PenFed Credit Union Named Best Overall Credit Union of 2023-2024 by Money

PenFed recognized for low fees, high dividend rates paid on deposit products and ease of joining

TYSONS, Va., Nov. 6, 2023 /PRNewswire/ — Personal finance digital platform Money announced the release of its 2023-2024 Best Banks list, with PenFed Credit Union, the nation’s second-largest federal credit union, making the annual list for Best Overall Credit Union. This list highlights the financial institutions across the United States where consumers can get matched with perfect options for their money and day-to-day banking needs.

“We are proud to be recognized by Money for providing our members with great rates and world-class service,” said PenFed President and CEO James Schenck. “In 2024, we look forward to continuing to help our nearly 3 million members achieve their financial dreams.”

PenFed was recognized as top overall pick for best credit union because of a combination of low fees, large ATM network, ease of opening balances and high dividend rates paid on deposit accounts.

Currently, PenFed is offering members 3.00% APY1 with Premium Online Savings, which is 6x the national average2 with a minimum $5 investment. PenFed also allows members to save more with higher certificate rates, including 5.35% APY on 15 month money market certificates and 5.25% APY on 1 year money market certificates3. Rates are subject to change and available for a limited time.

To get the final list of winners, Money’s editor Leslie Cook analyzed more than 275 institutions across national banks, credit unions and online banks. Key categories examined include account fees, APYs, sign-up perks, monthly limits, and ATM locations.

For more information about how PenFed can help you achieve your financial dreams, please visit PenFed.org.

For more information about Money and its 50-plus year-old history, visit Money.com.

About PenFed Credit UnionEstablished in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving 2.9 million members worldwide with $35.4 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.


1 APY (Annual Percentage Yield) is accurate as of November 1, 2023 and is subject to change at any time. Fees may reduce earnings. $5 minimum to open the account. Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements. 2 Sourced directly from: https://www.fdic.gov/regulations/resources/rates. Rates are accurate as of October 16, 2023. 3 APY = Annual Percentage Yield. Rates are accurate as of November 1, 2023. Rates are subject to change and are fixed for the term of the certificate. Certificates dividends compound daily and credited monthly. The minimum balance to open a certificate is $1,000. Penalty will be imposed for early withdrawal. This will reduce earnings on the account. For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

SOURCE PenFed Credit Union

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