Pentagon Federal (PenFed) Credit Union is one of the largest federal credit unions in the nation and they were founded in 1935 and now boast nearly 3 million members across the world. (in assets, they are behind Navy Federal Credit Union and State Employees’ Credit Union)
Before we get to the bonus, you may be wondering if you’re eligible to join PenFed Credit Union – the answer is yes (membership requirements were dropped in 2018). You are not required to be a member of the military, you can open an account as long as you are an adult age 18 and older and have at least $5 to deposit.
If you’d like to earn a bonus for opening an account, read on for the details:
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Editor’s Note: As of April 1st, 2024, PenFed Credit Union is no longer offering this new account bonus. For other bank bonuses, check out our post on the best bank bonuses and promotions or click here to sign up for our email newsletter and get notified of new bank promotions.
PenFed Premium Online Savings Bonus – up to $750 [EXPIRED]
🔴 This may be a targeted offer as the terms and conditions state: “This exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.”
PenFed Credit Union is offering a bonus to new customers who open a new PenFed Premium Online Savings and deposit at least $10,000 or more into the account by 3/31/2024.
Then, the amount of the bonus is based on the amount of new money you deposit into your account before 7/31/2024. New money is defined as funds new to PenFed.
You get $150 for every $10,000 up to $50,000:
| Deposit Amount | Bonus Amount |
|---|---|
| $10,000 – $19,999 | $150 |
| $20,000 – $29,999 | $300 |
| $30,000 – $39,999 | $450 |
| $40,000 – $49,999 | $600 |
| $50,000 or more | $750 |
Then, keep the cash in the account until around 9/30/2024 (60 days) to get your bonus.
(Offer expires 3/31/2024)
How does this offer compare?
PenFed Credit Union consistently gets high marks from his customers and is well-regarded in the industry. Their products stack up against any commercial bank so that’s a strong positive signal.
As for the bonus, the bonus schedule is very strong but the only knock is that the APY on the account is modest – just 3.00% APY as of this writing. Your cash will sit in the account until April, or approximately 5-6 months, and earn 200 basis points less than the prevailing rates for a high yield savings account.
Doing simple math (so this will not be exactly correct but directionally so), if you make 5.30% APY on $10,000 for five months, it’s approximately $221 in interest. With PenFed, you make 3% for 5 months or approximately $125 plus you get the $150 bonus – total of $275.
You do make more with PenFed but you will have to decide if the dollar amount is worth the effort (which will largely be based on how much cash you have to deposit).
Here are some competing offers:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Checking – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
