[Expired] [YMMV] PenFed $500 Checking/Savings Bonus

Deal has ended, view more checking bonuses by clicking here.

Note: Terms say ‘The up to $500 offer is limited to individuals that receive the offer directly from PenFed’ but the offer is appearing when searching for penfed checking account bundle so I suspect it isn’t actually targeted but would only go for it if you can find an advertisement for it.

Offer at a glance

The Offer

Direct link to offer

  • PenFed is offering a checking bonus of up to $500. Bonus is broken down as follows:
    • Get $250 when you open a new PenFed checking account
      • Make 2 direct deposits totaling at least $1,500 into this checking account by June 15, 2024
    • Get a $150 bonus when you open a new PenFed Premium Online savings account and complete the following requirements:
      • make deposits of up to $10,000 from an external account into your PenFed Premium Online Savings account. Funds must remain in account from 02/15/24 to 06/15/24
    • Get $100 when you complete both of the above

The Fine Print

  • To receive any of the bonuses, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Promotional period is January 1, 2024 through February 15, 2024 for account opening. Your promotional bonus will be reported on your year-end Form 1099-INT as taxable income.
  • The up to $500 offer is limited to individuals that receive the offer directly from PenFed. Maximum bonus received is $500 per member. Offer code can only be used one time. Bonus offer is valid for addressee only. To receive the extra bonus: You must open the checking and savings account within the promotional period and complete all requirements for BOTH the checking bonus and savings bonus. After you have completed all requirements, we will deposit the remaining bonus due in your new account within 60 days from promotional close date of 6/15/2024.
  • Offer Details: You must open a new PenFed Premium Online Savings account by 02/15/24 to be eligible for the Bonus Offer. During the Offer Period or before 02/15/24, make deposits of up to $10,000 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 must remain in the PenFed Premium Online Savings account from 02/15/24 to 06/15/24 to be eligible for the Bonus Offer. Upon meeting the Offer qualifications, you will receive $150 bonus. 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 (from promotional close date of 6/15/2024) for the Bonus to appear in your account.
  • To receive the checking bonus: 1) Open a new PenFed Checking account by 2/15/2024, which is subject to approval; AND 2) Make 2 direct deposits totaling at least $1,500 into this checking account by June 15, 2024. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government and benefits (such as Social Security) from your employer or government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. Upon meeting the Offer qualifications, you will receive $250 bonus. 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 (from promotional close date of 6/15/2024) for the Bonus to appear in your account.
  • 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

Our Verdict

It’s interesting this is showing as a google ad, I wouldn’t apply for the account and expect the bonus unless I was applying through a link seen through a google ad but others might be happier to take that risk. Savings bonus is good as it works out to be an additional 4.5% APY and the account already earns 3% APY and also opens up the $100 combination bonus. We won’t add this to the best bank bonuses due to that targeted language.

Useful posts regarding bank bonuses:
    William Charles
  • On January 2, 2024, 11:00
Tags: credit card fundingnationwide bank bonusessoft pull

View Comments (159)

  • there's a new targeted checking offer (valid for new penfed checking account holders who received the offer directly from penfed), up to $150 bonus when you open between 11/15/24-12/16/24 and fund min $5k (for $75 bonus) or $10k (for $150 bonus) no later than 12/16/24 and hold through 4/15/25. works out to about 4.56% apy for the required hold period https://www.penfed.org/bonus150
    does penfed typically allow churning on checking ("new" if not currently an account holder and/or haven't had a checking account with them for a certain amount of time) or are their offers usually restricted to once-per-member/lifetime?

    • I received this targeted offer also for my current account. I have also been targeted previously for a DD bonus on the same account. I don't plan to ever close any of my PF accounts due to how fair they are with existing customers.

      • I agree that they are fair; however if churning is possible, would it not be better to close all but the primary savings and wait for new offers to come back?

        • You left out part of my reply. I wrote about "how fair they are with existing customers". My point was that they offer me deals on all of my current accounts (except for the "Share" Savings) so why would I want to close any of them?

  • Met all requirements with real DD... the bonus should have landed 8/15 as specified in the terms. Opened through the "bundle1" link. Wondering how they would know if I was targeted or not?

    If the targeting is what is holding this up, anyone had any luck arguing that you saw the bonus offer through a FB link or google search?

    • They've denied P2 and me so far by saying that we weren't on their email lists. I've tried to argue that only the extra $100 offer actually required being targeted, but so far no luck

    • I was targeted and I used several DD methods including working by Gadget's DP Fidelity. I'm still waiting.

      • Well good to know it does not seem like targeting is holding it up... guess they are just slow. Keep us posted please, will do the same.

  • DP: Fidelity CMA works as a DD.

    My P2 received a targeted email for existing customer $75 DD bonus. Required two months of $500+ DD.

