Read our full PenFed Credit Union Review.
You can join PenFed Credit Union by opening a savings account with an initial deposit of $5. You can use the funds to renew your certificate, transfer the funds into another PenFed account or have a check mailed to you. This gives you additional flexibility to decide what you’ll do with the funds in your account when it matures. With PenFed, you choose your maturity option-whether or not to have the certificate automatically renew-when you open your certificate account and can change it at any time before maturity. The credit union gets excellent customer satisfaction scores, and it offers a highly rated mobile app for iOS and Android. Overall, PenFed offers competitive yields on nine different certificate terms, ranging from six months to five years.
And don’t let the “money market” in this certificate’s name confuse you this is a share certificate, not a money market account. Dividends compound daily, allowing you to get the most for your money. PenFed Credit Union’s one-year Money Market Certificate pays a highly competitive 5.25% APY, with a reasonably low $1,000 minimum deposit required to open a certificate.
