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Penn Community Bank

Established Member

Penn Community Bank

This may have limited interest/utility to MF members. Though it might have some value as I don't think anyone else has posted about this FI on the forum.


Penn Community has approximately 20 branches only in PA along a corridor from just outside Philadelphia to roughly around Allentown. 


They currently offer up to a $300 bonus for signing up for a checking and savings account: $200 for making either 20 debit purchases, or $500 DD in the checking account within 60 days. $100 for opening a savings account and maintaining at least the minimum balance for 60 days.


Odd thing: Though they do indeed offer this bonus, it almost seems like they would prefer to keep it hush hush. I found only one explicit mention of it online. It's NOT on the bank website as far as I can see.


I applied in one of their branches. The representative did note 6 inquiries (I've actually opened 8 accounts since August) on Chex systems. Though it seemed to have zero effect on the application process.


I qualified for the Old Fogey (not its actual name) checking account: no fee, no minimum balance, and a smidgen (.025) of interest. 


Their basic savings account offers two smidgens of interest. They also have a "Common Cents" savings account with .15% (six smidgens) interest, whereby they round up the change on debit purchases and deposit the change directly into savings. 


Odd thing: You can get the higher rate for the Common Cents account even if you never use the debit card. Yet, per the representative, many customers will opt for the basic savings over the Common Cents. I don't know. Maybe they consider debit cards the devil? 


Admittedly, the interest rates don't have much of a practical effect. Parking $2000 for a year in Common Cents will net you a whole $2 more interest than the same amount in their basic savings. I chose Common Cents anyway. An extra theoretical $2 would (almost) cover a muffin from Dunkin' Donuts! 


Looking at their underwhelming deposit products and the non-promotion of their own bonus (not even a sign in the bank), it somewhat makes sense to me they have an A+ health rating on the deposit accounts website.


However, Elan does handle their credit cards. This makes my second FI account associated with Elan. So, theoretically, I could eventually get two MCP cards with different accounts already in place to deposit the 5% cash back. 


TL;DR: I opened checking/savings at an obscure bank to qualify for their even more obscure $300 bonus. Apparently not Chex inquiry sensitive (YEMV), but apparently shy with marketing. 




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