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PenFed Credit Union Reviews

8

bestfor-icon A member-focused banking experience

lauren
Written by Lauren Le-Hair

About PenFed Credit Union | Read More

8

LS Score

8

Credibility

8

Support

8

Accessibility

Visit site
Opening Hours Opening Hours drop-down-btn
Mon - Sat 8:00 AM - 8:00 PM EST
Sun Closed
Contact Information Contact Information drop-down-btn
  • Penfed@purefy.com
  • (800) 247-5626
  • Headquarters: 2930 Eisenhower Avenue, Alexandria, VA 22314
Social Media Social Media drop-down-btn

PenFed Credit Union Personal Loans Review

PenFed Credit Union provides personal loans for a wide range of purposes. You can get a good range of term lengths and loan amounts at competitive rates with no origination fee, no early payoff fee, and no balance transfer fee.

PenFed Credit Union Personal Loans Highlight

8.99-17.99%

APR. Fixed Rate

$500-$50K

Loan Amount

Up to 5 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

N/A

Other Fees

None

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

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  • con-icon Fast funding time
  • con-icon Great reputation
  • con-icon Minimal fees
  • con-icon Wide range of term lengths
  • con-icon You need to be a PenFed Credit Union member to get a loan
  • con-icon Doesn’t disclose all eligibility requirements

Loan Purpose

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  • Debt Consolidation
  • Home Improvement
  • Medical Expenses
  • Other

Loan Type

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  • Unsecured Personal Loans

PenFed Credit Union Personal Loans Terms & Requirements

PenFed Personal Loans come with the following terms and requirements:

  • Loan Amounts: Ranges from $500 to $50,000.
  • Loan Terms: Flexible repayment terms from 1 to 5 years.
  • APR: Fixed interest rates, between 8.99% and 17.99% APR for qualified applicants.
  • Credit Score: Requires good to excellent credit for the best rates. The actual minimum credit score requirement is not disclosed.
  • Membership: PenFed membership is required to apply for a personal loan.
  • Income Verification: Proof of income and employment may be required to qualify.
  • No Fees: No origination fees, prepayment penalties, or hidden costs. Late fees may apply.

How to Apply

How to Apply for a Personal Loan with PenFed:

  1. Check Your Rate: Get pre-qualified in minutes without affecting your credit score.
  2. Choose Your Offer: Pick the loan terms that best fit your needs.
  3. Finalize Your Loan: E-sign your loan documents.
  4. Get Funded: Receive your funds as early as the next day

Qualification Requirements

The general qualification requirements to qualify for a personal loan with PenFed include:

  • Credit Score: PenFed generally requires a good to excellent credit score to qualify for the best rates.

  • Income Verification: Proof of income and stable employment is necessary to demonstrate the ability to repay the loan.

  • Debt-to-Income Ratio: PenFed evaluates your debt-to-income (DTI) ratio to ensure you can manage the loan and other financial obligations.

  • PenFed Membership: You must be a member of PenFed Credit Union to apply for a personal loan. You can easily join during the application process if you’re not already a member.

Required Information

When applying for a personal loan with PenFed Credit Union, you’ll typically need to provide the following information:

  1. Personal Information:

    • Full name
    • Address
    • Date of birth
    • Social Security number or Taxpayer Identification Number (TIN)
  2. Contact Information:

    • Email address
    • Phone number
  3. Employment and Income Information:

    • Employer’s name and contact information
    • Proof of income (pay stubs, W-2s, or tax returns if self-employed)
    • Employment status and job title
  4. Financial Information:

    • Current debts and obligations
    • Monthly rent or mortgage payment
    • Bank account details for fund disbursement
  5. Loan Details:

    • Desired loan amount
    • Loan term (repayment period)
  6. PenFed Membership:

    • To apply for a loan, you must be a member of PenFed Credit Union. If you are not a member, you can join during the application process.

Application Steps & Time Frames

Here are the typical application steps and time frames for a personal loan with PenFed:

Application Steps:

  1. Check Your Rate – A few minutes

    • Begin by checking your rate through a pre-qualification process, which won’t impact your credit score
  2. Choose Your Loan Terms – Immediate 

    • Based on the pre-qualification, review and select the loan terms that best fit your needs (amount, interest rate, and repayment period).
  3. Complete the Application – Approx 10–20 minutes

    • Submit the required personal, employment, and financial information as part of the full loan application.
  4. Verification and Underwriting – 1-2 business days

    • PenFed will verify the details of your application, including income and credit check, and may request additional documents.
  5. Loan Approval – 1-3 business days after application submission

    • If approved, you’ll receive final loan terms to review and sign electronically.
  6. Funding – As soon as the next business day after approval

    • Once the loan documents are signed, funds are disbursed directly to your bank account.

