Update 4/22/24: The Swagbucks component has increased from $60 to $85. (ht Matt)
Update 4/4/24: Deal is back through 6/27/24 with code 2024APR. The checking part is the same; savings part is now $200/$15k instead of $300/$25k, updated below. This now stacks with a $60 Swagbucks bonus as well.
Offer at a glance
- Maximum bonus amount:Â $700 + $60 Swagbucks
- Availability: Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
- Direct deposit required:Â Yes
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems:Â Mixed data points
- Credit card funding:
ÂCan fund up to $3,000 with a credit cardreduced to $250 - Monthly fees:Â $6.95, avoidable
- Early account termination fee:Â None
- Household limit:Â None
- Expiration date:
September 6, 2023June 27, 2024
Contents
The Offer
- U.S. Bank is offering a $500 bonus when you open a new Smartly checking account and up to $250 when you open a savings account using promo code 2024APR. Requirements are as follows:
- Checking bonus:
- $200 Savings bonus:
- Deposit at least $15,000 in new money
- Maintain a minimum total account balance of $15,000
The Fine Print
- U.S. Bank Smartly® Checking bonus: To be eligible, you or any signer on your new Bank Smartly® Checking account cannot have an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years or received other U.S. Bank bonus offers within the past two years. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Smartly® Checking account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must enroll in the U.S. Bank Mobile App or online banking within 90 days of opening your account. You must also complete two or more direct deposits within 90 days of opening your account that total: $5,000 to $9,999.99 to earn the $300 bonus or $10,000 or more to earn the $500 bonus. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, from your employer or the government. Other electronic deposits or person-to-person payments are not considered a direct deposit. Your checking bonus interest will be credited to your new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the U.S. Bank Mobile App as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS form 1099-INT and recipient is responsible for any applicable taxes. Offer may not be combined with any other checking account bonus offers.
- Standard Savings bonus: To be eligible, you or any signer on your new Standard Savings account cannot have an existing U.S. Bank savings account or money market account, had a U.S. Bank consumer savings account or money market account in the last six months or received other U.S. Bank savings account or money market account bonus offers within the past 12 months. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Standard Savings account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must make new money deposit(s) by September 30, 2023 totaling: $25,000 to $49,999.99 to earn the $200 bonus or $50,000 or more to earn the $400 bonus. Then, through March 31, 2024, you must maintain a minimum account balance matching your initial deposit: $25,000 for the $200 bonus or $50,000 for the $400 bonus. New money is considered money that is new to the customer or new to U.S. Bank where funds are coming from outside U.S. Bank. Funds cannot be transferred from another U.S. Bank product. Your savings bonus interest will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS for 1099-INT and recipient is responsible for any applicable taxes. Standard Savings accounts are variable rate accounts. For Standard Savings, the Annual Percentage Yield (APY) is accurate as of July 12, 2023, any balance: 0.01%. Interest rates are determined at the bank’s discretion and can change at any time. Interest will be compounded daily and credited to your savings account quarterly. Fees may reduce earnings on account. Offer may not be combined with any other savings account bonus offers.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
U.S. Bank Smartly has a $6.95 monthly fee, this is waived if you do any of the following:
- Have combined monthly direct deposits totaling $1,000 or more
- Keep a minimum average account balance of $1,500 or more
- Hold an eligible U.S. Bank credit card
- Qualify for one of the four Smart Rewardsâ„¢ tiers (Primary, Plus, Premium or Pinnacle)
- Be a military member (requires self disclosure)
- Be under the age of 24 or over the age of 65
Standard savings account has a $4 monthly fee. This is waived if you do any of the following:
- Maintain a $300 minimum daily balance4
- Keep a $1,000 average monthly collected balance5
- Hold the account jointly with a youth
Early Account Termination Fee
There is no early account termination fee to worry about
Our Verdict
We have seen a $600+ checking bonus in the past. The savings bonus works out to be an APY of 1.6%, given basic savings rates are 4%+ currently this is not competitive at all making both bonuses not very good at all. We won’t add this to our best bank bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Deal History:
- Update 1/10/24: Deal is back and valid until March 12.
- Update 12/8/23: Deal is back until December 29. No targeted terms this time
- Update 11/10/23: The checking component of the deal for $300/$500 is back at this link through November 30 (ht YAR). Terms state targeted: This promo code and offer is intended only for the recipient of the mailer. It is non-transferable and can only be used once. The name on your mail piece must match what we have on file.
- Update 9/8/23: Deal is back and valid until October 31, 2023.
Dumb question here: if you already have an active account with a bank do they still pull from EWS and/or Chex when you go to open another account with them? Currently have a savings account with US Bank and worried about my number of EWS inquiries the last 12 months when trying to get this checking bonus.
