bank rates

PenFed Is Offering Some Of The Best CD Rates In The Country

Pentagon Federal Credit Union still remains on our list as offering some of the top CD deals available in the country.

Available to savers everywhere for a minimum $1,000 deposit, PenFed has raised returns on its CDs enough to compete, or in some cases beat out, the best nationally available CDs.

While the credit union weaves in and out of the lead across the board on CD terms, one thing that makes PenFed stand out is its rate consistency. It’s rarely far from the leader on any given CD term.

You can compare those terms from PenFed to the top yields from the banks on our CD Rates Leaderboard.

Joining PenFed

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.

Here’s a list of PenFed’s CD rates:

PenFed CD Rates
Term APY
1-year 2.80%
2-year 2.95%
3-year 3.05%
4-year 3.15%
5-year 3.50%

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