If you want to take advantage of a money market savings account with a relatively high APY, PenFed Credit Union has the promotion for you. The Pentagon Federal Credit Union Money Market Certificate offers federal insurance, convenient maturity options, dividends and automatic renewal as well as a 3.00% yield on your money. Here are some other details to help you decide if you qualify and if this is right for your financial situation.
Guaranteed Rates
After purchasing one of the money market certificates offered by Pentagon Federal Credit Union, your APY rate is locked in for the term of the certificate. The dividends on the money market accounts that are longer than six months are compounded daily so you can get the most return from your money.
Federal Protection
Your deposits with the Pentagon Federal Credit Union are insured up to $250,000 by the National Credit Union Administration, which is part of the United States government. If you would like to extend your coverage, simply speak with one of the institution’s service representatives.
Dividend Options
You can choose to have your dividends paid to you at the maturity of your money market certificate or each month. In addition, you can also have your dividends added to your certificate, transfer them to another account or get a check sent to you for the amount of the dividends. It’s totally up to you.
Automatic Renewal
Unless you change the options online or in person, your PenFed certificate will renew automatically after it matures so you can just sit back and allow it to keep earning money for you.
The rates for the Pentagon Federal Credit Union Money Market Certificates are currently as follows:
• Six month certificate = 1.00%
• One year certificate = 1.25%
• Two year certificate = 1.75%
• Three year certificate = 3.00%
• Four year certificate = 3.25%
• Five year certificate = 3.50%
• Seven year certificate = 3.75%
To qualify for one of these certificates, you need a minimum deposit of $1,000. Sign up at the institution’s website here.
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