PenFed Savings Account Rate and Review

Pentagon Federal Credit Union (PenFed) of Alexandria, Virginia  is advertising a regular share savings account rate. The current savings rate on PenFed's share savings account is 0.20 percent with a savings account yield of 0.20 percent. You can find savings rates higher than PenFed's savings rate but the benefits of having a savings account at PenFed is not the savings rate but the benefits of joining a large credit union like PenFed.

In order to join PenFed and other credit unions you have to open what's called a regular share savings account. The minimum opening balance for a savings account at PenFed is only $5.

Here are some of the benefits of the share savings account. Your Regular Share account earns dividends on the entire account balance from the day of deposit to the day of withdrawal, credited and compounded monthly. You can transfer funds to and from the share savings account using PenFed's free automatic transfer service, Telephone Teller, the mail, our online services, or an ATM.

Once you have opened a share account and joined PenFed you can take advantage of other deposit products they offer and loans. PenFed's current money market certificate account rates are higher than their savings account rate.  The current 12 month money market certificate rate is 1.25 percent with a yield of 1.26 percent.

Your share savings account deposit and money market certificate of deposit accounts are insured for up to $250,000 by the National Credit Union Administration (NCUA).
Author: Monica Harris
February 6th, 2011