bank rates

PenFed Boosts Return On 2-Year CDs

In announcing its May CD rates, Pentagon Federal Credit Union has rejoined our list of the top CD deals available in the country.

Available to savers everywhere for a minimum $1,000 deposit, PenFed has raised its return on 24-month certificates from 1.26% APY to 1.41% APY.

That edges ahead of the best nationally available yield of 1.35% APY from the banks on our CD Rates Leaderboard.

As we’ve noted before, anyone can join this Virginia-based credit union.

All members of the U.S. military and employees of the U.S. government are instantly eligible to join, as are employees and members of almost 200 affiliated organizations and associations.

Eligibility is also extended to relatives and housemates of any person who qualifies to join PenFed, even if they don’t become a member themselves.

If you aren’t eligible through one of the above avenues, you can still become a PenFed member by joining either Voices for America’s Troops for a one-time $14 fee or the National Military Family Association for a $15 one-time fee. Either association membership can be taken care of by PenFed as part of your application process.

With a $5 deposit into a savings account, you can join PenFed and purchase its certificates of deposit online, over the phone or in person at one of its 28 branches located in Washington, D.C. (8), Virginia (5), Hawaii (2), Maryland (2), New York (2), Texas (2), North Carolina, Florida and Tennessee, and on military bases in Guam, Japan, Portugal and Puerto Rico.

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