Found this post on Bank Deals. Apparently, Banking Guy has a source at PenFed, or close to it. To summarize:

* PenFed's Board of Directors have approved a CD promotion in January with rates over 5% APY -- probably closer to 5% than 6%. Disappointing. Maximum rates are 5% APY/5-year, 5.25% APY/7-year.

* PenFed will change their VISA Platinum Cash Reward credit card to add 2% Cash Back for groceries on top of the 5% Cash Back for gas and 1.25% Cash Back for all other purchases. The card has no annual fee, and posts the cash rewards amount each month, deducting the amount from your statement balance. The 2% groceries Cash Back shows on the PenFed web site. The 5.99% APR balance transfer now has a 1% balance transfer fee, (min. $10, max. $100).

* Auto loan rates are planned to fall from 5.29% APR to 4.99% APR. Shows on the PenFed web site.

As described in the Bank Deal's post, PenFed membership is open to all. If you don't meet any other qualification, you can join the National Military Family Association with a $20 one-year membership fee. Joining the NMFA can be done as part of the on-line application process for joining PenFed.

PenFed is one of the credit unions that does a hard pull when you join.

PenFed just started offering a fixed rate 4.99% APR 120 month home equity loan. I applied today (refinancing my 5.99% 15 yr HEL):

http://www.penfed.org/productsAndRates/mortgages/homeEquity.asp

Fixed Equity Loan Rates

OWNER OCCUPIED HOME -
80% OR LESS LOAN TO VALUE (LTV)
Borrow $10,000 - $400,000 APR
Up to 60 Months 4.99
61 to 120 Months 4.99*
121 to 180 Months 5.99*
181 to 240 Months 5.99*
OWNER OCCUPIED HOME -
80.01% TO 90% LOAN TO VALUE (LTV)
Borrow $10,000 - $400,000 APR
Up to 60 Months 7.24
61 to 120 Months 7.49
121 to 180 Months 8.49
181 to 240 Months 8.99
OWNER OCCUPIED HOME - GREATER THAN 90% LTV
Borrow $10,000 - $100,000 APR
Up to 60 Months 7.74
61 to 120 Months 7.99
121 to 180 Months 8.99
181 to 240 Months 9.49
NON-OWNER OCCUPIED HOME - UP TO 75% LTV
Borrow $10,000 - $400,000 APR
Up to 60 Months 7.99
61 to 144 Months 8.99

* No Points
* No Closing Costs
* Tax Deductible Interest
* Fixed-Rate Equity Loan - Available in all states. Rate is dependent on term length, loan to value ratio, fair market value, and owner occupancy.
* Variable-Rate Equity Line of Credit - Available in all states. Additional restrictions apply in Texas. Rate equals Wall Street Journal Prime Rate minus 0.5%, or Prime Rate plus 0.5%, depending on the loan to value ratio and occupancy.
* Owner-Occupied Property - Terms up to 20 years.
* Non-Owner Occupied Property - Terms up to 12 years.
* Loan Amounts -
Equity Loan: $10,000.00 to $400,000.00 (>90% LTV to $100,000)
Equity Line of Credit: $10,000.00 to $400,000.00.
Total indebtedness not to exceed $400,000 for all Equity Loans and ELOCs combined.

*Internet-Only special rate.

See your tax advisor for details on tax deductibility of interest.

Home Equity Loan: Rate depends on term length, Loan-to-Value (LTV), Fair Market Value (FMV), owner occupancy, and use of funds. Maximum 100% of FMV for owner-occupied properties less any outstanding trusts. Loans with LTV greater than 80% available at a higher rate, and loans with LTV greater than 90% are limited to $100,000. Otherwise, maximum 75% of LTV for nonowner-occupied, and 80% for Texas properties. Cost of appraisal, if required, will be the member's expense. 4.99% APR is for loans on owner-occupied properties with LTV of 80% or below only. Rates are higher for nonowner-occupied properties. Minimum loan amount is $10,000. Other terms and conditions apply; call for details.

Refinancing: If a home equity loan is over 1 year old, the policy remains the same and the member must take at least an additional $10,000 above the payoff amount when refinancing. Otherwise, if less than 1 year since the home equity loan closed, the member must take at least $25,000 above the payoff amount when refinancing.

Texas property: Maximum Combined Loan to Value (CLTV) in Texas is 80%. Additional restrictions apply to Texas. Pentagon Federal Credit Union Equity Loans: Available in all states. Property insurance required. Cost of appraisal, if required, will be the member's expense. Other terms and conditions apply; call 1-800-970-7766 for details.

