FAQ
Premium Online Savings
Earn % APY* on your savings
Earn over 1 the national average.
$5 minimum to open
*Annual Percentage Yield
Membership is easy and open to everyone
Gather your information: You will need your social security number to open an account.
Open your account: Click “Open Now” below.
Fund your account: Enter your account and routing numbers for your account at another financial institution to fund your new PenFed account.
Data sourced directly from each lender listed: navyfederal.org, usaa.com, bankofamerica.com, and wellsfargo.com, and is current as of September 1, 2021.
Generally, when you request an electronic transfer or make a check deposit, your funds will be available for withdrawal on the 5th business day after you initiate your transaction at PenFed. If you internally transfer funds from another PenFed account, your funds will be available for withdrawal on the 5th business day after you initiate your transaction at PenFed.
You will start to earn dividends on the business day you initiate your deposit or transfer at PenFed.
Business Days are Monday through Friday excluding standard holidays observed by the Federal Reserve System.
You will start to earn dividends on the business day you initiate your deposit at PenFed.
Dividends are compounded monthly and credited to your account monthly.
If you choose to link your PenFed Premium Online Savings account to an external bank account using account and routing numbers, we may use trial deposits to verify your access to that account.
Here’s how it works:
- We’ll make two small deposits into your external bank account (such as $0.01 and $0.06).
- Don’t worry about missing the deposits—we’ll send you a reminder email.
- Check your external account to verify the deposits are there. You’ll see them as credits.
- Log in to PenFed.org and enter the deposit amounts from your external bank account.
- Your external account will be linked and you will be able to transfer funds between your linked account and your PenFed accounts.
Make your check out to yourself or PenFed Credit Union and mail the check with your voucher to:
1. Print your deposit/payment voucher (Form 451W.pdf)
2. Complete all required fields in Section 1 and 2. Enter your Premium Online Savings account number in Section 3
3. Make your check out to yourself or PenFed Credit Union and Mail the check with your voucher to:
PenFed Credit Union
Box 247009
Omaha, NE 68124-7009
Your Premium Online Savings Account is not accessible from an ATM. To access your savings from an ATM open a Regular Savings Account or a Money Market Savings Account.
As an 85 year old Financial Institution, we’ve stood by our members through thick and thin. We’re not just a credit union. We’re your partner. Becoming a PenFed member means never facing a financial decision alone.
Disclosures
*APY (Annual Percentage Yield) is accurate as of August 1, 2021 and is subject to change at any time. Fees may reduce earnings.
Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements. Government regulations restrict certain types of withdrawals from your Pentagon Federal Savings Account up to six times per monthly dividend cycle. Effective April 24, 2020, the Federal Reserve Board announced an interim final rule to amend this regulation and allow consumers to make unlimited withdrawals from savings accounts. In accordance with this interim final rule, we have temporarily suspended restrictions on the number and types of withdrawals processed from your Premium Online Savings accounts that you can make per monthly dividend cycle.
1The rate for our Premium Online Savings Account is over 7x the national average of 0.06% APY, based on the national average of savings accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of August 1, 2021.
**Data sourced directly from each lender listed: navyfederal.org, usaa.com, bankofamerica.com, and wellsfargo.com, and is current as of .