PenFed recognized for openness to general public, high member satisfaction ratings and premium savings account.

Personal finance digital platform Money announced the release of its 2024-2025 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 world-class service and low fees," said PenFed President and CEO James Schenck. "In 2025, we look forward to continuing to help our nearly 3 million members achieve their financial dreams."

PenFed was recognized as best overall credit union because of its openness to the public and its checking and savings accounts with low minimum deposit amounts and no monthly fees. Money also cited PenFed's stellar customer satisfaction ratings and premium savings account. Currently, PenFed is offering members 3.00% APY1 with Premium Online Savings, which is 6X the national average2 with a minimum $5 investment.

To determine the list, Money analyzed more than 275 institutions across national banks, credit unions, online banks, regional banks and state banks. Institutions were judged by account fees, APYs, sign-up perks, monthly limits and ATM locations.