Earn the national average
with a Premium Online Savings Account


*Annual Percentage Yield

$5 minimum to open


Open a Savings Account and set up your PenFed membership.

1. Open Saving Account

2. Apply for Membership




NCUA Insured

No Monthly Maintenance Fee

Put more money back into your pocket!

higher rates icon

Higher APY

As a not-for-profit, we're able to offer higher yields and fulfill our promise of giving back to our members.


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Open the account and see how easy it is to qualify for

Free transfers icon

Free Online Transfers

Setup recurring transfers from your account without paying annoying transfer fees.

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NCUA Insured

Your account is Federally 
insured by the NCUA to at least $250,000.

Disclosures Print Icon Print

1The rate for our Premium Online Savings Account is the national average of 0.05% APY, based on the national average of checking accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of .

2Government regulations restrict certain types of withdrawals from your Pentagon Federal Savings Account up to six times per monthly dividend cycle. If you exceed the permitted number of withdrawals, a fee will be assessed which may affect your earnings. Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements.

Why PenFed?

We offer rates that are consistently competitive.**

% PenFed
% Navy Federal
% Bank of America
% Wells Fargo

**Data sourced directly from each lender listed: navyfederal.org, usaa.com, bankofamerica.com, and wellsfargo.com, and are current as of .




How to Open

(Premium Online Savings is only available online)

step one - get your information together
Gather Your Information

You will need the social security number of the primary owner of the account, the full name and email of your joint owner, and the account and routing number of the account you will use to fund your initial deposit.

step two - open your PenFed account
Open an Account

Begin the application by providing your personal information. If you are not already a member, we will help you determine how you are eligible for membership as part of account opening. Remember, no military service is required for membership.

step three - fund your account
Fund your Account

You can fund your online account by linking your current bank account. Start earning interest on the day we initiate the transaction for you.




What is the maximum amount I can transfer?

When will my deposits be available?

What is a Business Day?

When will I start to earn dividends on my deposit?

How are dividends on my savings calculated?

What are trial deposits and how do they work?

Where can I mail my check for deposit?

Can I access my Premium Online Savings Account at an ATM?

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