Posted by William Charles on July 18, 2014
Bank Account Bonuses

Published on July 18th, 2014 | by William Charles

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[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

power up summer

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.



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David
David

I clicked on the link and it direct me to the offer but asked me to enter the promo code. What is the promo code? thanks!

somdave2005
somdave2005

Is there a cash advance fee when you use your credit card to fund the new bank account? I’m thinking of using my Barclay’s Arrival card

Mitch
Mitch

Does “new customers” mean new to Checking, or new to US Bank?

I have a credit card with them but no checking account.

David
David

When it says new customers only, does that include US Bank credit cards? Or should I apply for this checking account without using my current US Bank online profile?

Mohammad M
Mohammad M

I went through the online application but didn’t see the credit card account loading.

Mohammad M
Mohammad M

Can someone explain how credit card loading works?

David
David

what is the promotion code?

Brandon
Brandon

Another way to avoid fees if you have a US Bank credit card (Club Carlson, for example) is to open a Gold Checking account. Fees are waived for credit card holders without any minimum balance requirement. Could be a useful option for those that don’t want to tie up $1500 for 6 months.

Also, can they really charge an early closure fee if it’s not listed in the Fee Disclosure? Unless it’s disclosed somewhere else, but that’s pretty sneaky…

David
David

Thanks for the tip! I applied, no issues. I currently have a Club Carlson card, so got the Gold package, and will keep a minimal amount in the account, as mentioned above.

For those w/US Bank CCs, this is the text from the offer: “To earn the cash bonus, open a new U.S. Bank Consumer Checking Account (excluding Student Checking)…” so I believe it’s ok to already have a CC with them, and take advantage of this promotion.

I plan to use the initial deposit to pay the CC that was charged.

George
George

As per Brandon’s post above, so if I have Club Carlson US Bank credit card, then I opened Gold checking account, then the fee is waived and I don’t have to keep minimum balance in my checking account? So I can open an account, fund it with another credit card, then withdraw it from my checking account….thus make the balance zero, and just keep the checking account open with zero balance and won’t be charged any fee and would still be eligible for the $150 bonus……is this correct?

As for funding the newly opened Gold checking account with other credit card, how to do this….can you do this through online? and what do you think of using Barclay Arrival Plus or Chase Sapphire Preferred since they earn 2 points per dollar spent in everything?

George
George

William, can you please kindly reply my question above? really appreciate it in advance.

Devon
Devon

Is there any confirmation of the $150 bonus beyond the first page? I never saw it mentioned throughout the process or after approval(just completed my app).

fMD
fMD

I signed up for the account online and when trying to fund it with a CC was denied. USB won’t let me fund it over the phone via CC and they said it’ll be a cash advance if I go into a store. Any ideas on how to load the $500 via CC into the account?

Jody
Jody

What qualifies for direct deposit for U.S. Bank. Didn’t you have a list somewhere? I can’t find it atm. Thanx

Shawn
Shawn

Just finished this one, super easy. Took two weeks total to receive bonus. Verified no fee for early closure.

David
David

I opened my acct on 7/18, and helped my gf open hers on 7/25. However, she appears to have already gotten her bonus, (listed as “Adjusted Interest”). Any thoughts as to what is going on? Thanks!

I’ve already had one statement close, and she has not, yet.

Giddy for Points

I had applied for this after reading your post a while ago and got my $150! So thank you very much for sharing this. I love free money : )

JIm
JIm

Does not seem to be an early closing fee. Wondering if anyone has confirmation.

Kumar A
Kumar A

I closed my account few days after bonus, there is no closing fee.

Kumar A
Kumar A

I applied checking account a month ago. Got 150 bonus yesterday, thanks very much for sharing this.

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[…] completed a similar promotion in 2014, given that I received the bonus in 2014 it looks like I’ll be eligible to get this bonus as […]

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[…] Last year they had a $150 public checking bonus, fingers crossed they offer another public bonus soon. If I received the targeted communication, I’d definitely jump on this offer. Given that I didn’t and I received a bonus from them last year, I’m not even going to bother trying to get targeted for this offer (maybe calling in might work? 855-236-7283). […]

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[…] Bank comes out with an annual summer banking promotion. In the past, these have been $125 or $150. This time, they’re offering $150 with the added $50 credit card […]

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