Looking for a simple way to boost your bank account? Penn Community Bank is offering a fantastic opportunity to earn up to $350 in cash bonuses when you open a new checking account at their Allentown branch or online.
With easy-to-meet requirements like direct deposits or debit card transactions, this limited-time offer is a great way to add extra cash to your savings. In this post, we’ll break down the steps to qualify for the bonus, the specific terms and conditions, and how you can maximize your earnings.
Update 3/9/2025: The offer is back through April 19, 2025 and offer increased from up to $350 to up to $400.
More offers available nationwide? Yes, please! Our expert guide to the top bank bonuses features BMO & Chase’s best deals—claim yours today!
Key Takeaways
- Earn a $300 bonus for opening a new checking account and meeting simple requirements.
- Get an additional $50 bonus when you open a new savings account and maintain the required balance.
- The offer is valid through February 22, 2025, and is only available to new checking customers.
How to Earn the $350 Checking Bonus
Penn Community Bank’s offer allows you to earn a $300 bonus when you open a new checking account and complete one of the following within the first 60 days:
1. Receive Direct Deposits
Set up direct deposits totaling $1,000 or more into your new checking account. Qualifying direct deposits include payroll, Social Security, government benefits, or other recurring payments.
2. Make 20 Debit Card Purchases
Alternatively, you can complete at least 20 debit card transactions that post to your new checking account within the first 60 days. This option is perfect for those who may not have access to direct deposits.
How to Earn the Additional $50 Savings Bonus
You can earn an additional $50 by opening a new savings account at the same time as your checking account. To qualify for this bonus, you must:
- Open a new Statement Savings account with at least $25 at the time of opening the checking account.
- Maintain a minimum daily balance of $100 or more in the savings account for the first 60 days to avoid fees and earn interest.
Trending Checking Account Deal:
Key Terms and Conditions to Keep in Mind
It’s important to understand the fine print to ensure you meet all the criteria for the bonus:
- New Customers Only: The bonus is only available to new checking customers. You are not eligible if you’ve closed a Penn Community Bank checking account within the last 12 months.
- Account Status: Your accounts must remain open and in good standing through the bonus payout period, which will occur within 45 days of meeting the requirements.
- IRS Reporting: All bonuses are subject to IRS 1099 tax reporting, so be prepared to report the bonus as income on your tax return.
- Expiration Date: The offer expires on December 31, 2024, so be sure to act before then!
Additional Benefits of Penn Community Bank
Beyond the bonuses, Penn Community Bank offers several other benefits, including:
- Relationship Checking Accounts: Earn interest on your checking account with variable interest rates. The current APY is 0.03% as of July 2024.
- Statement Savings Accounts: The savings account earns 0.05% APY, providing a modest return while keeping your funds safe.
How to Open Your Account
Ready to take advantage of this offer? Here’s how you can open your new Penn Community Bank checking and savings accounts:
- Visit the Allentown Branch: Stop by their new location at 3090 West Tilghman St., Allentown, PA 18104, or
- Apply Online: Head to PennCommunityBank.com and use promotional code Allentown350Bonus during the application process to qualify for the offer.
Our Take on the Penn Community Bank Bonus Offer
If you’re in the market for a new bank account and want to earn some extra cash, this Penn Community Bank offer is worth considering. With easy-to-meet requirements like direct deposits or debit transactions, it’s a hassle-free way to pocket up to $350. Plus, opening both a checking and savings account offers added value. Just be sure to act before the offer expires.
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