into a savings account, they would lock-in the current rates and the customer could open a certificate of deposit in January. They made this available for a limited amount of funds, but the rates at the time were much higher than other offers.
PenFed primarily serves the military and their families and have 24/7 customer service. Yes, you can reach someone (a very helpful someone, I might add) on the phone 24-hours a day/ 7-days a week. That is quite impressive. Their CD rates tend to be at the top or above the market and they often offer specials in January. This is one that I feel would be worth joining even if you don’t have funds for a CD now. Then when you do, you can jump on it quickly. Rumor has it that they will be offering a very competitive 10-year CD in January. Click here to subscribe to our rate alertscd :O)
-- By +Chris Duncan