by Update 3/5/24: Deal is back, same terms but need to be deposited by 3/31/24 and funds kept until July 31, 2024. Link is https://www.penfed.org/getmyoffer215 but I think it’s targeted.
Offer at a glance
- Maximum bonus amount: $750
- Availability: Nationwide
- Deposit required: Up to $50,000
- APY: 3%
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $50
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: 12/30/23
The Offer
- PenFed is offering a savings bonus of up to $750. Must make deposits on or before 12/30/23 and balance must be maintained from 12/30/23 to 4/30/24.
- Receive a bonus of $150 for every $10,000 deposited
The Fine Print
- Offer is valid for all PenFed Premium Online Savings account holders.
- Offer Details: During the Offer Period or before 12/30/2023, make deposits of up to $50,000 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 plus your existing balance must remain in the PenFed Premium Online Savings account from 12/30/23 to 4/30/24 to be eligible for the Bonus Offer.
- Your total balances at PenFed must increase by the end of the promo period. Upon meeting the Offer qualifications, you will receive a $150 bonus for every $10,000 deposited into your account. Maximum bonus received is $750 per member.
- Your promotional bonus will be reported in your year-end Form 1099-INT as taxable income. 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 for the Bonus to appear in your account.
- We reserve the right to modify or revoke this Offer at any time, without notice. If we determine that abuse or gaming has occurred in connection with this Offer, your eligibility and bonus may be null and void.
- 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 but funds need to be in account until 4/30/24
Our Verdict
Funds need to be in the account for four months, account earns a base rate of 3%. With the bonus this works out to be 7.5% APY. That’s better than current basic savings account rates and worth considering if you have lots of spare funds in cash currently. We will add this to our list of best saving bonuses.
Useful posts regarding bank bonuses:
