PenFed Credit Union named Best Overall Credit Union of 2023-2024 by Money

PenFed recognized for low fees, high dividend rates paid on deposit products and ease of joining

TYSONS, VA (November 7, 2023) — Personal finance digital platform Money announced the release of its 2023-2024 Best Banks list, with PenFed Credit Union, the nation’s second-largest federal credit union, making the annual list for Best Overall Credit Union. This list highlights the financial institutions across the United States where consumers can get matched with perfect options for their money and day-to-day banking needs.

“We are proud to be recognized by Money for providing our members with great rates and world-class service,” said PenFed President and CEO James Schenck. “In 2024, we look forward to continuing to help our nearly 3 million members achieve their financial dreams.”

PenFed was recognized as top overall pick for best credit union because of a combination of low fees, large ATM network, ease of opening balances and high dividend rates paid on deposit accounts.

Currently, PenFed is offering members 3.00% APY with Premium Online Savings, which is 6x the national average with a minimum $5 investment. PenFed also allows members to save more with higher certificate rates, including 5.35% APY on 15 month money market certificates and 5.25% APY on 1 year money market certificates. Rates are subject to change and available for a limited time.

To get the final list of winners, Money’s editor Leslie Cook analyzed more than 275 institutions across national banks, credit unions and online banks. Key categories examined include account fees, APYs, sign-up perks, monthly limits, and ATM locations.

For more information about how PenFed can help you achieve your financial dreams, please visit

For more information about Money and its 50-plus year-old history, visit

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $35 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.


Abagail Chambers
Account Coordinator
+1 724 366 0397

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