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Penfed for IRA

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Anonymous
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Penfed for IRA

Does anybody have Penfed for IRA options? I was looking at moving my roth over there. I also have a traditional one that is currently in a place I moved it to but do not like.

 

I really was thinking of moving it to schwab since I wanted their account for the fee free atm but have nixed that idea. My only other option is Merril since I bank with BOA and theoretically the account should show up in my list of accounts??

 

 

I was definitely thinking of moving the Roth to Penfed but can't quite figure out from their website how they handle it, it seems ot be CD's?? Anyone can chime in with their experience? Btw I'd be moving Roth from Capital One 360.  I completed their survey at Pendfed and requetsed someone cal me about the IRA options but would like to have some knowledge before I speak with them.

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Penfed for IRA


@Anonymous wrote:

Does anybody have Penfed for IRA options? I was looking at moving my roth over there. I also have a traditional one that is currently in a place I moved it to but do not like.

 

I really was thinking of moving it to schwab since I wanted their account for the fee free atm but have nixed that idea. My only other option is Merril since I bank with BOA and theoretically the account should show up in my list of accounts??

 

 

I was definitely thinking of moving the Roth to Penfed but can't quite figure out from their website how they handle it, it seems ot be CD's?? Anyone can chime in with their experience? Btw I'd be moving Roth from Capital One 360.  I completed their survey at Pendfed and requetsed someone cal me about the IRA options but would like to have some knowledge before I speak with them.

 


I am interested in this, too.      I'll be following yur thread.

Message 2 of 5
RonM21
Valued Contributor

Re: Penfed for IRA

Interesting that nobody else has experience or commented. I'm curious about this also.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 3 of 5
Anonymous
Not applicable

Re: Penfed for IRA

Per penfed website they offer Roth Ira in the form of Share certificates.  Financial planning is a very personal thing, but I would not recommend that route.  Their highest dividend rate is 1.15%.  If you want to go the CD route for your Roth, look for a higher rate.  

 

I would recommend you look into a no load mutual fund/eft with fidelity/vanguard/schwab, etc.  Or Simply stay with cap 1 and have fun buying and selling stocks (this is what I do.  I am up 20% on the year, but a very small amount i am working with.). 

 

I personally do most of my retirement savings through my employer 401k, and invest in an american fund (we dont get much options). 

Message 4 of 5
Anonymous
Not applicable

Re: Penfed for IRA

I talked to one of the reps from penfed and yes their best option is in fact the certificate. I think I will probably stay with cap one for now since they at least offer better chances at making more money and before I put the money in I keep it at cap one savings and their interests is much better. It was worth a looking into tho.
Message 5 of 5
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