Bank Accounts

Pentagon Federal Credit Union Review: What They Offer

PenfedLogoThe Pentagon Federal Credit Union, also known as “PenFed”, is one of the largest banking groups available for active and retired military personnel, U.S. government workers and their eligible family members. Like most credit unions, they provide a number of financial services to those who qualify for them. Here are some of the deals that PenFed offers:

Savings Accounts

The savings accounts provided by PenFed earn great dividends right from the moment that money is deposited. Members can choose from a traditional savings account or a Money Market Savings account. The regular account is used as a way to establish yourself with PenFed and carries an APY of 0.05%. The latter option can provide users with high yields and dividends of up to 0.15% on savings of $100,000 or greater.

Checking Accounts

PenFed offers checking accounts that make it easy for members to take care of bills and make purchases. A free check card is included with the Complete Access Checking Account, as is free bill pay and ATM transactions. Deposits can also be made electronically, which can be a real asset to members who are working overseas or who do not have access to a local PenFed branch. Qualified members can receive overdraft protection on their purchases. A student checking account is also available for the young adult children of full PenFed members.

IRAs

There are several different types of IRA available to PenFed members. Traditional IRAs provide members with tax-deferred earnings and the ability to keep contributing funds up to the current limit of $5,500 per year. A Roth IRA option is also available for members with more savings and who want to be able to make contributions after they reach the age of 70.5 years old. Short term IRA certificates are available for periods lasting between one and seven years.

Credit Cards

PenFed offers several different credit cards to its members that have great APRs, variable lines of credit and no charges for foreign transactions. One such card is the Defender as offered by American Express. This card is offered to current military service members, qualified veterans and members of the Army Reserve and the National Guard. The card carries an APR of 6.99% for the first 60 months. For active duty soldiers, this card can be a great way to cover emergencies and unexpected expenses that can occur in the military lifestyle.

Personal Loans

Personal loans and lines of credit are available to qualified PenFed members. A line of credit of up to $25,000 can be a sensible option for those who need temporary assistance. The rate of repayment depends on the amount that the member actually spends as opposed to the actual amount that is borrowed. The interest rate is 7%, but this adjusted quarterly. Personal loans of up to $25,000 are offered to those who qualify. These loans carry APRs of 9.99%.

Auto Loans

Members can choose from a variety of different auto loans, including new car loans, used car loans and re-financing options. All of these loans offer the opportunity for 100% financing. PenFed also offers a car buying service, which provides members with a certified network of trustworthy dealers, full reports on potential purchases and the ability to save thousands on a new vehicle.

Mortgages

PenFed can provide members with a variety of different mortgages. Members can choose from a 15/15 adjustable rate mortgage, a 5/5 mortgage that adjusts every five years and a 30-year fixed mortgage. Some PenFed members may also qualify for VA loans, which can make it easier for them to gather the funds needed for a down payment on a property.

Saving Money with Pentagon Federal Credit Union

Credit unions are a great choice for those who want to join financial institutions that reward their members. The savings and special offers provided by PenFed make it a good choice for military members and government employees. If you fall into one of these categories, then it simply makes sense to apply for a membership with the Pentagon Federal Credit Union.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Time limit is exhausted. Please reload the CAPTCHA.