Usually yes they still pull EWS or Chex when adding an account. So, you have to take that into consideration. But .. not always. US Bank only pulls Chexsystems in branch from what I’ve heard. Very few banks are EWS inquiry sensitive… PNC, Capital One. and KeyBank are though…..
Which credit cards work for waiving the checking account monthly fee: Does the US Bank Cash+ Visa card work?
Also does Fidelity brokerage work for triggering the bonus? Is there a requirement to hold funds until the bonus posts?
My last account was closed Apr 30, 2022 – so based on TOC, I’m assuming I’m good to apply? Thanks in advance.
Any personal U.S. Bank CC should work. No sure about co-branded though (think hotel/airline). ELAN cards (division of USB), almost certainly not. Yes, Cash+ CC works to waive the fee. https://www.usbank.com/customer-service/knowledge-base/KB0208665.html
Yes, Fidelity Brokerage/CMA/Bloom work for a “Direct Deposit”.
Yes, you are beyond 24 months in every sense of the calculation.
imjimmy
Thank you so much Gadget. Much appreciated. The DP is very helpful.
Do you know if there is a requirement to keep the maintain the 10k direct deposit in the account? Can part of the balance be transferred back after a successful push from Fidelity?
Yeah, you can move the money around. It’s a checking bonus and people are expected to have transactions. Just make 100% sure the deposit is shown as available before trying any withdrawals.
Thanks again Gadget. Much appreciated!
Do you have to keep it open for a certain amount of time or can I pull everything out and close the account after getting the bonus?
Swagbucks says 7500 points now
I opened business checking and then used it as established relationship to open regular checking account. Do you think I can get both bonuses if I do the requirements? One does not cancel the other?
Business and personal bonuses are separate beasts. Enjoy.
I only opened the checking account.
2/14/24 – Opened
2/23 $1489 Work DD
3/8 – $3625 Work DD
3/22 – $3575 Work DD
4/5 – $1350 Work DD
5/7 – $500 bonus received
Keeping this one open with $1.5k parked there to avoid fees.
Do you have to keep it open for a certain amount of time or can I pull everything out and close the account after getting the bonus?
There is no ETF/fee for closing. Do as you please. I usually keep an account for at least an additional month to keep up appearances, but you do you.
Daniel
3/11 opend
The dd for $10,001
No bunus
I just checked with the US bank and they said I am not qualify for the promo because I have closed the us bank account(with no promotion) May 2023. They said To qualify for any of our bonus offers, you can’t already have had an account in the last 24 months.
I’m just gonna close this account.
strange. terms posted above say 12 months
The terms posted above are from last summer and are not current.
4/16 open
5/6 maintenance fee charged/ waived
5/6 Fidelity brokerage 5k+
5/7 Fidelity brokerage 5k+
5/21 still waiting
4/5 – Opened
4/8 – $2500+ transfer from SOFI (long transfer)
4/8 – $2500+ transfer from SOFI (long transfer)
4/10 – Withdrew all but $1500 to sofi initiated from U.S. Bank
5/6 – Maintenance fee waived
no bonus yet?
5/8 – Pushed $5k+ from Chase (long transfer)
5/13 – Withdrew all but $1500
There’s some weird data points about some not making the bonus yet with similar posts?
I wonder if something is going on?
It’s not weird, they wait 90 days to give you time to meet the $10K level. People who get the bonus the month following their initial DDs made the $10K threshold in that month. You reached $10K in May, so you should get the bonus in June assuming your push transfers are counted as DDs.
Any idea why this didn’t work?
4/8 – $2500+ transfer initiated from sofi (slow) (posted date is 4/8)
4/8 – $2500+ transfer initiated from sofi (slow) (posted date is 4/8)
4/10 – Withdrew $3800
5/6 maintenance fee waived
5/8 – $5k+ transferred over from Chase (Slow) in three different transactions
5/13 – withdrew all but 1500 over two transfers back out
no bonus as of now?
I wonder if sofi didn’t work?
Also, if I hit the 5k bonus and the bonus hits, and then i transfer over another 5k within 90 days, will it just give me another bonus with the difference?
See my above comment. If you’d have received the bonus in May, you’d have only gotten $300.
any update on the bonus? What do you mean by Sofi or Chase slow transfer? What do you mean by long transfer? I’m just new to these terms
That bonus should post early June, whenever the next batch is sent out. Chase, maybe SoFi, offer instant or real-time transfers. Those faster transfers typically do not work for “direct deposit” bonuses. Always chose the slowest option.
NMBBFun