PenFed is offering a sweet $300 bonus for opening a new checking account, but there are a few hoops to jump through, so let's break it down. To snag the full $300, you need to deposit and maintain a $20,000 balance in the account until January 31, 2026. A smaller $225 bonus is available for maintaining a $15,000 balance. The offer is valid through November 28, 2025, and you have to be a new PenFed checking account holder who received the offer directly (though some users have had luck seeing it when logged in). So, why should you care? Well, free money is always tempting! However, this bonus is more geared toward those who already have a significant chunk of cash sitting around. If you have $20,000 that you're not using, earning $300 (taxable, of course) is a decent return. But if you'd have to tie up money you'd otherwise invest or use, the 4.5% APY might not be worth it compared to other investment options. Plus, keep in mind the funds need to stay put until early next year. No monthly fees is a plus, and it's a soft pull, so it won't ding your credit score.