Deal has ended, view more bank account bonuses by clicking here.
Update 7/24/20: This offer is actually available in branch.
Offer at a glance
- Maximum bonus amount: $800
- Availability: Must live in U.S. Bank’s footprint (see also this post) and open in branch
- Direct deposit required: Yes, two deposits totaling $4,000 or more
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Mixed data points
- Credit card funding: Can fund up to $50 with a credit card
- Monthly fees: $24.95
- Early account termination fee: None
- Household limit: One
- Expiration date: August 31st, 2020
Contents
The Offer
No direct link to offer
- U.S. Bank is offering a bonus of $800 when you open a new Platinum Checking Package and Platinum Select Money Market savings account and complete the following activities:
- $400 bonus when you open a new Platinum Checking Account and make two or more direct deposits that total $4,000 or more and enroll in eStatements within 60 days of account opening
- $400 bonus when you open a new Platinum Select Money Market savings account and have $25,000 or more in deposit(s) by August 31st, 2020 and maintain a minimum total account balance of $25,00 or more through November 30th, 2020
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $24.95 monthly fee.
- With $25,000 in combined personal deposits, credit balances12 with U.S. Bank and/or investments* through U.S. Bancorp Investments
- A personal trust relationship with U.S. Bank Wealth Management
Savings account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee to worry about
Our Verdict
Public bonus is $300 for checking & $50 for savings. This is an extra $450 but obviously requires a lot more money to keep fee free and trigger the bonus. The requirements for the savings bonus are enough to keep the checking account fee free, so it’s basically $25,000+ deposited for a $800 bonus (plus obviously the direct deposit). Worth doing if you have the money spare and are targeted. We will add this to our list of the best checking & savings bonuses.
Hat tip to readers German & Derick H
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
Has anyone closed his or her account yet? Do they claw back the bonus or charge a fee? I didn’t see anything about it in the bonus terms but I just want to be sure.
Did you pull the trigger on closing yet? I just pulled most of my money out but that hasn’t posted yet. I will have a little left in checking that I’m going to pay off a US Bank credit card and then will cancel before the “fee” tries to post around the 11th. Did a quick google search and not sure if it has to be by phone. Would be nice if we could chat or message them about it. Any idea?
Got the 400 for savings just now.
Anyone receive the savings account bonus ($400) yet?
Still waiting on mine. Already received checking bonus.
Got the checking and waiting for Savings too here
Same here. Waiting for the savings, already got the checking.
Reporting back, $400 bonus just arrived. An easy $800! (2x$400)
Still haven’t received my $400 for the Money Market yet.
I did get mine on 12/9/20. The initial $25k deposit posted 8/25/20.
8/13/2020 checking account opened
8/21/2020 $2000 electronic deposit Discover Bank
8/27/2020 $2000 electronic deposit Elements Financial
8/28/2020 $2000 electronic deposit Discover Bank
9/03/2020 $2000 electronic deposit Elements Financial
9/10/2020 $400 bonus posted as “adjusted interest”
8/12/2020 Checking Account Opened
8/17/2020 $2000 Cash out from Cash App
8/19/2020 $2000 Cash out from Cash App
9/10/2020 $400 Bonus Posted as Adjusted Interest
Is this still available in September? Do I need a flyer or can I just head to the branch? Thanks
Date of deposit for savings accounts was 09/08/2020 (extended from 08/31/2020) on the flyer I received. This is in Mountain View.
https://www.doctorofcredit.com/targeted-u-s-bank-400-checking-bonus-400-savings-bonus/#comment-1022257
According to this comment a banker said an existing US Bank customer is eligible as long as they were upgrading. I just came back from the local branch and was told otherwise. Curious if there are any existing customers here who took advantage of the offer? These contradictory anecdotes make this offer sketch for anyone who already had an account.
Does anyone know if the deposit has to actually “post” by August 31st to actually qualify? I just deposited a check to the savings account and was told that it wouldn’t clear for 7 business days which would end up being after the August 31st deadline. I was told by the teller that it would be fine, but I don’t know if I believe her.
Might be worth getting it in writing from the teller, that way if you have any issues you have something to fall back on.
teller (daly city branch) told me it counted when you deposit the check, not the date the check is cleared. but nevermind since the promotion of daly city offered is extended to 9/8/2020.
Just an update and a DP. The teller was correct and the check posted on the same day (and actually cleared in like 2 days anyways).
Also, Amex Savings works for direct deposit.
Deposited on 8/19 and 8/20 (“Electronic Deposit American Express” on the US Bank website, and when looking at the US Bank mobile app it actually says “Direct Deposit American Express”) and got the $400 on 9/10.
I received this target mailer. I was wondering if I could just open this account online and enter the promo code printed on the letter.
I asked my banker and was told in branch only