The opening required amount for PenFed CDs is low. Each standard and IRA CD terms only require $1,000 to open. The education CDs only require $500 to open. You can open the CDs online or in a branch location.

There are a good variety of CDs available through PenFed. They offer nine standard CD terms from six months to seven years. Their IRA CDs and educational savings certificates terms range from one to seven years.

Each CD term with PenFed offers competitive interest rates. The rates are competitive with other online CDs. The standard, IRA, and education CDs interest rates are competitive. They are higher than the typical bank interest rates.

There is more than one way to choose how to receive interest payments earned from your PenFed CDs. You can have the money added to the CD or another account. You can choose to have the money sent to you in a check. You can receive the interest earned monthly or when the CD matures.

To open a CD with PenFed, you must first become a member of the credit union. If you have or are currently serving in the military, you can become a member. Living in certain areas or being a member of set organizations qualifies you. If you work for the U.S. government or other organizations, you are eligible as well. If you do not meet any of these requirements, you can pay a $5 fee. Once you are a member, you can apply for accounts.

PenFed offers standard CDs, IRA CDs, and educational CDs. Members can only open standard CDs online. To open the other types of CDs, you must visit a branch location or contact customer service. All the standard CD terms are available to open online.

The standard PenFed CDs do not offer an interest rate guarantee. If you open a CD and the interest rates increase shortly after, your interest rates will not increase. The PenFed standard CDs offer competitive interest rates.

The early withdrawal fees for PenFed CDs are high. If you withdraw money early from a six-month CD, you will lose all your interest. For CD terms longer than six-month the fee is all interest earned if withdrawn in the first year. After the first year, the fee is 30 percent of what would have been earned if the CD had reached maturity.

Read the full PenFed Credit Union review.

The First Internet Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. First IB CDs offer interest rates much higher than typical bank rates. All the different CD terms offer competitive interest rates.

The amount required to open First Internet Bank CDs is low. CD terms requires $1,000. That amount is low compared to some online CD accounts. With that $1,000 required amount, you can open any of the First IB CD terms.

First Internet Bank offers a good variety of CD terms. The terms range from 3-months to 60-month CDs. They offer a total of eight CD account terms. All the CD terms are online CDs. You can apply for any term length online through the First IB website.

First Internet Bank offers a variety of ways to fund the CD. You can deposit money through an ACH transaction or deposit a check. You can set up a linked external account and make an electronic transfer. You can also send a wire or use a credit card for the initial funding of the CD. They do not accept third party checks.

First IB charges a fee for withdrawing money before the maturity date. The fees are high compared to other CD accounts. For three-month terms, the fee is 90 days of interest. For terms from 6-months to 18-months, the fee is 180 days of interest. The fee for CD terms from 24-months to 60-months is 360 days of interest.

First Internet Bank may charge a fee based on how you choose to receive your money from closed CDs. There is not a fee if you deposit the money into your First IB checking or savings account. If you request a check when you close your account, there is a $5 fee per check.

When you apply for an account, First IB must approve your account application. Once you complete the application, they will review your application. If you are approved, First IB sends an email within two business days after they review your account. If you already have a savings or checking account with First IB you do not need approval again.

First Internet Bank does not allow you to transfer money out of your CD accounts. They offer a fund transfer service, but their CD accounts are not eligible. Other First IB accounts charge a $5 fee to transfer money from a First IB account to an external account.

Read the full First Internet Bank of Indiana review.