    "Set up direct deposit on your PenFed Checking account ending in xxxx. Once we receive 2 consecutive months of qualifying direct deposits of $500 or more no later than Aug 3, 2024, you will receive a $75 cash bonus1 to your account."

    06/27/2024 FID BKG SVC LLC MONEYLINE $502.00 (Fido CMA)
    07/10/2024 FID BKG SVC LLC MONEYLINE $502.22 (Fido CMA)
    08/16/2024 PROMOTIONAL BONUS $75.00

    Per terms: "Qualifying direct deposits are defined as deposits from an enrolled member’s employer, payroll or benefit provider via ACH deposit. Deposits that are not from an employer (such as check deposits, P2P transfers such as from PayPal® or Venmo®, etc., merchant transactions such as from PayPal®, Stripe®, Square®, etc. and bank ACH transfers not from employers) do not qualify for this promotion."

    • Amazing that they've been so quick on that bonus but still haven't paid out the $250 one that ended in June

      • Amen. I got the offer in April (via popup in my Penfed app). Approved 04/21. Xferred $1,500 from Ally on 05/04 and again on 06/04. Offer ended on 06/30 and now 2 mos later still no bonus. I’m guessing Ally doesn’t work as a DP. I’ll give it another week and see. Wished I had known when I funded my account that Fidelity worked.

  • It's 8/10 and 'm still waiting. I was not targeted but called back in January to ask if the promo was available to everyone or just those who received a mailer or email offer. Mass confusion ensued as no one there seemed to know the real answer. Got bounced around to several people and none of them were sure. Finally reached someone who said it was a definite NO. She said if I didn't receive a mailer or email offer then I was NOT eligible. I asked if PenFed could send me an email with the offer. Got bounced to a banker. The banker said the CSR I spoke to was wrong. He was 1000% SURE it was NOT necessary to have received a mailer or email offer. He was VERY confident the offer was open to everyone who opened an account in the required timeframe; he said they just don't advertise it that way. He assured me repeatedly there was nothing to worry about. So I opened the account based on his advice. After completing all the requirements, I emailed the banker in early July. He responded saying I did meet all the requirements and I would definitely be receiving the $500 bonus by 8/15. He said he contacted the department that handles the bonuses and they confirmed. I guess I'll know shortly...

    • UPDATE:

      Banker came back and sheepishly said the promo dept told him I wasn't eligible (after him telling me all along that I was eligible). He went to bat for me though, he pushed back on the promo dept and eventually got them to pay the $150 savings bonus. The promo dept still would not pay the $250 checking bonus, or the $100 extra bonus for doing both the checking and savings account deals together. This was because I met the $1500 threshold with (8) smaller direct deposits instead of (2) larger ones. To be fair this was my mistake, but it wasn't explained to me that way, so I pushed back and had my ticket escalated to a case manager. It took a few more weeks but the case manager also went to bat for me. He finally got the promo dept to make an exception, and I got the add'l $350.

      tldr; I ended up getting the full $500 bonus despite not being targeted. But my situation was probably unusual and they paid me by making a couple exceptions. And it took a lot of phone calls. Massive headache but eventually paid off.

    • Nothing yet for me as well. Icalled 8/15 and they said the bonuswouldarrive in several days, still waiting

      • They finally answered and i got no bonus. One has to be targetedthey stated. Eight months later and after 3 phone calls from CR's saying i would get the bonus. Not recommending this bank.

  • Finally paid out today. I only did the dd bonus. For those of you scared to close the acct, just zero it out. IIRC, I left my sav acct at zero and they closed it.

    • did you get checking and savings? Only savings bonus is showing for me. Though I definitely met $1500 and did Real DD.

      • I signed up for both accts but didn't go through w the sav bonus. So, I just got the ck acct bonus. I did 2 real DD months apart.

    • Can you please post timeline...thanks in advance.
      Never mind, my P2s posted today as well. Here is the time line:
      P2 exsting savings only cusotmer from longtime with no activity for several years. Received postal AND email offer in late Dec or early Jan.
      Opened 2nd week of Jan.
      2 DDs spaced days apart to checking in 1st week of Feb. 10K deposit to savings also completed same week.
      Withdrew the 10K leaving $1 week after the 15 June deadline.
      Bonus posted today 7/22.

  • Nothing here either. Targeted postcard. Haven’t touched the 10k and made four $751 deposits in the first two months. I guess they’re taking this all the way to Aug 15th

  • P2 was targeted both postal and email. Met all requirements. Past 15th June now and no bonus yet. Pulling out most. Will wait for the 60 days (15 Aug) to roll up the sleeves.

  • Bonus is now $850 with the link above. Terms changed. Savings bonus is now $100 per $10k deposited, up to $500 bonus. Checking is still $250 for 2 direct deposits of $1500+. $100 bonus for completing both @2

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