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
Maximum bonus amount: $500
Availability: Nationwide
Direct deposit required: Yes, two direct deposits totallling $1,500+
Additional requirements:
Hard/soft pull: Soft pull (be sure to choose ‘no overdraft protection’ option)
ChexSystems: Unknown
Credit card funding: : Can fund $100 $500 with credit card for checking account and savings can be funded with $100
Monthly fees: None
Early account termination fee: None
Household limit: None mentioned
Expiration date: February 15, 2024
The 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 6% 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:
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