Total Time Frame:

The process from application to funding typically takes 1-5 business days, depending on how quickly documentation is provided and verified.

State Availability

- Available in all states

PenFed Credit Union Auto Loans Review

PenFed offers auto loans with competitive rates for new, used, and refinancing options. They provide flexible loan terms of up to 84 months, with fast online applications, no hidden fees, and rate discounts for certain conditions. PenFed also offers a car-buying service to help members find vehicles at discounted prices.

PenFed Credit Union Auto Loans Highlight

4.74-7.74%

APR. Fixed Rate

$500-$150K

Loan Amount

36-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

N/A

Other Fees

None

Origination Fee

None

Prepayment Fee

24 hours

Funding Time

Auto Loan Refinance

5.44-7.74%

APR. Fixed Rate

$500

Refinance Amount

Pros & Cons

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  • con-icon Loan terms range up to 84 months, providing flexibility in repayment.
  • con-icon PenFed auto loans come with no prepayment penalties or hidden fees.
  • con-icon PenFed offers a car-buying service with potential discounts on vehicles.
  • con-icon You must be a PenFed member to qualify for a loan.
  • con-icon The lowest rates are available only to those with excellent credit.
  • con-icon Fewer physical branches, and most services are conducted online.

Auto Loan Types

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  • Unsecured Auto Loans
  • New Car Loan
  • Used Car Loan
  • Auto Refinance Loans

Vehicle Types

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  • Car

PenFed Credit Union Auto Loans Terms & Requirements

Here are the terms and requirements for auto loans with PenFed:

Terms:

  1. Loan Amount: PenFed offers loans starting at $500 all the way up to $150,000
  2. Interest Rates: Fixed rates vary based on creditworthiness, loan amount, and term length. Range from 4.74% to 7.74%
  3. Loan Terms: Terms range from 36 to 84 months, depending on the loan type (new, used, or refinance).
  4. No Prepayment Penalties: You can pay off your loan early without any fees or penalties.

Requirements:

  1. PenFed Membership: You must be a member of PenFed Credit Union to apply for an auto loan. Membership is open to anyone and can be completed during the application process.
  2. Good Credit: A strong credit history is required for the best interest rates. 
  3. Proof of Income: Applicants may need to provide proof of income to demonstrate the ability to repay the loan.
  4. Vehicle Information: You’ll need to provide details about the vehicle, such as the make, model, and VIN number, for used car loans or refinancing.
  5. Loan Application: Complete an online application with personal, financial, and vehicle information.

How to Apply

Here’s how to apply for an auto loan with PenFed:

  1. Check Rates:

    • Visit the PenFed website to check auto loan rates and terms based on your credit score without impacting your credit.
  2. Complete the Application:

    • Fill out the online application with your personal information, income details, and vehicle information (for used car loans or refinancing).
    • You can join during this process if you’re not a PenFed member.
  3. Choose Your Loan Terms:

    • Select the loan amount, interest rate, and repayment term that best suits your needs.
  4. Submit Documents:

    • Provide any required documents, such as proof of income, proof of insurance, and vehicle details (for used or refinance loans).
  5. Approval and Funding:

    • After submitting your application, PenFed will review your information and approve your loan if eligible.
    • You’ll receive your loan documents to e-sign upon approval, and funds will be disbursed.
  6. Receive Funds:

    • Once finalized, depending on the type of loan, funds will either be sent to the dealership or directly to you.

This process is straightforward, and you can receive approval and funding within a few days.

Qualification Requirements

Here are the qualification requirements for an auto loan with PenFed:

  1. PenFed Membership: You must be a member of PenFed Credit Union to apply for an auto loan. Non-members can join during the application process.

  2. Credit Score: A good to excellent credit score is typically required to qualify for the best interest rates. 

  3. Proof of Income: You must provide proof of stable income, such as recent pay stubs or tax returns, to demonstrate your ability to repay the loan.

  4. Debt-to-Income Ratio (DTI): PenFed will evaluate your DTI ratio to ensure you can comfortably manage loan payments and other financial obligations.

  5. Vehicle Information: You’ll need to provide details about the vehicle, such as its make, model, mileage, and VIN number, for used car loans or refinancing.

