Current PenFed Bonus Offers and Promotions for 2025
Written by
Cynthia Bowman
Edited by
Melanie Grafil
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Pentagon Federal Credit Union specializes in banking services for military members, veterans, federal government employees and their families. You don’t have to belong to any of those groups to join PenFed, though.
Current PenFed Promotions: September 2025
PenFed is currently not offering any banking bonuses. However, their savings certificates offer very high rates to help you grow your savings.
| Account | APY | Expiration Date |
|---|---|---|
| Money Market Certificate | Up to | APY subject to change |
| IRA Certificates | Up to | APY subject to change |
| Coverdell Education Certificate | Up to | APY subject to change |
Money Market Certificates: Up to
Similar to a certificate of deposit (CD), PenFed’s Money Market certificate lets you lock in an interest rate for different term lengths. The highest interest rates come with the 12 and 15-month certificates.
- Minimum deposit: $1,000
- How to claim: You can open and fund the account online.
- When you’ll get it: The account will start earning interest as soon as it’s funded.
- Terms and conditions: If you withdraw your funds within the first 365 days, you’ll be charged 365 days’ worth of dividends. For the 15-month certificate, if you withdraw your funds after 365 days, you’ll be charged 30% of the gross amount of dividends the account would have earned.
- Promotion page: PenFed Money Market Certificate
IRA Certificates: Up to
The IRA certificate allows you to get a certain interest rate for a specific amount of time, plus you get the tax advantages of an IRA account.
- Minimum deposit: $1,000
- How to claim: You can open and fund the account online.
- When you’ll get it: The account will start earning interest as soon as it’s funded.
- Terms and conditions: Unlike most CD accounts, this one doesn’t charge a withdrawal penalty on the principal.
- Promotion page: PenFed IRA Certificate
Coverdell Education Certificate: Up to
This Coverdell certificate is designed to help you save for qualified education expenses while earning a fixed rate for the term.
- Minimum deposit: $500
- How to claim: Open a new checking account and set up direct deposit.
- When you’ll get it: Your account will start earning interest as soon as it’s funded.
- Terms and conditions: The maximum deposit amount is $2,000, and if you withdraw your money early, you’ll have to forfeit the dividends you earned.
- Promotion page: Coverdell Education Certificate
Are PenFed Promotions Worth a Switch?
Cash bonuses and rewards are a great incentive when looking for a new bank or credit union, but they’re not the only factor to consider. Your main focus should be on finding a financial institution that helps you meet your financial needs and goals.
Being a member of a credit union like PenFed comes with certain advantages, like better-than-average rates and terms for bank products and a more personalized customer experience.
If PenFed seems like a good fit, you might want to make the switch. Read GOBankingRates’ full review to learn more about their products.
PenFed Bonus FAQ
Here are the answers to some of the most frequently asked questions about PenFed bonus offers and promotions.- How long does it take to receive a new account bonus?
- Although PenFed doesn't currently a new account bonuses, you can expect most banks and credit unions like it to credit your account within 30 to 90 days after you've completed all of the requirements.
- Can existing customers qualify for these promotions?
- Bonuses are usually reserved for new customers, so if you're an existing PenFed customer, you're ineligible to receive a new account bonus.
- What happens if I close my account early?
- If you close your account immediately after receiving a bonus — somewhere between 90 days to six months — the bonus could be forfeited.
- Are there any taxes on bank bonuses?
- Yes, a bank bonus would be considered taxable income if it totals more than $10 in a calendar year. You'll receive a 1099-INT form, which is interest income, and will need to report this when you file taxes the following year.
More About PenFed Credit Union
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 2, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
This article has been updated with additional reporting since its original publication.
