Have You Received Penfed Premium Savings Bonus?

fred_b | Apr 4, 2024 | 172 posts since 2022

I put $50K into a new Penfed premium savings account to get a $750 bonus. My hold period ended 2/29 so Penfed has until the end of April to pay me the bonus. It looks like they aren't going to give it any earlier because I still don't have it.

Has anyone received this bonus yet? It was a $150 bonus per $10K deposit.

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Answers

Rickny | Apr 7, 2024 | 1,296 posts since 2017

When rates were low I was looking for bonuses. With rates over 5%, I'm not looking as much at bonuses. I did get a $50 bonus from Rakuten for opening a 5.4% CD with Sallie Mae on Raisin.
Just finished my taxes with my account and ready to pay a big check to IRS and more estimated taxes to boot. Price you pay for the higher rates.

mariafalter | Apr 14, 2024 | 167 posts since 2010

I’ve got the bonus on 4/4.

marcal | Apr 15, 2024 | 52 posts since 2011

Received the bonus on 4/4 also

111 | Apr 6, 2024 | 672 posts since 2019

My hold period on this one ends 4/30/24, so I can't answer your question yet. Note that you can remove most of the funds after the hold ending date, just don't close the account. According to PenFed there is no minimum balance required to avoid monthly fees.

More information here - https://www.doctorofcredit.com/penfed-up-to-750-savings-bonus/

cdqueen | Apr 7, 2024 | 78 posts since 2016

fred_b and 111 -- my understanding of this bonus is that you can move your 50K elsewhere (rate chase) while waiting for 04/30/24 bonus pay out/account credit. Question for you both: did your 50K premium online deposits incur 3% or higher interest payments monthly since account opening date in addition to the pending bonus? Thanks for response on this point.

111 | Apr 7, 2024 | 672 posts since 2019

cdqueen - Here's my understanding of their promo offer. My 4-month hold period started 12/30/23 and therefore ends 4/30/24. Until 4/30/24 I must keep the 50K at PenFed to get the bonus. If I do that, PenFed states they will pay my bonus within 2 months after 4/30/24. After 4/30/24 I can move most of the funds out of the PenFed account (for better rates, or for whatever reason), and PenFed still has to pay me the bonus. However, I cannot close that PenFed account before I get the bonus.

So far (through 4/7/24), DA.com still shows my Penfed account at 3%, and I know that as of my last PenFed monthly statement cut about 3 weeks ago it was paying 3%.

cdqueen | Apr 8, 2024 | 78 posts since 2016

Thank you 111. My dashboard has yet to reflect 3% interest payments/credit for Premium on-line Savings account balance, but perhaps a full month billing cycle will change that; compounds daily, credits monthly I believe. My holding period will end 7/31/24 and bonus anticipated to credit 9/30/24 so long as I do not close the account is also my understanding.

Ustaad | Apr 8, 2024 | 13 posts since 2013

Not yet. However, Penfed’s competitors did. It appears that Penfed is going to hold out for 60 days. Not making a good impression but at the same time it got me thinking that Penfed is controlling its interest expense. It’s okay as long as it does not make customers squirm and worry about that bonus. It’s a not a good thing when you’re in a business where trust is the currency.

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