![]() 12-month through seven-year certificates have a fee equal to the last 365 days of dividends earned if you withdraw your money within the first 365 days.Six-month certificates have a fee equal to the most recent 90 days of dividends earned.If you decide to withdraw your money early, fees are determined based upon the maturity date of the certificate and the amount of time you have held it, as follows: ![]() There is a $1,000 minimum deposit to purchase a PenFed Money Market Certificate. The particular terms and rates are as follows: Rates are competitive with the best CD rates. As with CDs, PenFed Credit Union Money Market Certificatess are sold in specific terms and apply penalties for early withdrawal prior to the maturity date. They are also referred to as “share certificates” in the world of credit unions. PenFed Credit Union offers Money Market Certificates-banks call these certificates of deposit (CDs). However, PenFed charges $1.50 for withdrawals and $1.00 for balance inquiries at non-PenFed branded ATMs. Unlike many other institutions, PenFed doesn’t place limits on how many convenient withdrawals you can make from your savings account each month. You also receive a free ATM card with this account, which you can use to withdraw funds or check your balance. There are no monthly fees associated with this account, and you can get free checks upon request and access to PenFed’s free bill pay service. Rates start at 0.05% APY for account balances below $10,000, rise to 0.10% APY for account balances between $10,000 and $99,999 and top out at 0.15% APY for all account balances over $100,000. Members with this account earn higher APYs with higher balances. You can open the Money Market Savings account with a minimum $25 initial deposit. ![]() The Premium Online Savings account does not offer ATM access (or an ATM card), which means you will have to transfer money from that account to another account to access your money.Īlthough the Regular Savings account is available to open and manage at any PenFed branch, via phone or online, the Premium Online Savings account is only available online, making it slightly less convenient in exchange for its higher APY. Regular Savings accounts come with an ATM card that you can use to withdraw cash or check your balance at an ATM, but expect to pay $1.50 for withdrawals and $1.00 for balance inquiries at non-PenFed ATMs. You can pay bills from either account using PenFed’s free bill pay service. There is no minimum balance to earn the APY with either account, nor are there any maintenance or other monthly fees. PenFed compounds your dividends monthly and credits them to your account monthly. Many of the best online savings accounts offer higher rates. The Regular Savings account offers 0.05% APY and the Premium Online Savings account offers 2.70% APY as membership dividends. Making a $5 initial deposit in either of these top savings accounts is all you need to do to become a member of PenFed. PenFed offers two savings accounts: PenFed Credit Union Regular Savings and the PenFed Credit Union Premium Online Savings. The line of credit has a fixed 17.99% APR. The Free Checking account also offers free bill pay and a no-fee overdraft line of credit starting at $300. PenFed does not charge fees for out-of-network ATM use with the Access America Checking account, although there may be a surcharge fee from the third-party ATM operator. With this debit card, you can access a fee-free ATM network of 85,000+ Allpoint and CO-OP ATMs. The Access America Checking account comes with a free Visa contactless debit card, which is fully compatible with Apple Pay, Samsung Pay and Google Pay. Dividends are compounded daily and paid monthly. ![]() Eligible accounts earn 0.15% APY when you maintain a monthly recurring direct deposit of $500 or more and maintain a daily balance of up to $19,999.99 and 0.35% APY on daily balances between $20,000 and $50,000. Setting up a minimum $500 recurring direct deposit also makes the account eligible for dividends. However, you can waive this fee with either a direct deposit of at least $500 per month or by maintaining a daily balance of at least $500. Unlike the best checking accounts, the PenFed Credit Union Access America Checking has a $10 monthly service fee. Note that you must establish membership at PenFed by opening a savings account with a $5 minimum initial deposit before you can gain access to the credit union’s checking accounts. PenFed offers two checking accounts: Free Checking and Access America Checking. ![]()
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