Pentagon Federal Credit Union

Pentagon Federal Credit Union, commonly known as PenFed, is one of the largest credit unions in the United States. It was established in 1935 and originally served military personnel connected to the Pentagon. Over the decades, its membership has expanded significantly, and today almost any US adult can join by making a qualifying donation to a partner charitable organization if they do not otherwise qualify through employment or military affiliation.

PenFed is a member-owned, not-for-profit financial cooperative. It is federally chartered and insured by the National Credit Union Administration up to $250,000 per depositor. Because it is not a bank, PenFed does not have outside shareholders. Instead, any surplus is used to benefit members through competitive rates and lower fees.

PenFed commonly offers checking and savings accounts, credit cards, auto loans, mortgages, personal loans, and student loans. Its auto loan rates are frequently cited as competitive, particularly for new and used vehicle purchases. Its mortgage products cover both purchase and refinance, including VA loan options for qualifying military members.

PenFed credit cards are well regarded and include cashback, travel rewards, and low-interest options. The PenFed Power Cash Rewards Visa is a commonly referenced card in the credit union space.

The credit union serves members across all 50 states and in some international locations. It operates branches primarily in areas with large military or government populations, such as Virginia, Maryland, and Texas. It also provides full online and mobile banking services for members who do not live near a branch.

Prospective members should verify current eligibility requirements on the PenFed website before applying, as membership criteria may change over time.