PenFed CD Rates Increased to 6.00% APY
Tip It!At the end of a week filled with news about interest rate reductions, here’s a bit of news to brighten your day…
A tipster named John wrote in to say that Pentagon Federal Credit Union has raised their CD rates, bumping their 3, 4, 5, and 7-year CDs to 6.00% APY with a minimum deposit of $1,000.
The only catch is that you have to meet the membership criteria of PFCU before you can open an account. Fortunately, this is pretty easy. If you don’t already belong to an eligible group, you can join the National Military Family Association (NMFA) for $20 (there’s no need to renew the membership once your account is open).
As for my opinion of PenFed, we’ve had CDs there since January of 2004 and we’ve been very happy with them. They’re NCUA insured, they offer consistently high rates, and they frequently run specials such as this to attract new money. They also have competitive mortgage rates with really low closing costs and free 90 day rate locks. All in all, their offerings are well worth the small amount of trouble involved in opening an account.
Published on September 28th, 2007 - 5 Comments
Filed under: Banking
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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5 Responses to “PenFed CD Rates Increased to 6.00% APY”
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September 30th, 2007 at 2:09 am
6% is a pretty good rate these days. I have HSBC also and will be thinking of what to do with my money so thank you for giving me another alternative!
September 30th, 2007 at 2:56 pm
Thanks for the Info, I will be moving my HSBC money into a Penfed account. Even with the $20 fee, I will still come out ahead with the percentage spread.
September 30th, 2007 at 4:29 pm
Remember… These are CD rates. Don’t lock up money that you might need in the short term.
April 13th, 2010 at 7:56 am
Why do you release information now that is several years old showing CD rates that are not existing today. We waste our time following thru only to find at the very end the date the article was relased. Very poor of you to do so….makes readres want to elete your site.
April 13th, 2010 at 8:26 am
Bob: We didn’t “release information now,” we released it 2.5 years ago. Our archives are permanent and searchable.