PenFed Future...Thoughts?

[CBartowski]

I have a feeling I know how this is going to go, never a lot of PF love out here, but figured I'd throw it out there and see. 

I have been with PF for a while, mainly becuase of special military rates, more competition with loan rates and really for their high yield savings. I only have the pathfinder card, high yield savings and a CLOC with them. 

I am considering moving my cash to a different high yield savings (like AMEX, etc) but am unsure if it would make sense just to keep a relationship with PF, for future offers and for the free $100 credit with the pathfinder.

[Green456]

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@CBartowski wrote:

I have a feeling I know how this is going to go, never a lot of PF love out here, but figured I'd throw it out there and see. 

I have been with PF for a while, mainly becuase of special military rates, more competition with loan rates and really for their high yield savings. I only have the pathfinder card, high yield savings and a CLOC with them. 

I am considering moving my cash to a different high yield savings (like AMEX, etc) but am unsure if it would make sense just to keep a relationship with PF, for future offers and for the free $100 credit with the pathfinder.

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I have opened 7 credit union accounts in psat 6 months, closed 3 of them. Penfed wasn't one of them. I really think their service is pretty responsive, they answer my questions pretty fast. Their website is pretty feature rich and has nice consistent UI. Their mobile app annoys the heck out of me and that's probably the only raeson I don't use them for primary banking. Right not I started using Chase but to my surpise their ebill support does not support automatic credit card payment in full based on last statement. Penfed does support it. 

[Anonymous]

You can move your savings without terminating your relationship with them.

I think their Pathfinder Amex is a great card, especially considering it has no annual fee. If you keep it, you should open a checking with them and get 4x points instead of 3x. 

I made them my primary bank a few months ago since the Pathfinder and Power Cash Rewards (also a great card at 2% on everything) are my daily drivers. 

I've been very happy with PenFed overall.

[CBartowski]

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@Anonymous wrote:

You can move your savings without terminating your relationship with them.

I think their Pathfinder Amex is a great card, especially considering it has no annual fee. If you keep it, you should open a checking with them and get 4x points instead of 3x. 

I made them my primary bank a few months ago since the Pathfinder and Power Cash Rewards (also a great card at 2% on everything) are my daily drivers. 

I've been very happy with PenFed overall.

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I've considered that as well and that might be the route I take just to keep options open, I like options. I dont use them for anything other than that. I'm current military so I get the 4x anyway and their points seem very de valued compared to my chase and amex points. 

Have you noticed their points having a lower value than elsewhere?

[CBartowski]

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@Green456 wrote:

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@CBartowski wrote:

I have a feeling I know how this is going to go, never a lot of PF love out here, but figured I'd throw it out there and see. 

I have been with PF for a while, mainly becuase of special military rates, more competition with loan rates and really for their high yield savings. I only have the pathfinder card, high yield savings and a CLOC with them. 

I am considering moving my cash to a different high yield savings (like AMEX, etc) but am unsure if it would make sense just to keep a relationship with PF, for future offers and for the free $100 credit with the pathfinder.

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I have opened 7 credit union accounts in psat 6 months, closed 3 of them. Penfed wasn't one of them. I really think their service is pretty responsive, they answer my questions pretty fast. Their website is pretty feature rich and has nice consistent UI. Their mobile app annoys the heck out of me and that's probably the only raeson I don't use them for primary banking. Right not I started using Chase but to my surpise their ebill support does not support automatic credit card payment in full based on last statement. Penfed does support it. 

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I do like their website for sure. However, their member portal is pretty bare and their servers take forever to log in through it seems. 

How does Chase get away with that? lol They're a national bank...o well I suppose. I do all my bill pay through a regional bank out west First Bank (First Bank holding company) and absoutely love them. I can pay absolutely all my bills through there and get ebills even from local utilities which is great.

[Anonymous]

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@CBartowski wrote:

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@Anonymous wrote:

You can move your savings without terminating your relationship with them.

I think their Pathfinder Amex is a great card, especially considering it has no annual fee. If you keep it, you should open a checking with them and get 4x points instead of 3x. 

I made them my primary bank a few months ago since the Pathfinder and Power Cash Rewards (also a great card at 2% on everything) are my daily drivers. 

I've been very happy with PenFed overall.

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I've considered that as well and that might be the route I take just to keep options open, I like options. I dont use them for anything other than that. I'm current military so I get the 4x anyway and their points seem very de valued compared to my chase and amex points. 

Have you noticed their points having a lower value than elsewhere?

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Hmmmmm. The Pathfinder is my only points card (rest are cash back) so I don't really have anything to compare to. However, I can tell you that you'll get the best bang for your buck (point) redeeming them for hotels.

[SouthJamaica]

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@CBartowski wrote:

I have a feeling I know how this is going to go, never a lot of PF love out here, but figured I'd throw it out there and see. 

I have been with PF for a while, mainly becuase of special military rates, more competition with loan rates and really for their high yield savings. I only have the pathfinder card, high yield savings and a CLOC with them. 

I am considering moving my cash to a different high yield savings (like AMEX, etc) but am unsure if it would make sense just to keep a relationship with PF, for future offers and for the free $100 credit with the pathfinder.

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Yes you should keep a relationship with PenFed. It is an exceptional institution. 

As to how much of your business you want to keep with them, as opposed to other places, do what's most convenient and in your best financial interests. They won't hold it against you if you put your savings somewhere else

[CBartowski]

I have to say I'm surprised I haven't seen many PenFed haters show up.

Everyone's positive attitude is most welcome and I think you are right. Might move my large savings elsewhere simply to not deal with a 4ish day hold on withdrawals.

Thanks everyone

[CreditCuriosity]

I echo what some others stated don't dump PenFed.  PenFed has great rates on Auto and some other good things going for them.  Once you have cards and history with them it is pretty simple to get future approvals on stuff and a nice CU to have in your pocket imo.  Yes some people PenFed don't fit with and recently they have been tightening up, so if you are in with them already and have a product especially a no AF product then keep it imo and either use it alittle or alot depending.  Yes PenFed likes certain income brackets and FICO's more than others and DTI is very important to penfed etc.  Each CU has their quarks

[CBartowski]

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@CreditCuriosity wrote:

I echo what some others stated don't dump PenFed.  PenFed has great rates on Auto and some other good things going for them.  Once you have cards and history with them it is pretty simple to get future approvals on stuff and a nice CU to have in your pocket imo.  Yes some people PenFed don't fit with and recently they have been tightening up, so if you are in with them already and have a product especially a no AF product then keep it imo and either use it alittle or alot depending.  Yes PenFed likes certain income brackets and FICO's more than others and DTI is very important to penfed etc.  Each CU has their quarks

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Thanks! That is helpful for sure. Sounds like it's a good idea to keep an account of some kind, and just move my main cash around.