bank rates

PenFed Rate Hike Gives It Top CDs

Pentagon Federal Credit Union, which anyone can join, has just boosted CD rates across several terms.

The yield increases for 1-, 2- and 3-year CDs means this Alexandria, Va.-based credit union beats the top bank-issued certificates of deposit on our CD Rates Leaderboard.

With a $1,000 minimum deposit, it pays:

  • 1.26% APY on 1-year CDs.
  • 1.36% APY on 2-year CDs.
  • 1.61% APY on 3-year CDs.

The best deal in the bunch is the 36-month CD, which pays nearly two-tenths of a percentage point better than the best nationally available bank deal from CIT Bank.

These also are among the best deals on our list of the highest CD rates from credit unions and local banks.

While membership is geared toward military personnel, government employees and members of qualifying organizations, anyone who doesn’t meet standard eligibility requirements can join this credit union by joining one of two military groups.

Under the “Join PenFed” tab on the website (www.penfed.org), choose the “none of the above” option when prompted to answer how you are eligible to join.

You’ll be prompted to join either the National Military Family Association for a onetime $20 fee or Voices for America’s Troops for a onetime $15 fee.

Members can purchase certificates of deposit online, over the phone or in person at a Pentagon Federal Credit Union branch.

Branches are located in the Washington, D.C., area; Hawaii; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, Puerto Rico and Turkey.

Compare Pentagon Federal Credit Union’s returns with the best CD rates from scores of other banks in our extensive database.

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