[Expired] U.S Bank $150 Checking Bonus + Entry For $100,000 In Cash/Tesla Model S

[Expired: This deal has now expired. You can view all checking bonuses that are open nationwide by clicking here.]

Offer at a glance

• Maximum bonus amount: $150 + chance to win $100,000
• Availability: Nationwide
• Direct deposit required: Optional
• Additional requirements: Three bill pays
• Hard/soft pull: Soft, chex systems inquiry will be done
• Credit card funding: Yes, up to $500 
• Monthly fees: $6.95-$8.98, waiveable 
• Early account termination fee: Possibly $25 if closed within 6 months
• Expiration date: September 12th, 2014

The Offer

Direct link to offer

• Open a new U.S bank checking account with promo code “150POWR” and receive $150 when you complete one of the following:
  • Receive direct deposits totaling $500 or more
  • Complete 3 or more online bill pay transactions
• You’ll also automatically be entered into the draw to win a Tesla Model S or $100,000 in cash

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
• Offer valid between July 14th and September 12th, 2014
• Direct deposit/bill pay requirements must be completed by October 31st, 2014
• Cash deposit will be added within 60 days of completing the requirements
• Offer only available if you haven’t received a checking account cash bonus in 2014 from U.S bank
• New customers only
• Winner of the sweepstake gets to choose between the Model S & cash

Avoiding Fees

U.S bank has five checking products which qualify for this promotion:

• Easy Checking Account
• Silver Checking Account
• Gold Checking Account
• Premium Checking account
• Platinum Checking account

The student checking account does not qualify. Your best bet is to open the easy/silver checking account, these has a monthly fee of $8.95 ($6.95 if you enroll in paper statements) this is waived if you complete any of the following:

• Have combined direct deposits totaling $1,000 or more or
• Maintain an average monthly balance of $1,500

I couldn’t find any early account termination fee in their fee disclosure, but in the past they have charged $25 if you cancel your account within six months.

Our Verdict

This is exactly what I look for in the best checking promotions, a sign up bonus higher than $100 and easy to meet requirements. I plan to complete this offer, here is how:

• Open a new checking account, using a rewards earning credit card to fund the initial deposit with $500 (+$10 in rewards, by using a credit card that earns at a high rate on all purchases)
• Add an additional $1,100 to the account. This will give me enough money in the account to keep the account fee free and will also give me $100 to pay some regular bills that need paying.
• Pay three bills. This will trigger the $150 bonus.
• Wait six months to avoid any early account termination fees
• Move money back to my regular checking account
• Close my account

In total I’ll make a profit of $160 which is a nice hunk of change. The $500 in initial credit card funding could also be useful in hitting minimum spend requirements.

During this time I’ll also be keeping my fingers and toes crossed in the hopes of winning the $100,000. If you start this bonus quickly, you might also be able to get an additional $25 by completing this promotion. You might also want to take advantage of the S.T.A.R.T program (we’ll have a dedicated post about this shortly).

This deal has been added to our list of current checking sign up promos and also to our list of how I make money in 2014.

Direct link to offer | Screenshot of offer

Hat tip to the five or six different readers who alerted me to this deal. Sorry it took so long to get this post live.