Pentagon Federal Credit Union - History of High CD Rates

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Pentagon Federal Credit Union has a history of offering great rates on CDs for terms of 3 to 7 years. PenFed calls thse CDs Money Market Certificates, but they're just like any bank CD with a fixed rate for a specific term.

They rarely offer competitive rates for CDs with terms under 3 years, but for a few months each year, they have these great deals on long-term CDs. Early in 2007, they were offering 6.25% APY on these CDs.

Since the start of October 2008, PenFed has been offering 5.00% APY for these CDs. It's not as good as 2007, but it's still very competitive especially for the 36-month term. These probably won't last past this November.

The CDs have a minimum deposit of $1,000. They're also available as Coverdell Education Savings Certificates and as IRA Certificates. You can open the CDs online and fund them using an electronic ACH transfer from your current bank account.

In addition to high CD rates, PenFed has several other competitive banking products including a cash back Visa credit card with 5% cash back for gas purchases and auto loans with very low rates.

If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Refer to PenFed's Joining Made Easy Page for details.

Ken Tumin
Ken Tumin: Ken is the author of the BankDeals blog and has provided this article to BestCashCow.

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
M.Y. Safra Bank 1-Year 2.51% APY with $500 minimum
Sallie Mae Bank 1-Year 2.50% APY with $2,500 minimum
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Pentagon 3-Year 3.25% APY with $1,000 minimum
Popular Direct 3-Year 3.10% APY with $10,000 minimum
M.Y. Safra Bank 3-Year 3.06% APY with $500 minimum
Bread Savings, a division of Comenity Capital Bank 5-Year 3.65% APY with $1,500 minimum
M.Y. Safra Bank 5-Year 3.26% APY with $500 minimum
Popular Direct 5-Year 3.25% APY with $10,000 minimum

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