U.S. Bank $300 Online Checking Bonus

Update 12/16/21: Deal available again, has the new two year language as well. Better to wait for the $400 bonus to return.

Offer at a glance

Maximum bonus amount: $300
Availability: Must live in U.S. Bank’s footprint (see also this post)
Direct deposit required: Yes, two deposits totaling $4,000 or more
Additional requirements: Use promo code and online/mobile banking
Hard/soft pull: Soft
ChexSystems: Mixed data points
Credit card funding: Can fund up to $250 with a credit card
Monthly fees: $6.95 avoidable
Early account termination fee: None
Household limit: ~~One (enforced)~~ None
Expiration date: Oct. 12, 2021

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
4 Our Verdict

The Offer

Direct link to offer

U.S. Bank is offering a bonus of $300 when you open a new checking account package and complete the following requirements:
- Use promo code 21WEB09
- Receive recurring direct deposits that total $4,000 or more within 60 days of account opening
- Enrolled in e-statements within 60 days of account opening

The Fine Print

A minimum deposit of $25 is required to open a U.S. Bank consumer checking account. To earn the $300 bonus offer, you must open a new U.S. Bank consumer checking account (excluding Student Checking and Safe Debit Account) online by Oct. 12, 2021. Additionally, you must complete two or more recurring direct deposits that total $4,000 or more and be enrolled in e-statements within 60 days of account opening. 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. The checking account bonus will be deposited into your new checking account within 60 days of direct deposit verification and verification of enrollment in e-statements 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. Offer is not valid if you or any signer on the account has 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.
Limit one checking offer bonus per person. Current U.S. Bank employees are not eligible. Other restrictions apply. All standard account terms, conditions, and opening procedures apply. For a comprehensive list of account pricing, terms and policies, see the Your Deposit Account Agreement and the Consumer Pricing Information disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easy Checking

This account has a $6.95 monthly fee and is waived if you meet any of the following requiremnets:

Combined monthly direct deposits totaling $1000+ – or –
Average account balance of $1,500.- or –
Account holder(s) age 65 or greater.

Gold Checking

This account has a $14.95 monthly fee but is waived if you have a U.S. Bank credit card. Many of us have a U.S. Bank personal credit card like Altitude, Flexperks, or Cash+ which would work to keep the account fee-free. Another option is to get the Gold account and get the fee waived if you have a good credit score and join the Because You’ve Earned It program.

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

Unfortunately the terms now have the new 24 month language, previously it was 12 months between bonuses. Better to just wait for the $400 bonus to return, because of that we won’t add it to the best bank account bonus page.

Hat tip to reader Looney Tunes

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