A Money Market Certificate is an investment instrument that provides a fixed rate for a specific period of time. The funds cannot be withdrawn during the certificate term without paying a penalty.  Money Market Certificates are federally insured by the NCUA to at least $250,000.

A certificate must be opened with a minimum balance of $1,000.

6, 12, 15, 18, 24, 36, 48, 60 or 84 months.

You can choose your maturity option when you open your Money Market Certificate and change it at any time prior to maturity.

Your options include:

• Transfer to another PenFed account
• Rollover into a new certificate
• Mailed checks
• Transfer via ACH

6-month/182-day certificates earn dividends on a simple interest basis. This means that dividends are computed only on the principal amount - not on the combined principal and dividend balance. If the dividends are left with the principal balance, the dividends are paid when the certificate matures. The monthly dividends will not post to the member's account until the certificate reaches maturity.

Dividends for the 12-, 18-, 15-, 24-, 36-, 48-, 60-, and 84-month certificates (as well as the 5-Year Ladder) are posted monthly on the primary member’s dividend cycle date.

For certificates opened/rolled-over after May 2, 2015, the following penalties apply for certificate redemption prior the maturity.

6-month/182-day certificates:

• Loss of the most recent 90 days of dividends earned.

12-, 15-, 18-, 24-, 36-, 48-, 60- and 84-month certificates:

• Within 365 days from the open date of the certificate, the penalty will be the last 365 days of dividends earned.
• After 365 days from the open date of the certificate have elapsed, the penalty will be 30% of gross amount of dividends that would have been earned if the certificate had reached maturity.

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.