  6. Loan Amount and Term: PenFed has minimum loan amounts, typically starting at $500 for used cars and refinancing. Depending on the loan type, loan terms range from 36 to 84 months.

Required Information

Here is the required information to apply for an auto loan with PenFed:

  1. Personal Information:

    • Full name
    • Date of birth
    • Social Security number
    • Address
    • Contact information (email and phone number)
  2. Employment and Income Information:

    • Employer name and contact details
    • Job title and employment status
    • Proof of income (pay stubs, W-2 forms, or tax returns for self-employed applicants)
  3. Vehicle Information (for used car purchases or refinancing):

    • Vehicle make, model, year, and mileage
    • Vehicle Identification Number (VIN)
    • Purchase price or loan payoff amount (for refinancing)
  4. Loan Details:

    • Desired loan amount
    • Preferred loan term (36 to 84 months)
    • Dealer or lender information (if applicable)
  5. PenFed Membership:

    • You must be a member of PenFed Credit Union to apply, and if you have not already, you can join during the application process.

Application Steps & Time Frames

Applying for an auto loan from PenFed Credit Union is generally straightforward. Here are the application steps and time frames for an auto loan with PenFed:

Application Steps:

  1. Check Your Rate – a few minutes

    • Pre-qualify for an auto loan without impacting your credit score.
  2. Submit the Application – 10–20 minutes

    • Fill out the online application with personal, financial, and vehicle information (if applicable).
  3. Document Submission – Immediately 

    • Provide any required documents such as proof of income, vehicle details, and insurance information.
  4. Approval and Underwriting – 1-2 business days

    • PenFed reviews your application and verifies the information, including credit check and income verification.
  5. Loan Offer and E-Signature – 1 business day after approval

    • If approved, review your loan offer, select the final loan terms, and sign the loan agreement electronically.
  6. Disbursement of Funds – Within 1 business day of signing the agreement

    • Once the loan is finalized, funds are either sent to the dealership or directly to you for refinancing or purchase.

State Availability

- Available in all states

PenFed Credit Union Online Banking Review

Online banking with PenFed Credit Union offers members a convenient, secure, and user-friendly way to manage their finances from anywhere. With 24/7 access to your accounts, you can easily check balances, transfer funds, pay bills, and deposit checks through PenFed’s robust online platform and mobile app. Designed to provide flexibility and control, PenFed’s online banking services make it simple to handle your everyday financial needs, all backed by advanced security measures to protect your personal and financial information.

PenFed offers 2 checking account options and 2 savings account options.

 

PenFed Credit Union Online Banking Highlight

$5

Min Deposit

85,000+

ATM Network

$10

Maintenance Fees

None

Other Fees

Online Banking Savings

$5

Min Deposit

0.05-3%

Min APY Savings

Online Banking Checking

$25

Min Deposit

0.15-0.35%

Min APY Checking

Pros & Cons

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  • con-icon Great APYs
  • con-icon Low-cost structure
  • con-icon Access to 85,000+ no-fee ATMs
  • con-icon Overdraft Line of Credit of $300+
  • con-icon Fewer physical branches
  • con-icon Must be a member to open accounts

Account types

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  • Checking
  • Savings
  • Certificates of Deposit (CD)

APY's

Account Type Min APY Max APY
Free Checking N/A N/A
Access America Checking 0.15% 0.35%
Regular Savings 0.05% 0.05%
Premium Online Savings 3.00% 3.00%

Features Benefits & Rewards

PenFed Credit Union offers various account types, each with features and benefits.

Free Checking

  • Earn up to 2% cash back on purchases
  • Open an account with as little as $25
  • No Monthly Fee
  • 85,000 fee-free ATMs nationwide
  • 24/7 Digital Banking online or through the mobile app – mobile deposit available
  • Get paid early, up to 2 days, when you set up direct deposit
  • Overdraft Protection through savings or line of credit

Access America Checking

With the Access America Checking Account, you get all the benefits of free checking and earn more on your balance with monthly direct deposits of $500 or more.

Daily Balance APY
Up to $19,999.99 0.15%
$20,000 – $50,000 0.35%

This account type does come with a $10 monthly fee, but it can be avoided by meeting at least one of the following conditions:

  • Set up monthly direct deposits of $500 minimum.
  • Maintain a daily balance of $500+

Opening an Account With PenFed Credit Union

Setting up a PenFed Credit Union online banking account is usually quite easy to do. The process can be completed completely online.

