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:
Table of Contents
PenFed Premium Online Savings Bonus – up to $750
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.
The amount of the bonus is based on the amount of new money you deposit into your account before 12/30/2023. 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 4/30/2024 to get your bonus.
(Offer expires 12/30/2023)
Existing Customers Are Eligible Too!
If you are an existing savings customer that hasn’t receive a similar bonus, you are still eligible. The only difference is that you will want to use the alternative link below to make your deposit:
👉 Learn more about this offer (existing customers)
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:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 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 account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit 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!
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn’t want a second job, it’s diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.
Recently, he’s invested in a few pieces of art on Masterworks too.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
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