Are you a member of the military or a military officer’s association?  Do you work for the feds?  Yes? Great!

No… well do you have an immediate family member or housemate that is?  Are you employed by a federal contractor?  Or are you a member or are you interested in becoming a member of the National Military Family Association?

If you answered yes to any of these questions, then you may be eligible to join the ranks of those who are proud members of the Pentagon Federal Credit Union.

Who are they?

Chartered in 1935, the Pentagon Federal Credit Union is one of the oldest and largest credit unions in the US.  It services members of the armed forces, their families and other groups of specified people.  Pentagon FCU is lead by President Frank Pollack and governed by a 13 member volunteer board.

Pentagon FCU, which is insured by the NCUA (the FDIC for credit unions), has over 825,000 members and holds over $12 billion in assets.  Just last week the NCUA approved the credit union’s proposed merger with another smaller credit union, Clara Barton FCU.  This merger will increase their membership by 3,000 and bring their assets up to $20 billion.

Pentagon FCU has 27 branch locations and offers a varied array of financial services.  They offer checking, savings and money market accounts, mortgage loans, auto loans, home equity lines of credit, internet banking, access to over 32,000 ATM, credit cards, insurance options, investment services and so much more.

About their products and services

Money Market Certificates – with a minimum deposit of $1,000, you can lock in a 4.6% APY for 5 years… and plus the interest on this account is compounded daily.  That is really sweet because with many money markets interest is usually compounded only once a month or less.  Read here to learn about the power of compounding interest.

Mortgage Loan Products – Pentagon FCU offers many different mortgage loan options.  The interest rate on 30 year fixed loan is only 6.125% with no points.  This includes traditional and jumbo loans up to $2 million.  They also offer several different types of adjustable rate mortgages for as little as 4.5% with no points.  Right now they are offering a special on the 5 year ARM.  You can get a rate of 5.377% and it only adjusts every five years.  Fixed equity loan rates are as low are 5.99% for up to 20 years.

Auto loans – Pentagon FCU offers special internet only financing rates for auto loans.  The new car rate… 4.5%, the refi rate 4.5%, the used car rate… take a guess? Yes, 4.5%.  These are really cheap rates.  The national average on new car loans is 6.77%. And the national average used car rate is even higher, at 7.09%.

Credit cards – Pentagon FCU offers over 10 different platinum, gold, specialty, student, and reward credit cards.  Some of the cards have APRs as little as 10.99%.  Others offer 5% cash back on gas purchases, 2% cash back on supermarket purchases, 5.99% APR on balance transfers (fixed for the life of the loan), 1.25% cash back on everyday purchases, no annual fees, 1,000 bonus points for air miles, and balance transfer fees of only 1% (the standard for most cards is 3%).

Checking accounts – Their checking account comes with benefits such as access to online banking and free bill pay, free checks, free ATM/Visa debit card, no monthly service fee, automatic overdraft protection and no holds on deposits of $3,000 or less.

Pentagon Federal Credit Union… check them out!