Update 4/7/26: New round, this time for $300. More information here.
Update on 2/24/26: New connection
Update 1/17/26: New $750 Check Bonus. It’ll be 4.6% APY if you time everything perfectly, so it’s not worth considering. Hat tip to the reader Jjohn8219
Update 11/6/25: Extended until 11/28/2025
The terms state ‘Offer valid only for new PenFed Checking account holders who have received the offer directly from PenFed; Other existing accounts are not eligible for this offer.’ in the past it showed up when you signed up making you eligible, but YMMV.
Offers
- PenFed is offering a $300 check bonus. Maintain the required minimum daily balance level (see table below) in your PenFed Checking account by January 31, 2026
- $20,000: $300 bonus
- $15,000: $225
Fine Press
- Offer period from 25.04.25 to 30.09.25. The offer is only valid for new PenFed Checking account holders who have received the offer directly from PenFed; other existing accounts are not eligible for this offer. This exclusive bonus offer is available to the original recipient only and may not be shared or qualified beyond the original recipient.
- Offer Details: During the offer period or before 11:59pm EST on 09/30/25, open a Free PenFed Checking or Access America Checking account and make deposits from an external account to 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 that is not affiliated with PenFed. Funds transferred within PenFed accounts are not eligible for this offer. During the promotion period (09/30/25-01/31/26), the 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 reduced, or you may not be eligible for the bonus. See the table above.
- Your promotional bonus will be reported on your year-end Form 1099-INT as taxable income. To remain eligible, your checking account must remain open and in good standing to receive the bonus. The 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 must pay tax on them
Avoidance of fees
Monthly fees
This account has no monthly fees to worry about
Early account termination fee
There is no EATF
Our verdict
The holding period is 123 days. The $300 bonus works out to be 4.5% APY. It will not be added to us best bank bonus site since it is only competitive with the best savings rates.
Hat tip to the reader Curmudgeon
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