Photo: PenFed Facebook
Ever since the Bank Transfer Day movement, military credit unions like Pentagon Federal Credit Union have taken the limelight for their superior products and services. Service men and women, however, are not the only ones who can get in on these savings opportunities.
Just because you haven’t enlisted with the country’s armed forces doesn’t mean you can’t support the the military effort and act on high-yield deposit products and loan services at a stellar deal in the process.
Pentagon Federal Credit Union, also known as PenFed by its members, is a military credit union that allows civilians to join with zero hassle. As a PenFed member myself, I can attest that signing up with the credit union — whether through military-related family members or through PenFed’s charity partners — is a valuable financial move for you and your wallet.
Military Credit Unions: What’s So Special About Pentagon Credit Union?
The current economy has made it more of a challenge for everyday households to stay afloat financially, which is why taking advantage of banking products that help save money is essential. Whether switching to a new product saves you $20 a month or $200 per month, the potential savings can add up to a substantial savings fund not too far down the line.
The following are some of the most cost-effective products the Pentagon Federal Credit Union members receive:
PenFed Savings Account: The savings account at PenFed is not highly demanding of its members, only requiring a $5 minimum deposit. The savings account interest rate is also higher than the national average deposit rates of many commercial banks, meaning members earn more money over time.
Low PenFed Mortgage Rates: Convenience is also something that’s plentiful at the military credit union. PenFed offers many different mortgage loan options at incredibly low rates such as 2.71% APR on their adjustable-rate mortgage.
PenFed Auto Loan Rates: Some financial institutions discriminate when it comes to interest rates, depending on whether you finance for a new or used car or refinancing a loan. PenFed, however, provides drivers with one of the most competitive auto loan rates around — 1.99% APR regardless of what kind of loan you’re applying for.
Rewarding PenFed Credit Cards: Any mega-bank can dole out credit cards to its customers, but Pentagon Federal Credit Union surpasses expectations with their credit card offers that earns members cash back on their purchases. PenFed takes this a step further with their Platinum Rewards card by giving members an automatic 5,000 on their first purchase and 20,000 on the first $1,000 spent on the card within three months.
Even with this quick snapshot of products, it’s easy to see why more non-military members are joining this military credit union.
PenFed Membership Requirements
If you’re not a member of the military or related to military personnel, the credit union has made it effortless to join. PenFed membership requirements allow civilians to donate a one-time contribution to one of two U.S. military charities in order to be eligible for membership.
National Military Family Association: Prospective members have the option of joining (i.e. donating) the National Military Family Association for only $20. This is the leading military charity that supports the needs of military families and children and all donations are tax-deductible.
Voices for America’s Troops: A $15 contribution will help Voices for America’s Troops improve the quality and sustainability of programs for troops and their families.
By donating to either of these two organizations through the PenFed website, you’ll not only be on your way to heightened quality services and financial products, but you’ll be helping thousands of military families stay on their feet.
Taking this preliminary step in gaining PenFed membership takes just a couple minutes and the military credit union guides you through the process the entire time to make contributing seamless.
Applying to Pentagon Federal Credit Union
The PenFed membership request takes only a few minutes to complete, and can be done safely online.
The first step to gaining membership requires applicants to establish their eligibility. For those who are not affiliated with the U.S. military, this is the stage of the application where PenFed directs you to the charity of your choice.
After making a contribution to a charity partner, step two asks applicants to enter their basic information. Then the final step entails funding your PenFed basic savings account — as all credit unions do — with a deposit; at PenFed this is only $5 minimum.
The easy three-step application makes saving money with the country’s leading military credit union straightforward. Making the switch today is the best first step you can make in getting your finances back on track with an institution that cares about your success.