Penfed Credit Union
Penfed Credit Union
My wife is a Dept of Defense employee and we have access to the above Credit Union. In my research, their high yield savings accounts are at 1.6% with balances of $100,000. Does anyone have experience with this CU and is there any reason we shouldnt jump in with both feet?
-
- Posts: 2892
- Joined: Tue Aug 12, 2008 5:52 pm
- Location: San Diego
Re: Penfed Credit Union
I joined just because I have a mortgage with them. It is a legitimate company with great rates, imo. I am thrilled with my heloc with them.
364
Re: Penfed Credit Union
I like the mobile banking of some of the larger banks which arent Credit Unions. That is the only drawback I can find at this point.
Re: Penfed Credit Union
I heard of this bank on this board. I joined for a $15 gift to Friends of the Military and a $5 deposit to open an account. I took their 5% off gas credit card and use it for nothing else. I let them finance my new car for 1.49% for 5 years, and last week closed a 3.00% refi of my condo with them. They are the real deal on this stuff. I still use Ally for checking, MM and such.
Re: Penfed Credit Union
do you have a link to this? I can't find anything close to that yield.jerome99 wrote: In my research, their high yield savings accounts are at 1.6% with balances of $100,000.
Re: Penfed Credit Union
Many people on this board use the Penfed visa that gives 5% cash back on gas. Many others have refinanced mortgages and autoloans at low rates with Penfed.
Re: Penfed Credit Union
I must be missing something because the savings rates shown on their website aren't anywhere near that high. It shows a high yield savings account paying .2% with a $100k balance.jerome99 wrote:In my research, their high yield savings accounts are at 1.6% with balances of $100,000.
To get a rate of 1.6% you'd need to go with a 3 yr or longer CD.
Jim
Re: Penfed Credit Union
Apparently, lots of folks use Penfed. It receives a lot of praise around here and few (if any) grumbles. I'm about to join myself.jerome99 wrote: Does anyone have experience with this CU and is there any reason we shouldnt jump in with both feet?
Link to Asking Portfolio Questions
Re: Penfed Credit Union
A lot of people here have joined them to get their special no cost 5/5 ARM including myself. I also have one of their no fee credit cards that allows me to get cash advances overseas from an ATM without a cash advance fee or a foreign transaction fee.
My refinance went fairly smooth and the few times I have had to call them I got good service on the phone. Some people have had refinances that took a lot longer than expected since they were swamped for a while.
My general impression is that they have a lot of good products but nobody can be the best at everything so you still need to do your research.
I do still use a local bank for convenience for my everyday banking.
My refinance went fairly smooth and the few times I have had to call them I got good service on the phone. Some people have had refinances that took a lot longer than expected since they were swamped for a while.
My general impression is that they have a lot of good products but nobody can be the best at everything so you still need to do your research.
I do still use a local bank for convenience for my everyday banking.
-
- Posts: 32
- Joined: Tue Mar 26, 2013 12:45 pm
Re: Penfed Credit Union
I'm a PenFed customers for at least 8 years. Started with their amazing cash back credit card, then got their 5/5 ARM @ 3.00% then got two used vehicles loans @ 1.49% (my cars were paid off but at 1.49%, I cashed them out) and then got a 5 year home equity loan for 1.99%.
Only problem I've ever had is that their ACH limits are goofy low (like $5,000). Even for paying my credit card - I have a $50,000 limit but can't pay more than the greater of $5,000 or my previous statement balance. Sometimes I just want to pay off the whole balance regardless of what the last statement balance is and have to break it up over two days.
Only problem I've ever had is that their ACH limits are goofy low (like $5,000). Even for paying my credit card - I have a $50,000 limit but can't pay more than the greater of $5,000 or my previous statement balance. Sometimes I just want to pay off the whole balance regardless of what the last statement balance is and have to break it up over two days.
Re: Penfed Credit Union
Agreed. I've used them for mortgages, car loans, CDs, etc. But use a local credit union for my daily since I don't have a local branch of penfed.
Re: Penfed Credit Union
5% Gas Cash back card and 3% 5/5 ARM. No issues, a few with teh refi but none otherwise. Happy with them and worth the $20 donation for sure.
Re: Penfed Credit Union
Please tell us more about the savings accounts at 1.6%jerome99 wrote:My wife is a Dept of Defense employee and we have access to the above Credit Union. In my research, their high yield savings accounts are at 1.6% with balances of $100,000. Does anyone have experience with this CU and is there any reason we shouldnt jump in with both feet?
Re: Penfed Credit Union
Another fan of PenFed. Right now I only use it for the 5% VISA card for gas, but their CS has always been excellent. Still use ALLY and ING (Cap One) too though.
Personal Finance Blogger at [b]Sunk Costs are Irrelevant[/b] --> currently on hiatus
Re: Penfed Credit Union
Good rates on CDs and highly recommend car buying service. If you are a haggler you will pay about the same by using the Penfed car buying service and save time and your sanity.