Here’s how to open an online bank account with PenFed Credit Union:

  1. Visit the PenFed Website:

    • Go to the PenFed website or download the PenFed mobile app.
  2. Select “Open an Account”:

    • Click the “Open an Account” option on the homepage.
  3. Choose Your Account Type:

    • Select the type of account you want to open, such as a checking, savings, or money market account.
  4. Provide Personal Information:

    • Enter your personal details, including name, address, Social Security number, and contact information.
  5. Verify Your Identity:

    • Complete the identity verification process by providing additional information or uploading documents (e.g., driver’s license or passport).
  6. Fund Your Account:

    • Set up your initial deposit using an external bank account or transfer funds from an existing PenFed account.
  7. Set Up Online Banking Credentials:

    • Create a username and password for online banking access.
  8. Confirmation:

    • Once your application is approved, you’ll receive confirmation and can immediately start managing your account through PenFed’s online platform or mobile app.

This process is simple and typically takes just a few minutes to complete.

State Availability

- Available in all states

PenFed Credit Union Certificate of Deposit Review

PenFed offers a variety of certificates including:

  • Money Market Certificates
  • IRA Certificates
  • Coverdell Education Certificate

PenFed Credit Union Certificate of Deposit Highlight

$500

Minimum Deposit

$0

Minimum Balance

None

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

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  • con-icon Wide selection of terms and certificate types
  • con-icon Offers education certificate
  • con-icon FDIC-Insured up to $250,000
  • con-icon No no-penalty CD option
  • con-icon Must open and maintain a savings account to become a member.

Account types

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  • Money Market Certificate 3.00%
  • IRA certificate 3.90%
  • Coverdell Education Certificate 3.90%

PenFed Credit Union Certificate of Deposit Terms & Requirements

Terms and requirements for opening a Coverdell Education Savings Certificate of Deposit (ESA CD) with PenFed Credit Union:

  • You must be a PenFed member.
  • The named beneficiary/student need not be a PenFed member.
  • The minimum opening deposit is $500.
  • ESA CDs are available in maturities of 1, 2, 3, 4, 5, and 7 years.
  • The dividend rate is set weekly by the Board of Directors.
  • Dividends are compounded daily on a 365/365 day basis and credited monthly.
  • Funds cannot be withdrawn within the first 60 days of the account opening.
  • Early withdrawal penalties may apply.

How to Apply

Qualification Requirements

To open a Coverdell Education Savings Certificate of Deposit (ESA CD) with PenFed Credit Union, you must meet the following qualifications:

  • You must be a PenFed member.
  • The named beneficiary/student must be a U.S. citizen or resident alien.
  • The named beneficiary/student must be under the age of 18 at the time the ESA CD is opened.
  • The named beneficiary/student must not have been claimed as a dependent on anyone else’s tax return for the prior year.
  • Your modified adjusted gross income (MAGI) must be below certain limits.

Withdrawal Penalty

Penalties are imposed for early withdrawal of Coverdell Education share certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.
If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

State Availability

- Available in all states

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

faq-icon

FAQ’s

Is PenFed a safe company?

PenFed is a reputable institution operating for over 80 years and has grown to become the 2nd largest federal credit union in the US.

Do I need to join PenFed to apply?

Yes, you will need to become a member of PenFed to apply. Opening an account is quick and easy; you only need to hold $5 in your account to proceed with the student loan application.

Can I refinance my student loan from anywhere in the US?

Absolutely. PenFed operates in all 50 states.

Customer Support

You can reach PenFed customer support via multiple channels, including phone, email, and social media. Standard working hours are Monday to Saturday.

Members can access support through multiple channels, including:

  1. Phone Support: PenFed provides phone assistance for general inquiries and account-related issues.

  2. Online Support: Members can use the PenFed website or mobile app to manage accounts, access FAQs, and get answers to common questions.

  3. Secure Messaging: PenFed offers secure online messaging for more detailed inquiries, ensuring privacy and security when communicating sensitive information.

  4. Branch Access: In-person assistance is available at PenFed branches for those who prefer face-to-face service.

PenFed’s customer support is reliable, member-focused, and available through convenient options to address banking needs.

Privacy & Security

PenFed is a member of the National Credit Union Administration. PenFed Credit Union is committed to protecting the privacy and security of its members’ personal information. They use robust security measures, including encryption and secure access protocols, to safeguard sensitive data. PenFed limits the sharing of personal information and allows members to control how their data is used for marketing purposes. As a federally insured institution, PenFed complies with industry regulations to ensure members’ financial information is kept confidential.

