Pen Fed rate special!

[brewer12345]

Looks like Pen Fed is at it again. What is it with them and the early part of the year? 5.75% on 5 year CDs at www.penfed.org

 

[P.S.]

Thanks Brewer!

 

[retire@40]

5.75% on 5 year CDs at www.penfed.org

And the 7-year CD is 6%. I wish they had a 10 year CD at 7%.

 

[brewer12345]

And the 7-year CD is 6%.  I wish they had a 10 year CD at 7%.

Only downside to the 7 year CD is that they hit you with a 1 year of interest early withdrawal penalty vs. 6 months for most of the other maturities. Still, its hard to find a high quality bond of 7 year maturity yielding 6%.

 

[Dawg52]

Looks like Pen Fed is at it again.  What is it with them and the early part of the year?  5.75% on 5 year CDs at www.penfed.org

Can anyone invest through Pen Fed?

 

[brewer12345]

Yes, but you must become a member. If you don't qualify by other means (certain affiliations, military service, etc.), you can join by joining the National Military Family Assn for like $20. No need to renew the NMFA membership once you are a Pen Fed member.

 

[REWahoo]

Dog, click on the "How to Join" link on the Penfed website and it will walk you through how you can become a member of the CU. As brewer says, even if you don't qualify any other way, you can join the NMFA.

 

[Dawg52]

Thanks Brewer & Rewahoo. I have some bonus money coming in during March so I will probably put some money there. Might as well use them for my cd portion of my portfolio. Who knows, maybe they will bump it up a little more by then. 

 

[kowski]

When I go the the www.pen.org site I can not find the CD rates? What do you pick on to see the current rates?

 

[REWahoo]

When I go the the www.pen.org site I can not find the CD rates? What do you pick on to see the current rates?

Wrong website. It's www.penfed.org

 

[MJ]

Only downside to the 7 year CD is that they hit you with a 1 year of interest early withdrawal penalty vs. 6 months for most of the other maturities. Still, its hard to find a high quality bond of 7 year maturity yielding 6%.

The exception which I will take advantage of, is to get IRA CDs. At PFCU, you can with close IRA CDs early without a penalty after 59 1/2. An 18 month 6% CD isn't too bad now a days.

It's so nice to be a senior.

 

[REWahoo]

Penfed placed a full-page ad in today's San Antonio paper touting their new CD rates. Bet there is a line out the door of the one branch in town!

 

[brewer12345]

Penfed placed a full-page ad in today's San Antonio paper touting their new CD rates.  Bet there is a line out the door of the one branch in town!

Wow, I didn't even know they had a branch there. The recent increases in savings and CD rates over and above that of the Fed rate increases suggests that many banks and CUs are outrunning their natural deposit bases and having to pay up to get more.