Re: Penfed Credit Union
i love penfed.
i've got their cds and have done 2 refis
great rates and service
cheers,
i've got their cds and have done 2 refis
great rates and service
cheers,
RIP Mr. Bogle.
Re: Penfed Credit Union
I've refinanced using their 5/5 ARM with no out of pocket expense. Highly recommend.
-
- Posts: 32
- Joined: Tue Mar 26, 2013 12:45 pm
Re: Penfed Credit Union
Not to hijack the thread... but I have a 5/5 ARM at 3.00% right now with a 50% LTV. I'd like to take more money out and go down to their currently offered 2.875%. Will they allow me to do that and does anyone have experience going through that? If so, was the process just like going through with a full refinancing or was it streamlined in any way? Thank you.
Re: Penfed Credit Union
Member since 1975 - 38 years. Use them for everything financial (Checking, VISA, HELOC, CD's, & Savings). Have NEVER had a problem with them and to the contrary they have corrected some of my errors in the past and I have never paid a faulted fee or penalty on anything. They are the 3d largest Federally Insured Credit Union (by Assets and Membership) in the USA right up there with Navy FCU (which is first by Assets and Membership). Edited based on the following response.
Last edited by OAG on Thu Mar 28, 2013 1:52 pm, edited 1 time in total.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.
-
- Posts: 2135
- Joined: Fri Jun 15, 2007 4:02 pm
Re: Penfed Credit Union
Here are the biggies in credit union world:OAG wrote:They are about the 3d or 4th largest Federally Insured Credit Union in the USA right up there with Navy FCU.
http://creditunionaccess.com/top50creditunions.htm
Re: Penfed Credit Union
You mean 2.375%?slowandsteadyone wrote:Not to hijack the thread... but I have a 5/5 ARM at 3.00% right now with a 50% LTV. I'd like to take more money out and go down to their currently offered 2.875%. Will they allow me to do that and does anyone have experience going through that? If so, was the process just like going through with a full refinancing or was it streamlined in any way? Thank you.
Anyways, the very first part of the details reads:
Jumping down to 5/5 ARMs¹5/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases or external refinances only.
I'm with you though, I refied to a 2.875% in the later part of last year, I'd love to go drop my rate another 1/2%. But doesn't look like I'll be doing so through penfed.5/5 ARMs – Offers available for purchases or external refinances only,
-
- Posts: 32
- Joined: Tue Mar 26, 2013 12:45 pm
Re: Penfed Credit Union
Unfortunately, I actually meant 2.875%. If you look at the rates again you'll see that to get 2.375% you need to pay 1 point which is probably not the best strategy to employ on an ostensibly 5 year loan.Khanmots wrote:You mean 2.375%?
Yep - read that too. My understanding though is that they will allow you to get the lower rate if you take more money out of your house. I think I read on this forum at one time that the extra amount was $40,000 but can't find that post now. Since I'm only at a 50% LTV right now (very conservatively calculated) I have plenty of wiggle room.Khanmots wrote: Anyways, the very first part of the details reads:
Jumping down to 5/5 ARMs¹5/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases or external refinances only.I'm with you though, I refied to a 2.875% in the later part of last year, I'd love to go drop my rate another 1/2%. But doesn't look like I'll be doing so through penfed.5/5 ARMs – Offers available for purchases or external refinances only,
Re: Penfed Credit Union
Missed that...slowandsteadyone wrote:Unfortunately, I actually meant 2.875%. If you look at the rates again you'll see that to get 2.375% you need to pay 1 point which is probably not the best strategy to employ on an ostensibly 5 year loan.Khanmots wrote:You mean 2.375%?
Although I did the 5/5 on a 10-year plan (was at 4.75% or so with 13 years left on a 15yr loan) and at a 10-year might be worth considering. Maybe.
Interesting... although given your update on the 2.375% part requiring points not as interesting as it could beslowandsteadyone wrote:Yep - read that too. My understanding though is that they will allow you to get the lower rate if you take more money out of your house. I think I read on this forum at one time that the extra amount was $40,000 but can't find that post now. Since I'm only at a 50% LTV right now (very conservatively calculated) I have plenty of wiggle room.
Thanks for setting me straight!
Re: Penfed Credit Union
Pretty stale information (Dec 2008).MarcMyWord wrote:Here are the biggies in credit union world:
http://creditunionaccess.com/top50creditunions.htm
-
- Posts: 2135
- Joined: Fri Jun 15, 2007 4:02 pm
Re: Penfed Credit Union
Have you found something more recent?Langkawi wrote:Pretty stale information (Dec 2008).MarcMyWord wrote:Here are the biggies in credit union world:
http://creditunionaccess.com/top50creditunions.htm