Deal has ended, view more bank account bonuses by clicking here.
Update 3/5/24: Deal is back, same terms but need to be deposited by 3/31/24 and funds kept until July 31, 2024. Link is https://www.penfed.org/getmyoffer215 but I think it’s targeted. The new money plus your existing balance must remain in the PenFed Premium Online Savings account ending in [last 4 digits of my account #] from 3/31/24 to 7/31/24 to be eligible for the Bonus Offer
Offer at a glance
- Maximum bonus amount: $750
- Availability: Nationwide
- Deposit required: Up to $50,000
- APY: 3%
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $50
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: 12/30/23
Contents
The Offer
- PenFed is offering a savings bonus of up to $750. Must make deposits on or before 12/30/23 and balance must be maintained from 12/30/23 to 4/30/24.
- Receive a bonus of $150 for every $10,000 deposited
The Fine Print
- Offer is valid for all PenFed Premium Online Savings account holders.
- Offer Details: During the Offer Period or before 12/30/2023, make deposits of up to $50,000 from an external account into your PenFed Premium Online Savings account External funds are considered any new money deposited into your account from an account not affiliated with PenFed. Funds transferred internally within PenFed accounts do not qualify for this offer. The new money plus your existing balance must remain in the PenFed Premium Online Savings account from 12/30/23 to 4/30/24 to be eligible for the Bonus Offer.
- Your total balances at PenFed must increase by the end of the promo period. Upon meeting the Offer qualifications, you will receive a $150 bonus for every $10,000 deposited into your account. Maximum bonus received is $750 per member.
- Your promotional bonus will be reported in your year-end Form 1099-INT as taxable income. Bonus will be credited to the account in the form of a statement credit.
- Your account must stay open and be in good standing when bonus is credited to your account. Please allow up to 60 days for the Bonus to appear in your account.
- We reserve the right to modify or revoke this Offer at any time, without notice. If we determine that abuse or gaming has occurred in connection with this Offer, your eligibility and bonus may be null and void.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
There is no EATF but funds need to be in account until 4/30/24
Our Verdict
Funds need to be in the account for four months, account earns a base rate of 3%. With the bonus this works out to be 7.5% APY. That’s better than current basic savings account rates and worth considering if you have lots of spare funds in cash currently. We will add this to our list of best saving bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
10/1 came and went and no bonus posted.
I was targeted today for this bonus but it’s only up to a $500 bonus. Since I’ve cleared out all of my money from my Savings account, I’ll have to strongly consider it after I do the math.
$100 for every $10K. Keep balance for 4 months, 10/15/24 to 2/15/25. 3% base + 3% bonus = 6%.
That’s assuming that they keep the base rate at 3%. The good thing is that the deadline is after the next (assumed) rate cut so we’ll be able to see what happens. Are you going to do the promo?
At this time, probably, but may not be for the full amount. I expect the base rate to drop, but so will most other places.
“Bonus will be deposited into your account by April 15, 2025.” Talk about delayed gratification. No thanks.
Anyone sure about the churnability of this one? Couldn’t find anything in the terms and saw “Limit one credit per member” in one of the checking bonuses so I’m assuming PenFed is once per lifetime?
Am I missing something?
I was targeted for this offer when it was for up to $750. I deposited $10k and got $150, P2 deposited $20k and got $300, plus 3% APY. We were both targeted by email, P3 was not targeted. We all have other checking and savings accounts with Penfed as well as several different credit cards with them.
12/14/23 – Opened Premium savings account online with existing Penfed login credentials and $5 opening deposit
12/19/23 – $10k deposit from Presidential Bank posted
5/20/24 – $10k withdrawn from account (only had to be there thru 4/30)
6/7/24 – $150 promotional bonus posted
I’ve earned $125+ in interest since opening this account (still 3% APY to my knowledge). I received several emails regarding this offer in November-December 2023. I believe that we were also sent letters in the mail regarding the offer.
Also get targeted from 08/15/24-01/02/25. So, basically, the rate is about 5.4% (3% + 2.4%) 5 month CD. If they’ve paid me the last $750, I would have done this one ($500). It’s not a very appealing offer anyway.
I feel like that someone tries to borrow from you again even s/he hadn’t paid you back the money he borrowed from you earlier.
Bonus pending as of 31 July. Got a snail mail offer for the existing account with another offer. Same terms as before but a $500 bonus (08/15/24-01/02/25). Not as good but still a better interest rate than most HYSAs.
Where do you see your pending bonus?
My P2 received a $500 targeted offer via snail mail, with a $100 bonus for every $10,000. 4 1/2 months of holding. (08/15/24-01/02/25)
Probably going to pass on it. Waiting for the $150 per $10K offer.
https://www.penfed.org/getmyoffer100
Looks like the offer is now for $500 and extended till Aug-15. See below link
https://www.penfed.org/getmyoffer215
Funds need to be kept for at least six months (08/15/24-02/15/25) and only $100 bonus for every $10,000 deposited. Not a good offer, unfortunately.
Yeah I agree, will pass this one.
There’s also this in the FAQs: “If it is determined that upon receipt of this offer, you have withdrawn funds from PenFed to re-deposit so they would be considered new money from an external account in order to take advantage of the promotion, you will not qualify for this offer.” So, if you recently completed the offer ending July 31, you likely won’t be able to “roll” this offer into the one in August.
Posted 7/2 “PROMOTIONAL BONUS EFF:06/28/24″
Not targeted. Deposited 10k on 12/19. Withdrew 10k on 5/1. Contacted them about bonus in June. Was told I would be paid. I was paid $150 bonus 6/17. And then weirdly just paid $150 on 7/2. Anyone else double paid???