Closing Costs: Pentagon Federal will pay all closing costs associated with the Equity or ELOC loan. Should this loan be paid off or closed within 24 months from the anniversary date of the loan closing, the member will be obligated to pay Pentagon Federal the full amount of the total closing cost for the loan.

LTV is capped at 90% on owner occupied loans for the following areas: States of NY, CA, FL, MA, AZ, CO, GA, NJ, CT. Counties of: Clark & Henderson county NV; Ann Arundel, Calvert, Charles, Frederick, Howard, Prince Georges, Montgomery, St Mary’s, MD; Counties of: Fairfax, Arlington, Fauquier, Loudoun, Prince William, Stafford, Spotsylvania, VA; Cities of Alexandria, Falls Church, Fredericksburg, Manassas Park, VA. Washington DC.

Owner-occupied property:
$10,000 to $400,000 for owner occupied home equity loans up to 90% of fair market value (FMV);
Loans with a loan to value (LTV) greater than 90% will be higher. $10,000 to $100,000 for owner occupied home equity loans of 90.01% or greater of FMV.

Non-owner occupied property: Fixed Rate Home Equity Loans (max LTV of 75%): 8.99% up to 144 months.

Home equity loan example: Monthly payment of $580 on a $30,000 loan for 60 months at 4.99% APR with an owner occupied property.

For both Equity Loans and ELOCs: Total indebtedness not to exceed $400,000 for all Equity Loans and ELOCs combined.

Will PenFed refinance an auto loan from another lender?

VerbalK said:Will PenFed refinance an auto loan from another lender?
Yes

ThursdaysChild said:PenFed is one of the credit unions that does a hard pull when you join.
Just remember to also get a card right after. They use that same pull for that. So even though they pulled on me I at least ended up with $40k more of credit

glxpass said:Found this post on Bank Deals. Apparently, Banking Guy has a source at PenFed, or close to it. To summarize:

* PenFed's Board of Directors have approved a CD promotion in January with rates over 5% APY -- probably closer to 5% than 6%.

* PenFed will change their VISA Platinum Cash Reward credit card to add 2% Cash Back for groceries on top of the 5% Cash Back for gas and 1.25% Cash Back for all other purchases. The card has no annual fee, and posts the cash rewards amount each month, deducting the amount from your statement balance.

* Auto loan rates are planned to fall from 5.29% APR to 4.99% APR.

As described in the Bank Deal's post, PenFed membership is open to all. If you don't meet any other qualification, you can join the National Military Family Association with a $20 one-year membership fee. Joining the NMFA can be done as part of the on-line application process for joining PenFed.

I just called to ask about transferring my Gold Card to the rebate card without a credit pull. If you do it over the phone, they WILL pull a report. However, you can use this form Link to Form to convert if you have a credit limit of at least $5,000 with NO pull.

There is another form if you have a CL of less than $5000 which asks for more info -- Job, income, etc. I did not ask if this would result in a credit pull.

The CSR also verifed the 2% Cash Back on groceries starting next month.

Please note:

Closing Costs: Pentagon Federal will pay all closing costs associated with the Equity or ELOC loan. Should this loan be paid off or closed within 24 months from the anniversary date of the loan closing, the member will be obligated to pay Pentagon Federal the full amount of the total closing cost for the loan.

So basically a 2 year penalty of the closing costs.

Shahhere

ecjjones said:Phoenix

Do you have an existing Penfed heloan?

I noticed the clause for refinancing:

Refinancing: If a home equity loan is over 1 year old, the policy remains the same and the member must take at least an additional $10,000 above the payoff amount when refinancing. Otherwise, if less than 1 year since the home equity loan closed, the member must take at least $25,000 above the payoff amount when refinancing.
Yeah I do, so I am taking out an additional $25k to qualify for the refi.

shahhere said:Please note:

Closing Costs: Pentagon Federal will pay all closing costs associated with the Equity or ELOC loan. Should this loan be paid off or closed within 24 months from the anniversary date of the loan closing, the member will be obligated to pay Pentagon Federal the full amount of the total closing cost for the loan.

So basically a 2 year penalty of the closing costs.
Yes, I think this is a new clause. The paperwork for my 15yr HEL doesn't contain this term, and the loan officer who took my app (I had to call because the online app wouldn't let me get past a certain screen) also said that I won't have to pay back any closing costs for my existing loan because I fell under the old terms. I will post an update to confirm once I close.

Best car rates around and some of the best customer service from a bank that I've experienced.

Thanks for the info -- might have to look into getting one of those CDs if I can recoup some of the losses in my money market lately.