PenFed 3 Year CDs at 5% APY
Tip It!I just got an e-mail from Pentagon Federal Credit Union announcing that their 3 year CD pays 5% APY (rate effective June 1- June 29). It’s sort of a strange rate schedule, as their 3, 4, 5 and 7 year CDs now all have the same APY. In a rising rate environment, I’m not sure who would opt for the longer term… Anyway, I can personally vouch for PenFed — we’ve had CDs there for close to 2.5 years and have never had a problem. I have no idea if this is the best deal going, but it beats the heck out of the averages on Bankrate.com. Note that, like all credit unions, you have to meet their criteria for membership. In this case, however, that’s pretty easy to do. Even if you’re not affiliated with the military in any way, you can simply join the National Military Families Association (NMFA). The NMFA requires a $25 annual membership fee, but you don’t have to maintain your membership beyond the first year in order to remain a member of PenFed. And you can sign up for the NMFA over the phone with PenFed when you’re opening your account, which makes it really easy.
Published on June 1st, 2005 - 7 Comments
Filed under: Banking, Saving & Investing
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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7 Responses to “PenFed 3 Year CDs at 5% APY”
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October 7th, 2005 at 8:08 am
I am a member of PenFed as is the non-profit business I am treasurer of. I looked at their web site but did not see any 5% CD’s. Is that CD no longer available?
October 7th, 2005 at 8:57 am
Don, those rates are abot four months old. I just checked and none of their current certificates are anywhere near that. PenFed rates tend to fluctuate up and down pretty, and not necessarily in step with Fed rate changes.
December 16th, 2005 at 1:58 pm
Why don’t you publish your CD rates in the monthly news publication? You used to do this please start again. THANKS, Bob Price
December 19th, 2005 at 7:28 am
What newsletter is that?
December 19th, 2005 at 7:46 am
Yeah, I’m not sure. I’ve never run a newsletter.
December 19th, 2005 at 9:07 am
Sometimes people think you’re who you write about (tons of people think I’m jim = Jim Cramer and ask for stock advice)…
January 2nd, 2006 at 12:20 am
Penfed is currently offering, for IRA’s and CD’s:
7-Year 6.00% APY
5-Year 5.75% APY
3-Year 5.50% APY