PENFED Savings Accounts

[Wavester64]

When I applied for membership earlier this month, I started with what was called a "Regular" Savings account, opted to not get the checking.

If I recall correctly, that is the savings account they suggested to start the membership, and it has no fees.

Checking the interest rate, its pretty poor (0.05%)

Looking around the site I see they offer a "Premium" savings account that also appears to have no fees and they offer 1.25% interest.

Why didn't I op for that one that day?   Better yet, why didn't they offer that savings account that day I apped for membership?

Are there any negatives to opening a second savings account with PF and getting this premium savings?

Trying to be cautious since apping for their card right after membership and getting DENIED once and then DENIED AGAIN on recon, I don't want to make any mistakes.  

@JNA1 @Gmood1 @coldfusion @M_Smart007 

[Gmood1]

No negatives at all. I have both the accounts you mentioned. You'll be fine.

[BobbyInCO]

With credit unions you usually have to have a base savings share account with $5 balance that establishes your membership. The interest rate is awful but you usually don't have to keep a thing in there other than that and there are no fees associated. You can open additional accounts without problem.

I have the base savings with $5 that I forget all about and then I also have the premium online savings that I try to stash some money into for a rainy day. Not having any luck with that, but at least I have a little bit in there that will earn a better rate than the base savings share account.

[M_Smart007]

---

@Wavester64 wrote:

When I applied for membership earlier this month, I started with what was called a "Regular" Savings account, opted to not get the checking.

If I recall correctly, that is the savings account they suggested to start the membership, and it has no fees.

Checking the interest rate, its pretty poor (0.05%)

Looking around the site I see they offer a "Premium" savings account that also appears to have no fees and they offer 1.25% interest.

Why didn't I op for that one that day?   Better yet, why didn't they offer that savings account that day I apped for membership?

Are there any negatives to opening a second savings account with PF and getting this premium savings?

Trying to be cautious since apping for their card right after membership and getting DENIED once and then DENIED AGAIN on recon, I don't want to make any mistakes.  

@JNA1 @Gmood1 @coldfusion @M_Smart007 

---

@Wavester64  ...No negatives, I have 3 accounts, 2 savings and a checking.

[defenses]

I also have the "regular share" and premium savings accounts. I don't think you'll have an issue opening the premium savings!

[kdm31091]

I don't see any issue. The base account is just to establish the membership and yes the rate is poor. No problem with opening the better rate account.

[DaveInAZ]

---

Just be aware that, for reasons known only to Penfed, funds deposited into Premium Savings have a six biz day hold, whatever the source, even from another Penfed account.

[PutThatMoneyOnTheTable]

Is it a HP to open the premium savings?

I know PenFed loves HPs.

[SouthJamaica]

---

@Wavester64 wrote:

When I applied for membership earlier this month, I started with what was called a "Regular" Savings account, opted to not get the checking.

If I recall correctly, that is the savings account they suggested to start the membership, and it has no fees.

Checking the interest rate, its pretty poor (0.05%)

Looking around the site I see they offer a "Premium" savings account that also appears to have no fees and they offer 1.25% interest.

Why didn't I op for that one that day?   Better yet, why didn't they offer that savings account that day I apped for membership?

Are there any negatives to opening a second savings account with PF and getting this premium savings?

Trying to be cautious since apping for their card right after membership and getting DENIED once and then DENIED AGAIN on recon, I don't want to make any mistakes.  

@JNA1 @Gmood1 @coldfusion @M_Smart007 

---

There are no negatives to opening the premium savings account. Just bear in mind that it  has a 6-business-day hold on withdrawing any deposits.

[SouthJamaica]

---

@PutThatMoneyOnTheTable wrote:

Is it a HP to open the premium savings?

I know PenFed loves HPs.

---

No.