Find an updated list of PenFed Credit Union promotions, bonuses, and offers here.
Currently, they have a $500, $750 bonus.
About PenFed Credit Union Promotions
PenFed is one of the largest credit unions in the country and offers a range of banking products and services, in addition to credit cards and loans. They serve more than 1.6 million members, including many in the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, and the Veterans of Foreign Wars.
| Eligibility: PenFed is a Credit Union and requires you to become a member before you obtain any products. You will need to maintain a $5 Savings/Share Account as part of your PenFed membership. Membership is open to the following: (1) members of the United States Military and Uniformed Services; (2) employees of the U.S. government; See current membership details |
I’ll review the current offer below.
PenFed Credit Union $750 Savings Bonus (Targeted)
PenFed Credit Union is offering up to $750 bonus when you open a Premium Online Savings account. You get $150 bonus for every $10,000, up to $50,000.
- What you’ll get: Up to $750 bonus
- Account Type: Premium Online Savings Account
- Availability: Nationwide (Bank Locator)
- Credit Inquiry: Soft Pull
- ChexSystems: Unknown
- Credit Card Funding: Up to $500 via AMEX CC
- Direct Deposit Requirement: No (see what works)
- Monthly Fee: No
- Household Limit: None
- Closing Account Fee: Must keep deposit money unitl 4/30/24
(Expires 03/31/2024)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
How To Earn Bonus
HOW TO EARN BONUSFINE PRINT
- Open your new Premium Online Savings account before 3/31/2024 and add funds of $10,000 or more of new money.
- Enjoy your new savings account, continue adding funds, and keep your new money balance in your account until at least 7/31/2024.
- During the Offer Period or before 3/31/24, make deposits of up to $50,000 from an external account into your PenFed Premium Online Savings account.
- Offer qualifications, you will receive $150 bonus for every $10,000 deposited into your account. Maximum bonus received is $750 per member.
- Offer valid from 03/04/24 to 03/31/24. This exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.
- Offer Details: You must open a new PenFed Premium Online Savings account between 03/04/24 to 03/31/24 to be eligible for the Bonus Offer. During the Offer Period or before 3/31/24, 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 must remain in the PenFed Premium Online Savings account from 03/31/24 to 07/31/24 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 $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.
PenFed Credit Union $500 Checking & Savings Bonus (Targeted)
PenFed Credit Union is offering up to $500 bonus when you open a checking and savings account.
- What you’ll get: Up to $500 Bonus
- Account Type: Checking & Savings Account
- Availability: Nationwide (Bank Locator)
- Credit Inquiry: Soft Pull
- ChexSystems: Unknown
- Credit Card Funding: Up to $500 via AMEX CC
- Direct Deposit Requirement: Yes (see what works)
- Monthly Fee: No
- Household Limit: None
- Closing Account Fee: Not listed
(Limited time offer)
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
How To Earn Bonus
HOW TO EARN BONUSFINE PRINT
- The up to $500 offer is limited to individuals that receive the offer directly from PenFed.
- To receive the checking bonus:
- 1) Open a new PenFed Checking account, which is subject to approval; AND
- 2) Make 2 direct deposits totaling at least $1,500 into this checking account.
- You must open a new PenFed Premium Online Savings account to be eligible for the Bonus Offer.
- 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 thru the end of the promotional period to be eligible for the Bonus Offer.
- 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.
- 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.
- Offer Details: You must open a new PenFed Premium Online Savings account (See your mail piece for details) to be eligible for the Bonus Offer. During the Offer Period, make deposits of at least $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 thru the end of the promotional period (See your mail piece for details) to be eligible for the Bonus Offer. Upon meeting the Offer qualifications, you will receive the $150 bonus. Bonus will be deposited directly into the account in the form of a statement credit. Your account must stay open and be in good standing when the bonus is credited to your account. Please allow up to 60 days (from promotional close date) for the Bonus to appear in your account.
- To receive the checking bonus: 1) Open a new PenFed Checking account (See your mail piece for details), which is subject to approval; AND 2) Make 2 direct deposits totaling at least $1,500 into this checking account by end of promotional period (See your mail piece for details). Your direct deposit needs to be an electronic deposit of your paycheck, pension or government 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 the $250 bonus. Bonus will be deposited directly into the account. Your account must stay open and be in good standing when the bonus is credited to your account. Please allow up to 60 days (from promotional close date) for the Bonus to appear in your account.
PenFed Credit Union $350 Car Buying Service & Loan Bonus (Expired)
PenFed Credit Union is offering a $350 cash bonus when you buy a car with the PenFed Car Buying Service with a PenFed loan.
- What you’ll get: $350 bonus
- Account Type: PenFed Loan
- Availability: Nationwide
- Credit Inquiry: More than likely a hard pull due to it being a loan
- ChexSystems: Unknown
- Opening Deposit: N/A
- Credit Card Funding: N/A
- Direct Deposit Requirement: N/A
- Monthly Fee: N/A
- Household Limit: None
- Closing Account Fee: Not listed
(Expires 04/30/2023)
| BMO Smart Money Checking ($400 cash bonus*) | KeyBank Checking ($300 bonus) |
| Chase Private Client ($3,000 Bonus) | HSBC Premier Checking (Up to $3,000 Cash Bonus), |
How To Earn Bonus
HOW TO EARN BONUSFINE PRINT
- For a limited time, receive a $350 cash bonus when you buy a car with the PenFed Car Buying Service with a PenFed loan.
- Loan must be currently active and have at least 2 payments posted in order to qualify for the rebate.
- The $350 rebate will be deposited to the member share savings account within 60 days of receiving the second payment.
- Some benefits not available in NY or NH. Terms and conditions apply.
- Auto Deductible Reimbursement is provided by Voyager Indemnity Insurance Company, an Assurant company.
- The PenFed Car Buying Service rebate of $350 will apply to new and used purchase loan applications with a qualifying vehicle purchase sourced through the PenFed Car Buying Service.
- Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023.
- Dealer originated loans and refinance loans are not eligible for this promotion.
- Loan must be currently active and have at least 2 payments posted in order to qualify for the rebate.
- The $350 rebate will be deposited to the member share savings account within 60 days of receiving the second payment.
- PenFed may discontinue or change the promotion at any time.
- Other restrictions may apply.
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Bottom Line
Currently, PenFed Credit Union is offering a bonus promotion for qualifying accounts.
If this does not interest you, you can check out more bank bonuses that are available in multiple states for more suitable offers.
CDs and Savings Accounts are a great way to earn and save money. For more information, check out our full list of some of the best Bank Rates and CD Rates nationwide.
Additionally, leave a comment below informing us about your experience with this credit union. Your feedback is highly appreciated and makes our site even better!
*Check back for updated PenFed Credit Union promotions, bonuses, and offers.
YEs, PLEASE UPDATE! This seems to have been pulled by PenFed. Another bonus website shows it as “expired”, there is NO MENTION of a bonus on either the linked PenFed page or anywhere on their wbesite!
i got the same answer today (5/28)
Although this website lists the promotion ending 6/14/20, I called them today on 5/27/20 and they stated that this promotion is no longer valid. Skip this one and go to the next promotion.
Just funded this account with AMEX CC–500$ Max
They do have cc funding. Max 100 for sav and 500 for the checking.