Update 11/6/25: Extended to 11/28/2025
Terms say ‘Offer is only valid for new PenFed Checking account holders who received the offer directly from PenFed; other existing accounts are not eligible for this Offer.’ in the past it has shown up when logged in making you eligible but YMMV.
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements:
- Hard/soft pull: Soft pull (be sure to choose ‘no overdraft protection’ option)
- ChexSystems: Unknown
- Credit card funding: : Can fund
$100$500 with credit card for checking account and savings can be funded with $100 - Monthly fees: None
- Early account termination fee: None
- Household limit: None mentioned
- Expiration date: September 30, 2025
Contents
The Offer
- PenFed is offering a checking bonus of $300. Maintain the required minimum daily balance level (see table below) in your PenFed Checking account until January 31, 2026
- $20,000: $300 bonus
- $15,000: $225
The Fine Print
- Offer Period from 09/04/25 to 09/30/25. Offer is only valid for new PenFed Checking account holders who received the offer directly from PenFed; other existing accounts are not eligible for this Offer. This exclusive Bonus Offer is only available for the original recipient and cannot be shared or made eligible beyond the original recipient.
- Offer Details: During the Offer Period or before 11:59 p.m. EST on 09/30/25, open a PenFed Free Checking or Access America Checking account and make deposits from an external account into your PenFed Checking account to reach the balance level for the promotion. 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. During the Promotion Period (09/30/25-01/31/26), your daily balance level must stay above the threshold amount on the chart to receive the bonus. If the daily balance falls below the balance level your bonus amount will be decreased, or you may not qualify for the bonus. See table above.
- Your promotional bonus will be reported in your year-end Form 1099-INT as taxable income. To remain eligible, your checking account must stay open and be in good standing to receive the bonus. Maximum bonus received is $300 per member. Your Bonus will be credited to your checking account. Please allow up to 60 days for the Bonus to appear in your account.
- 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
Our Verdict
Hold period is 123 days. The $300 bonus works out to be 4.5% APY. Won’t be added to our best bank bonus page as that is only competitive with best savings rates.
Hat tip to reader Curmudgeon
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
