PenFed

[Stevewc]

I see that a 7 year CD is at 3.49%
That is as far out (in years) as I see at the website.
What are the rates at 10 years?
How should a new customer apply for 10 year rates?
Would I need to take a small short one to get in on the longer rates?
I have some money coming available from a muni bond (called) and a CD that I need to reinvest.
Thanks for a little help and info,
Steve

[73ss454]

There's a recent thread about Pen Fed CD,s

There is a program for 5% at 10yrs starting in January of 2011 that was running.

[jazz4cash]

Quote:

Originally Posted by Stevewc I see that a 7 year CD is at 3.49% That is as far out (in years) as I see at the website. What are the rates at 10 years? How should a new customer apply for 10 year rates? Would I need to take a small short one to get in on the longer rates? I have some money coming available from a muni bond (called) and a CD that I need to reinvest. Thanks for a little help and info, Steve

I don't know if anyone confirmed if a newly issued CD would qualify for sure. I can no longer see the premium CD offer which includes the 10 term and higer rates, but I got my reservations confirmed awhile back.

........just rechecked and it says the promotion has ended. Last I checked they did not run through the $ commitment, so I am thinking it ended early. Best thing to do would be call them up!

Here's what I get:
You are viewing/editing a certificate reservation
from a promotion that has ended.


Can anyone else still see the reservation offer?

[Sue J]

I don't see the reservation offer, it just says it's ended. I can access my reservations which is nice because I just opened a Roth IRA with PenFed and it looks like I can still edit my reservation and change it to be taken from the Roth account instead of from the Regular Share acct.

[Tom52]

I contacted PedFed today and they advised the 5% 10 year CD promotion had already ended. They also told me it was only for people who had CDs that were renewing in September or maybe it was October, it was not for a new CD investment. I was also told they do this maybe twice a year but details were very vague. I asked if it was possible to get email notifications when there was a CD special but again I only got the response to check the "Alerts" tab to see if there was anything there where you could sign up for such notifications. I see nothing like that under the "Alerts" tab.

[73ss454]

I have a reservation for January and I did not have any CD's expiring. The first 2 times I called they told me the same thing but the third time was a charm. The person I had on the phone read the whole offer and said I qualified for the promotion. Seems only the first part of the program that the reps read showed only for expiring CD's but the end of the program said anyone could get the promotion.

[clifp]

Quote:

Originally Posted by jazz4cash I don't know if anyone confirmed if a newly issued CD would qualify for sure. I can no longer see the premium CD offer which includes the 10 term and higer rates, but I got my reservations confirmed awhile back. ........just rechecked and it says the promotion has ended. Last I checked they did not run through the $ commitment, so I am thinking it ended early. Best thing to do would be call them up! Here's what I get: You are viewing/editing a certificate reservation from a promotion that has ended. Can anyone else still see the reservation offer?

I am getting the same thing. I thought I had changed the date on my reservation but it shows me with two reservations,which I guess is a good thing given current interest rates.

[Stevewc]

Quote:

Originally Posted by clifp I am getting the same thing. I thought I had changed the date on my reservation but it shows me with two reservations,which I guess is a good thing given current interest rates.

I can't help but wonder if I might get in on the deal if some of you folks don't use all your reservations at the end of the day. My main CD's mature in Nov. so I actually have until then to find out.
Steve
PS. I may start calling them to see !!!

[Sue J]

When I did an edit on one of mine last week it showed a figure of what was left unreserved. I don't remember the amount but I know it seemed to me to be a good portion of what the offer started off with. I'm hoping they come up with another offer.

[Stevewc]

I contacted penfed: they wrote back that only customers with a CD maturing in Oct. were offered the 5% certificate.
But they would like for me to open an account with them.
Steve

[Dawg52]

Quote:

Originally Posted by Stevewc I contacted penfed: they wrote back that only customers with a CD maturing in Oct. were offered the 5% certificate. But they would like for me to open an account with them. Steve

Sorry it didn't work out for you. I guess a few of us got lucky.

[Stevewc]

Quote:

Originally Posted by Dawg52 Sorry it didn't work out for you. I guess a few of us got lucky.

My current CD's don't mature until the second week in Nov.
They haven't heard the last from me.
There's one thing I do know.
That is how to be a pest.
You guys may have noticed that already.
I may get my way yet.
The Squeaky wheel gets oiled !!
Steve

[jazz4cash]

Quote:

Originally Posted by Stevewc My current CD's don't mature until the second week in Nov. They haven't heard the last from me. There's one thing I do know. That is how to be a pest. You guys may have noticed that already. I may get my way yet. The Squeaky wheel gets oiled !! Steve

Good luck....I think you have a good chance to get in.

[Stevewc]

Instead of starting a new thread I decided to pick this one back up.
I called penfed and spoke with a rep.
I'm trying to get in line for any specials they might run on long term CDs.
One rep mentioned there might be something coming up in Jan. but would give no more details.
Do you all think it would be wise to join (not a member now) the credit union to be in line and maybe on their list for up coming specials?
Or, just wait and make calls in Jan. 2011?
If I join now to wait it out, are there fee's involved with sitting in a MM fund or what ever fund is required to be a member in good standing?
Mainly wondering about the past experience of members on this forum and what you all think is the best strategy?
I have money coming available first of next week.
Thanks for thoughts,
Steve

[CCdaCE]

To open an account it's $20 to join NMFA or $15 to join VAT to become eligible to join Penfed, assuming you don't qualify under one of the other ways to join outlined in the link below. Then, $5 min. to open a savings acct.

https://www.penfed.org/howtojoin/overview.asp

-CC

[VaCollector]

But don't you already have to HAVE CDs with them in order to qualify for any
special rates?

[brewer12345]

You can open a share account (similar to a savings account) for $20 to join the NMFA and $5 to deposit in the account. After that, there are no fees so you can just sit and wait, although I would suggest establishing a direct deposit link. PenFed has been easy to deal with for the past 5 years and I have been both a CD buyer and a borrower there.

[Darryl]

I joined a little over 3 yrs ago and ditto brewer, for $25 you can join sit and wait.

[Stevewc]

Quote:

Originally Posted by VaCollector But don't you already have to HAVE CDs with them in order to qualify for any special rates?

I was told that the special rates were for folks with CDs maturing in Oct. 2010. This first contact was by e-mail.
I called them by phone next (week or more later) and was told that sometimes they do special offers in Jan. but no promises made to me.
Just thinking if I become a member and have some cash ready to go, I might have a better chance of taking advantage of anything they may do.
It even crossed my mind to do a small CD to see if that might increase my odds on getting included in upcoming offers.
Really not sure if its the best play of hand though.
Steve
PS. I'm jealous of all the upper crust folks getting that 5% offer.

[Stevewc]

Quote:

Originally Posted by brewer12345 You can open a share account (similar to a savings account) for $20 to join the NMFA and $5 to deposit in the account. After that, there are no fees so you can just sit and wait, although I would suggest establishing a direct deposit link. PenFed has been easy to deal with for the past 5 years and I have been both a CD buyer and a borrower there.

I'll work on the deposit link as I set up the account.
Thanks for the info.
Steve