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

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

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% APY1 with Premium Online Savings, which is 6x the national average2 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 certificates3. 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.