PenFed Credit Union is offering a bonus of up to $500 when you open a new PenFed Premium Online Savings account and fund it with $10,000 or more. Details below!
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PenFed Premium Online Savings Bonus Offer
PenFed has launched a promotion that is targeted for savers. For a limited time, open a new PenFed Premium Online Savings account and earn $100 for every $10,000 deposited, up to $50,000.
| Deposit | Bonus |
| $10,000+ | $100 |
| $20,000+ | $200 |
| $30,000+ | $300 |
| $40,000+ | $400 |
| $50,000+ | $500 |
Availability: Nationwide
Expiration: 8/15/2024
Household Limit: None
Direct Deposit Required: No
Soft/Hard Pull: Soft
Early Account Termination Fee: None
Ninja Note: The offer terms state that “this exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.” However, the offer is also appearing in Google searches so it appears to be available to the public. We reached out to a PenFed banker and he was confident the offer was open to everyone.
Offer Terms & Conditions
- You must open a new PenFed Premium Online Savings account between 07/15/24 to 08/15/24 to be eligible for the Bonus Offer.
- During the Offer Period or before 11:59 p.m. EST on 08/15/24, 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 08/15/24 to 01/02/25 to be eligible for the Bonus Offer.
- Upon meeting the Offer qualifications, you will receive $100 bonus for every $10,000 deposited into your account.
- Maximum bonus received is $500 per member.
- Your promotional bonus will be reported in your year-end Form 1099-INT as taxable income.
- Bonus will be deposited to your account. Your account must stay open and be in good standing to receive the bonus. Please allow up to 60 days for the Bonus to appear in your account.
- This exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.
Avoiding Account Fees
There are no monthly fees to worry about with the PenFed Premium Online Savings account.
The Bottom Line
This offer translates to an additional 1% bonus on your savings. The PenFed Premium Online Savings account currently provides a 3.00% APY, so you’ll earn a little over 4.00% APY. It’s more than 4.00% because the 1% bonus is deposited into your account within 5-6 months compared to the base 3% interest that’s calculated over an entire year.
Overall, I think this is a decent deal. However, if you’re not tied to PenFed Credit Union, you can save your money at one of the top savings accounts and earn about 1% more than what you can get here.
