PenFed is offering a total of up to $500 in bonuses for new members who open a checking and savings account, meeting specific criteria.
Established in 1935 and headquartered in Alexandria, Virginia, PenFed CU has around 50 locations throughout these states: CA, DC, FL, GA, HI, KY, MD, NC, NE, NM, NY, PA, TN, TX, VA. Membership is available nationwide so all U.S. residents can take advantage of their offers.
Membership in PenFed Credit Union is open to anyone through membership in Voices For America’s Troops ($17 one-year membership fee) or the National Military Family Association ($17 donation). Membership is also open to the following: (1) members of the United States Military and Uniformed Services; (2) employees of the U.S. government; (3) live or work in Fort Hood, Fort Gordon, Fort Shafter, Belvoir, Virginia and other select military or U.S. government locations; (4) employees of American Red Cross, Anderson Air Force Base, and over 100 Select Employer Groups; (5) members of Marine Corps League, National Military Family Association, and over 40 military-related associations; (6) and to immediate family of those who are eligible. (Complete membership requirements are listed in the credit union’s online application). See current membership info.
READ MORE: GET TOP BONUSES FROM CHASE, AXOS, BANK OF AMERICA AND BMO.
Penfed Credit Union $500 Checking & Savings Offer
- What you’ll get: $500 bonus
- Where it’s available: Nationwide via membership
- How to earn it:
- $250 Checking Bonus:
- Open a new PenFed checking account.
- Make 2 direct deposits totaling at least $1,500 by June 15, 2024.
- $150 Savings Bonus:
- Open a new PenFed Premium Online savings account.
- Make deposits of up to $10,000 from an external account and retain the funds from February 15, 2024, to June 15, 2024.
- $100 Combination Bonus:
- Complete the requirements for both the checking and savings bonuses.
- $250 Checking Bonus:
- When it expires: 2/15/2024
Waive The Monthly Fee
There are no monthly fees for this account.
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.
Bottom Line
While the offer seems lucrative, we’re not sure if it is a targeted offer or widely available.
The combination of checking and savings bonuses along with a good yield on the savings account makes this offer particularly attractive.
See more:
- Penfed Credit Union $750 Savings Bonus (Nationwide) – Ends 3/31/24
- Penfed Credit Union $200 Checking Bonus (Nationwide) – Ended
- PenFed’s Car Buying Service $350 Cash Bonus – Ends 4/30/23
- Penfed Powered by Purefy Student Loan Refinancing Review: Unique Options For Borrowers
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.