Update 1/13/24: Reports are this no longer works
You can open a self-directed US Bank investment account to make yourself eligible for their checking bonuses and credit cards.
For those outside of the US Bank footprint, the bank allows us to apply online for their lower tier credit cards, but does not approve us via online application to apply for their checking account and their Altitude Reserve card.
Typically, the workaround is to apply for a lower tier card, and that gets you into their system as a customer, and you can subsequently get the checking account or Altitude. That does require using up a 5/24 spot on a card you don’t necessarily want.
Reddit user sherpderp1 gives a tip to help get in their system. US Bank offers a self-directed brokerage account which can be opened by anyone nationwide. Once the bank sees you as a customer, they’ll allow you to open their checking account and credit cards.
Note: this method does not seem to be working for everyone. YMMV.
This $300 checking bonus will be interesting to some. The Altitude Reserve signup bonus will interest some people as well. You should be able to apply for the checking bonus soon after opening the brokerage (worth waiting 24 hours to allow the system to update); to apply for the Altitude Reserve requires being a customer for 5 business days.
Note: the brokerage account gets hit with a $40 fee at year’s end if there were no trades on the account; set yourself a reminder to cancel that before year’s end or try to create some activity there. See also this comment and this comment.
Opening a personal checking account while having a business credit card might not work, according to this post:
https://ficoforums.myfico.com/t5/Personal-Finance/US-Bank-Checking-Bonus/m-p/6743781#M259875
I live in FL. Managed to open the altitude connect card and subsequently open the checking account on the same day. Now, can I add P2 as an authorized user to the card and apply checking account for P2?
I live in FL, just opened a Altitude® Connect Visa Signature credit card. How long should I wait to apply for the checking account ?
I applied for the checking account and approved on the same day.
Could a loophole work to open a US Bank business card, then would be able to open personal or business checking account without burning 5/24 slot?
Chuck My post on the other US Bank thread went to moderation/spam jail. This post needs to be updated, as the brokerage route loophole has been closed. Several DPs said so too.
Self-directed investing is currently only available to existing clients of U.S. Bancorp Investments and its affiliate U.S. Bank.
It would be helpful to also add this note to the “Availability: Nationwide…” statement for the most recent US Bank thread.
Added a note
Called from Texas to setup a Self-directed investing account and was told that I would need a relationship with the bank.😢
so doors closed for OOS states.
Does GSA Smartpay count for relationship outside of footprint?
do they ask too many Questions via phone for self directed trading account?
not able to open self directed online.any tips?
It seems this strategy (Open U.S. Bank Investment Account To Be Eligible For Checking Bonus) doesn’t work any more?