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:
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Editor’s Note: As of April 1st, 2024, PenFed Credit Union is no longer offering this new account bonus. For other bank bonuses, check out our post on the best bank bonuses and promotions or click here to sign up for our email newsletter and get notified of new bank promotions.
PenFed Premium Online Savings Bonus – up to $750 [EXPIRED]
🔴 This may be a targeted offer as the terms and conditions state: “This exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.”
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 by 3/31/2024.
Then, the amount of the bonus is based on the amount of new money you deposit into your account before 7/31/2024. 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 around 9/30/2024 (60 days) to get your bonus.
(Offer expires 3/31/2024)
PenFed Auto Loan Bonus – $350
If you get an auto loan from PenFed, it can be for a new car or refinancing an existing loan, you can get $200 cash as long as you do it before 5/12/2025.
Then, get another $150 if you use a PenFed Checking account to make two months of automatic payments for the full amount due – a nice $350 total off just for doing something you otherwise would’ve.
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:
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 31-day evaluation period.
U.S. Bank – up to $400
Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 9/30/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available AZ, CA, CO, FL, IA, IL, IN, MN, NM, NV, OR, UT, WA, or WI.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
