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[YMMV] PenFed $300 Checking Bonus

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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. 

The Offer

Direct link to 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:

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William Charles

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