Accounts with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. Minimum deposit requirements of $10,000 or higher affected scores negatively. The following is the weighting assigned to each category:ĬD accounts with higher APYs rose to the top of the list. We also analyzed and ranked each institution by individual term. For the star rating, we ranked each institution on 11 data points within the categories of APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. To create this list, Forbes Advisor analyzed 142 CD accounts across 84 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. Read our full PenFed Credit Union Review.

You can use the funds to renew your certificate, transfer the funds into another PenFed account or have a check mailed to you. This gives you some additional flexibility in deciding what you’ll do with the funds in your account when it matures. With PenFed, you choose your maturity option-whether or not to have the certificate automatically renew-when you open your certificate account and can change it at any time before maturity. You can join PenFed Credit Union by opening a savings account with an initial deposit of $5. When a CD is issued by a credit union rather than a bank, it’s referred to as a share certificate. One quick tip: Don’t let the “money market” in this certificate’s name confuse you this is a share certificate, not a money market account. The credit union gets excellent customer satisfaction scores and it offers a highly rated mobile app for iOS and Android. Its six-month certificate pays a competitive 3.00% APY. PenFed Credit Union pays competitive yields on nine different certificate terms, ranging from six months to five years.

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