Penfed Credit Union

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jerome99
Posts: 212
Joined: Tue Jan 10, 2012 7:38 am

Penfed Credit Union

Post by jerome99 »

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?
travellight
Posts: 2892
Joined: Tue Aug 12, 2008 5:52 pm
Location: San Diego

Re: Penfed Credit Union

Post by travellight »

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.
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Topic Author
jerome99
Posts: 212
Joined: Tue Jan 10, 2012 7:38 am

Re: Penfed Credit Union

Post by jerome99 »

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.
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midareff
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Location: Biscayne Bay, South Florida

Re: Penfed Credit Union

Post by midareff »

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.
kaneohe
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Joined: Mon Sep 22, 2008 12:38 pm

Re: Penfed Credit Union

Post by kaneohe »

jerome99 wrote: In my research, their high yield savings accounts are at 1.6% with balances of $100,000.
do you have a link to this? I can't find anything close to that yield.
Saleen
Posts: 66
Joined: Wed Jun 13, 2007 12:08 pm

Re: Penfed Credit Union

Post by Saleen »

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.
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magellan
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Joined: Fri Mar 09, 2007 3:12 pm

Re: Penfed Credit Union

Post by magellan »

jerome99 wrote:In my research, their high yield savings accounts are at 1.6% with balances of $100,000.
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.

To get a rate of 1.6% you'd need to go with a 3 yr or longer CD.

Jim
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retiredjg
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Joined: Thu Jan 10, 2008 11:56 am

Re: Penfed Credit Union

Post by retiredjg »

jerome99 wrote: Does anyone have experience with this CU and is there any reason we shouldnt jump in with both feet?
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. :happy
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Watty
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Joined: Wed Oct 10, 2007 3:55 pm

Re: Penfed Credit Union

Post by Watty »

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.
slowandsteadyone
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Joined: Tue Mar 26, 2013 12:45 pm

Re: Penfed Credit Union

Post by slowandsteadyone »

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.
dandan14
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Joined: Wed Feb 11, 2009 6:32 am

Re: Penfed Credit Union

Post by dandan14 »

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.
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runner9
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Location: Ohio

Re: Penfed Credit Union

Post by runner9 »

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.
rec7
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Joined: Tue Oct 28, 2008 7:22 pm

Re: Penfed Credit Union

Post by rec7 »

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?
Please tell us more about the savings accounts at 1.6%
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slug
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Re: Penfed Credit Union

Post by slug »

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
donall
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Joined: Tue Mar 13, 2012 6:45 am

Re: Penfed Credit Union

Post by donall »

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.
grok87
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Joined: Tue Feb 27, 2007 8:00 pm

Re: Penfed Credit Union

Post by grok87 »

i love penfed.
i've got their cds and have done 2 refis
great rates and service
cheers,
RIP Mr. Bogle.
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BostonBoy
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Joined: Thu Dec 24, 2009 10:10 pm
Location: New Smyrna Beach

Re: Penfed Credit Union

Post by BostonBoy »

I've refinanced using their 5/5 ARM with no out of pocket expense. Highly recommend.
slowandsteadyone
Posts: 32
Joined: Tue Mar 26, 2013 12:45 pm

Re: Penfed Credit Union

Post by slowandsteadyone »

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.
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OAG
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Location: Currently Central Ohio, USA

Re: Penfed Credit Union

Post by OAG »

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.
beardsworth
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Joined: Fri Jun 15, 2007 4:02 pm

Re: Penfed Credit Union

Post by beardsworth »

OAG wrote:They are about the 3d or 4th largest Federally Insured Credit Union in the USA right up there with Navy FCU.
Here are the biggies in credit union world:

http://creditunionaccess.com/top50creditunions.htm
Khanmots
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Re: Penfed Credit Union

Post by Khanmots »

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.
You mean 2.375%?

Anyways, the very first part of the details reads:
¹5/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases or external refinances only.
Jumping down to 5/5 ARMs
5/5 ARMs – Offers 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.
slowandsteadyone
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Joined: Tue Mar 26, 2013 12:45 pm

Re: Penfed Credit Union

Post by slowandsteadyone »

Khanmots wrote:You mean 2.375%?
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: Anyways, the very first part of the details reads:
¹5/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases or external refinances only.
Jumping down to 5/5 ARMs
5/5 ARMs – Offers 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.
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
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Re: Penfed Credit Union

Post by Khanmots »

slowandsteadyone wrote:
Khanmots wrote:You mean 2.375%?
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.
Missed that... :(

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.
slowandsteadyone 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.
Interesting... although given your update on the 2.375% part requiring points not as interesting as it could be ;)

Thanks for setting me straight!
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Langkawi
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Re: Penfed Credit Union

Post by Langkawi »

MarcMyWord wrote:Here are the biggies in credit union world:

http://creditunionaccess.com/top50creditunions.htm
Pretty stale information (Dec 2008).
beardsworth
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Re: Penfed Credit Union

Post by beardsworth »

Langkawi wrote:
MarcMyWord wrote:Here are the biggies in credit union world:

http://creditunionaccess.com/top50creditunions.htm
Pretty stale information (Dec 2008).
Have you found something more recent?
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