When it comes to banking, more people are turning to credit unions for better rates, lower fees, and personalized service. If you’ve been shopping around for a new financial institution, PenFed Credit Union likely popped up on your radar. But is it the right fit for your financial needs?
In this 2025 PenFed Credit Union review, we’ll break down everything you need to know, from checking and savings accounts to credit cards, loans, and membership eligibility. Let’s dive in.
Table of Contents
What Is PenFed Credit Union?
PenFed Credit Union, short for Pentagon Federal Credit Union, is one of the largest credit unions in the United States. Originally founded to serve military personnel and their families, PenFed is now open to anyone nationwide.
With over 2.9 million members and $35+ billion in assets, PenFed offers a full suite of financial products and services, many of which rival those of traditional banks.
Who Can Join PenFed Credit Union?
Good news: you don’t need a military affiliation to join PenFed Credit Union in 2025. While military members, veterans, and their families are still a big part of PenFed’s membership, anyone can become a member by opening a savings account with a $5 initial deposit.
That’s it, no complicated hoops to jump through.
PenFed Checking and Savings Accounts
PenFed offers a few straightforward options when it comes to deposit accounts:
Access America Checking
- Interest-earning checking (up to 0.35% APY with direct deposit or a $500+ balance)
- No monthly fees if requirements are met
- ATM access nationwide via Allpoint and CO-OP networks
- Comes with a Visa® debit card
It’s a solid everyday checking account that works well if you set up direct deposit.
Premium Online Savings
- High yield savings (currently offering up to 2.8% APY in 2025)
- No monthly maintenance fees
- No minimum balance requirement
This is one of PenFed’s standout products, especially for savers looking for a competitive APY.
PenFed Credit Cards
PenFed offers several credit card options, many with generous rewards and low interest rates. Here are two of the most popular:
PenFed Platinum Rewards Visa Signature® Card
- 5x points on gas purchases and EV charging
- 3x points on groceries and dining
- 1x points on all other purchases
- No annual fee
Great for everyday spending, especially if you drive a lot or have a large grocery budget.
Find the Best Personal Loan for You
Compare loan options from trusted lenders and get the best rates available. Secure the funds you need quickly and easily with Wallet Monkey.
Check Your Loan OptionsPenFed Power Cash Rewards Visa Signature® Card
- 2% cash back on all purchases (with PenFed Honors Advantage membership)
- 1.5% cash back on all purchases for all other members
- $100 bonus offer when you spend $1,500 in the first 90 days.
- No annual fee
- Low intro APR on balance transfers
If you’re looking for a flat-rate cashback card, this one is hard to beat.
Auto Loans, Mortgages, and More
PenFed is especially well-known for its auto loans and mortgage products. Here’s what you should know:
Auto Loans
- Rates as low as 3.79% APR (as of mid-2025)
- New, used, and refinancing options are available
- Up to 150% financing available for qualified buyers
PenFed is consistently rated one of the best credit unions for auto loans, thanks to low rates and flexible terms.
Mortgages and Home Equity
PenFed offers:
- Fixed and adjustable-rate mortgages (ARMs)
- VA loans for veterans and active duty service members
- Home equity loans and HELOCs
Their rates are competitive, and the application process is streamlined for members.
Digital Experience: Mobile App and Online Banking
PenFed Credit Union has invested heavily in its digital tools, and it shows. Whether you’re using their mobile app or online portal, you’ll find it:
- User-friendly and reliable
- Equipped with features like mobile check deposit, bill pay, and account transfers
- Secure with multi-factor authentication and real-time alerts
That said, some users report that the app could be more polished compared to big national banks, but it’s functional and regularly updated.
Customer Service and Member Support
PenFed Credit Union offers:
- 24/7 automated phone support
- Live customer service representatives during extended hours
- Secure messaging through online banking
- Physical branches in select locations (mostly around military bases)
While they don’t have branches in every state, their remote support is strong, and most banking can be done online or by phone.
Pros and Cons of PenFed Credit Union
What Customers Are Saying About PenFed
PenFed Credit Union holds a 3.6-star rating out of 1,530 reviews on Trustpilot, reflecting a mix of positive and negative customer experiences. Many members praise PenFed for its competitive rates and efficient loan processes, while others express concerns about customer service and digital platform usability.
Devin C.
I’ve been with PenFed for years-auto loan, checking, savings, and now their Gold Card. Everything has been smooth, rates are fair, and service is consistently solid. Definitely recommend for anyone looking for a dependable credit union.
Whalen B.
Loan process had way to many issues. What should have taken minutes online took several hours
Jim M.
813 Credit score, 18% debt-to-income ratio, two debts total, and denied a loan. The explanation given was that I didn’t carry enough debt accounts. This Credit Union is a joke. I have had a late payment in over 35 years and have NEVER been turned down for a loan. Don’t waste your time because you have to deposit money to apply. It has been 45 days and they will not close my account and refund my money because it is still pending…..HOW?
Is PenFed Credit Union Right for You?
If you’re looking for a full-service financial institution with better rates than most traditional banks, PenFed Credit Union is a great option. It’s especially attractive for those who:
- Want to save with high-interest accounts
- Need a competitive auto loan or mortgage
- Prefer credit unions over big banks
- Don’t mind doing most banking online
With broad membership eligibility in 2025, there’s little reason not to consider joining.
Final Thoughts
PenFed Credit Union has come a long way from its military-only roots. In 2025, it’s a top contender for anyone looking for lower fees, better rates, and solid customer support, all with the safety and reliability of a well-established financial institution.
Whether you’re saving for the future, financing a car, or looking for a cashback card, PenFed has something to offer. Just make sure it aligns with your needs, especially if you value in-person service over digital tools.
FAQs About PenFed Credit Union
1. Who qualifies for PenFed Credit Union?
Anyone can join PenFed Credit Union. While it was originally created for military members, membership is now open to the general public. To join, all you need to do is open a savings account with a minimum $5 deposit. You don’t need to be in the military, a government employee, or affiliated with any specific organization.
2. What credit score is needed for a PenFed loan?
PenFed typically looks for a minimum credit score of around 650 for most loan products, including personal loans and auto loans. However, the best rates are usually offered to those with scores above 700. Keep in mind that your income, debt-to-income ratio, and overall credit history will also play a role in the approval process.
3. Is PenFed a real credit union?
Yes, PenFed is a federally insured, legitimate credit union. It’s the second-largest credit union in the United States and is chartered and regulated by the National Credit Union Administration (NCUA). PenFed has been in operation since 1935 and serves millions of members nationwide.
4. Is my money safe in PenFed?
Yes, your money is safe with PenFed Credit Union. Deposits are insured by the NCUA (National Credit Union Administration) up to $250,000 per individual depositor, just like FDIC insurance for banks. This federal insurance protects your funds in the unlikely event that the credit union fails.
5. Is PenFed owned by the government?
No, PenFed is not owned by the government. It’s a member-owned, not-for-profit financial cooperative. While it is regulated and insured by the federal government through the NCUA, PenFed operates independently and is not a government-run institution.
