A Money Market Certificate is an investment instrument that provides a fixed rate for a specific period. The funds cannot be withdrawn during the certificate term without paying a penalty.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.
Money Market Certificate Calculator
See how much you could earn with our high-yield savings calculator by entering your starting deposit, monthly contribution, and savings timeframe—you’ll instantly see your total savings, total contributions, and interest earned at the end of your chosen period.
Find the right term that fits your goal!
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6 Month
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1 Year
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15 Month
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18 Month
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2 Year
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3 Year
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4 Year
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5 Year
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7 Year
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*Annual Percentage Yield
$ minimum amount to open. A penalty will be imposed for early withdrawal. This will reduce earnings on the account.
**6 Month certificates earn dividends on simple interest basis. All other certificate dividends are compounded daily.
What to know about Money Market Certificates
Reach your savings goals
Start by picking the right savings account (or accounts). Stick with your deposits and try not to withdraw until you reach your goal.
Find the best high-yield savings account
Check out account features before you decide.
Minimum deposit & balance requirements
Pick an account with a minimum you can handle. Some let you start small, so you can grow your savings faster. If you can’t meet the requirements now, open a basic account and upgrade later.
Understanding APY (Annual Percentage Yield)
APY shows what you’ll really earn, since it includes compounding. Our calculator uses the current APY for you. Higher APY = faster growth.
Know the fees
Some accounts charge maintenance fees, but you can often avoid them by keeping the minimum balance and limiting transactions. Choose an account that helps you dodge fees and reach your goals sooner.
Your money, protected
Make sure your account is insured by the NCUA (for credit unions) or FDIC (for banks)—up to $250,000 per person, per account type, per institution. All PenFed accounts are covered up to $250,000.
Withdrawals & transfers: what to know
High-yield savings accounts let you access your money more easily than certificates, which lock in your funds for a set time. If you want flexibility, a high-yield savings account is a good pick.
Check for any limits on withdrawals or transfers, and see if penalties fit your needs.
Smart saving tips
Set a budget so you know how much you can save each month. Make regular deposits—automate them if you can, so you never miss one.
If you need to change your deposit amount, just update the calculator with your new balance and monthly deposit.
Had to make an emergency withdrawal? Enter your new balance as the Initial Deposit, and keep going.
Money Market Certificate FAQs
A certificate must be opened with a minimum balance of $1,000.
6, 12, 15, 18, 24, 36, 48, 60 or 84 months.
- Electronic Funds Transfer - You can send funds from your external bank account using your PenFed account number and the PenFed routing number: 256078446.
- Mobile Check Deposit - Download our mobile app.
- Internal Transfer – Use an existing PenFed account.
- Cash and Check Deposit – Visit a PenFed branch location or use a branch ATM.
- Mail a check – Follow the instructions below:
- Print the following deposit voucher: (Form 451W.pdf)
- Complete all fields in Section 1 and Section 2 and enter your account number in Section 3.
- Mail the check with your voucher to:
PenFed Credit Union
Box 247009
Omaha, NE 68124-7009
Note: Please allow 5-7 business days for USPS mail delivery time.
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 opening 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.
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
If you select for your Money Market Certificate to transfer to another account, funds will be available for withdrawal the business day following the maturity date. If the maturity date is a Sunday, funds are available for withdrawal in two business days.
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.
As an -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.