In Conclusion

PenFed Credit Union is a top financial institution with a great range of financial products and services. PenFed Credit Union has an A+ rating from the Better Business Bureau but isn’t accredited. In 2023, the CFPB received 26 personal loan complaints, and PenFed responded to all.

Brand Disclaimer

©2024 Pentagon Federal Credit Union

This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2024 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate

Routing #256078446

Personal Loans Disclosure

Rates and offers current as of September 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.

*Your actual APR will be determined at the time of disbursement and will be based on your loan term and creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply.

Loan Payment Example: A $50,000 personal loan financed at 8.99% APR would amount to 36 monthly payments of approximately $1,590 each.

Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50.

**There is no balance transfer fee, no early payoff fee, and no origination fee. There are no “hidden” fees such as home appraisal, closing, or title search fees that you might incur in other borrowing situations. If you do not make your monthly installment payment on time, you may incur late payment fees.

Auto Loans Disclosure

Rates and offers current as of September 1, 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit

*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.

New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is model year 2023 or newer with less than 7501 miles. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Vehicle weight and mileage restrictions apply.

Minimum loan amount is $15,000 for 61-72 month term. Minimum loan amount $20,000 for 73-84 month term. Rate also depends on term.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a JD Power value. Financing is available up to the JD Power valuation plus tags, title, taxes and extended warranties not to exceed 125% in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Some restrictions apply. Call 1-800-247-5626 for details.

For the 84 month loan term, eligible used vehicles must have model years as new as or newer than the current calendar year minus five years and less than 60,000 miles. 

Rate depends on term. Vehicle weight and mileage restrictions apply. 

Loan Payment Example: A $20,000 used auto loan financed at 6.94% APR would amount to 60 monthly payments of approximately $396.62 each.

Refinance Auto Loans: New vehicles are where you are the original owner and the untitled vehicle is model year or newer with less than 7501 miles. Used vehicles are pre-owned vehicles or vehicles with over 7501 miles. For used vehicles, maximum used car loan advance will be determined by PenFed using a JD Power value. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. PenFed does not permit internal refinances of an existing PenFed auto loan.

Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

PenFed Car Buying Service:

PenFed Car Buying Service is available in all 50 states.

Loan Payment Example: A $20,000 new auto loan financed at 4.74% APR would amount to 36 monthly payments of approximately $599.21 each.

PenFed Automobile Deductible Reimbursement

Requires reporting of completed qualified purchases within 45 days of purchase date. Reimburses what you’ve paid, if anything, for your automobile insurance deductible when you file a claim on the purchased vehicle within 365 days of registering in program. Covers up to $500 2x a year (service not available in New Hampshire or New York). To learn more about this program see TrueCar’s Program Details and Terms and Conditions.

Certificate Disclosure

Money Market Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

**6 Month certificates earn dividends on simple interest basis. All other certificate dividends are compounded daily.

You choose how your dividends are withdrawn: monthly OR at maturity.

3 payment options:

  1. Add dividends to certificate.
  2. Transfer dividends to Regular Share, checking, or MMSA (Money Market Savings Account).
  3. Have dividend sent to you in check form.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Money Market Certificates. This will reduce earnings on the account. You must provide your request in writing.

Please refer to the Money Market Certificate Application for further details. For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

IRA Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

*Refer to a qualified tax advisor

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

Coverdell Education Savings

APY (Annual Percentage Yield) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

Certificate dividends are compounded daily and credited monthly.

For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Coverdell Education share certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

IRA Disclosure

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings. Rates could change after account opening.

*Refer to a qualified tax advisor

Rates could change after account opening.

Roth IRA

Rates could change after account opening.

To take a qualified distribution, and avoid any tax liabilities, you must wait until after the five-taxable-year period beginning with the taxable year in which you first contributed to a Roth IRA.

IRA Certificates

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Early Redemption Penalties

Penalties are imposed for early redemption of certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

Exceptions. The penalties described above will not be applied if the withdrawal is made: (i) Subsequent to the death of any holder of the Certificate. (ii) As a result of the voluntary or involuntary liquidation of the credit union. (iii) If the owner is permanently disabled, as defined in the Internal Revenue Code Section 72(m). (iv) If the owner has reached age 59½ and takes a partial withdrawal in the form of a distribution to themselves. (v) If the owner has reached the applicable RMD age and take a withdrawal of any amount in the form of a distribution to themselves. Note: a trustee-to-trustee direct transfer is not considered a distribution to yourself therefore regular certificate penalties would apply. Roth IRAs do not qualify under RMD exceptions.