Posted by William Charles on March 9, 2019
Bank Account Bonuses

Published on March 9th, 2019 | by William Charles

614

[Expired] U.S. Bank $300 Online Checking Bonus

Deal has expired, view more checking bonuses by clicking here.

Update 3/9/19: Bonus has started posting for people that signed up when it was first launched (January 30th, 2019). This is a great deal and I recommend signing up if you haven’t already.

Offer at a glance

The Offer

Direct link to offer

  • U.S. Bank is offering a bonus of $300 when you open a new Platinum Checking Package by march 18th and complete the following requirements:
    • Use promo code WEB2019 (to open the account scroll down to ‘How To Earn Your Bonus’)
    • Receive recurring direct deposits of two or more that total $2,000 or more within 60 days of account opening

The Fine Print

  • To earn the $300 bonus offer, you must open a new U.S. Bank consumer Platinum Checking Package between and including January 21 and March 18, 2019.
  • Additionally, you must complete recurring direct deposits of two or more that total $2,000 or more within 60 days of account opening.
  • The checking account bonus will be deposited into your new checking account within 60 days of direct deposit verification, 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 six months, or received other U.S. Bank bonus offers within the past 12 months (limit 1 bonus per customer).
  • Offer is not applicable to accounts opened at a branch or through 24 Hour Banking. Current U.S. Bank employees are not eligible.
  • Other restrictions may apply.
  • All regular account-opening procedures apply.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees $24.95

The Platinum checking account package has a $24.95 monthly fee. This is waived with :

  • $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments OR
  • A personal trust relationship with U.S. Bank Wealth Management
  • U.S. military, both former and active, can get the platinum checking without the monthly fee

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

U.S. Bank often offers a $200 in branch offer (grocery store branches), that offer doesn’t require a direct deposit and is much easier to keep fee free. In previous years they have also offered a $200 online bonus as well, that did require a direct deposit but it was easier to keep fee free.

This $300 is a good bonus, the problem is keeping the account fee free. You need $25,000 in combined deposits to avoid the monthly fee, not sure what the best account would be to keep that deposit in unfortunately. For me that sort of balance requirement more or less kills the deal, I guess if you don’t live in an area that does the easier $200 branch offer then this $300 bonus might be worth considering though. The other alternative is to just eat the monthly fee until the bonus posts, but keep in mind you’ll need to pay taxes on the full $300 bonus.

One thing to keep in mind is that it says the bonus will post within 60 days of direct deposit verification. It also looks like the monthly fee is waived for the first month or two. This might mean it’s possible to get the bonus without paying any monthly fees (or minimal monthly fees), making this deal significantly better. Because of that I will be adding it to our best bank bonus page.

Hat tip to reader VictorG

Useful posts regarding bank bonuses:



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Dave
Dave

So it’s basically a $250 bonus after, say, 2 monthly fees.

MZ
MZ

300 is taxable, fee isn’t

Burton
Burton

Yeah – I view it as long as you don’t get hit with more than 2-3 monthly fees it is the equivalent of a $200 bonus. Best case scenario they waive the fees for the first month or two and you are only hit with 0-1 monthly fees.

James B.

A US Bank rep told me today that the $24.95 fee is waived in first 3 statement cycles.

GMoney
GMoney

No – see above – 24.95 waives at least the first 3

Leapfrogger
Leapfrogger

I got excited until I read about the minimum balance required to keep the account fee free.

LC
LC

Can fund $25-50 with credit card. Shows Visa, Mastercard, Discover and Amex.

LC
LC

also got pre-approved for two credit cards at approval w/ $15k credit card limit. going with Bank Cash + since im at the bottom of barrel cards.

so approved for checking and credit card same time. New version of double dip.. also, im at probably 20 checking accounts in last 12 months.

cowsareverywhere
cowsareverywhere

Was the pre-approval opening online? How do you check it after opening the account?

Samantha
Samantha

it was the last step after checking account was approved. asked if i wanted to add a CC. listed 2 options, only one with a bonus was Cash + card

Alex
Alex

Same results/data point as LC

kevin
kevin

same data point as lc on cc funding. funded $50 w/ amex

Brad
Brad

It be interesting to see how fast a bonus posts. Anyone have any experience?

James
James

I just posted this above but for me it took only 3 days after meeting the requirements for a different promo at US Bank. It was earlier this month.

Kimillionaire
Kimillionaire

My DPs:
2016 – bonus posted 35 days after meeting requirements
2017 – 25 days
2018 – 21 days

Pauline the Bean
Pauline the Bean

I received my bonus seven days after meeting the requirement.

wilsonhammer
wilsonhammer

What did you use for DD? Real or transfer?

Pauline the Bean
Pauline the Bean

@wilsonhammer I used a transfer from Alliant and Chase.

LC
LC

they may waive the fee for first couple cycles. may be worth this, i got approved for checking and credit card same time guys.

FLY
FLY

so looking at other DPs with the bonus posting from prior offers. The bonus posts fairly quick so you should be able to ideally get the $300 without any fees. Probably being charged at least 1 $25 fee. Worst case scenario 2. so essentially a $250 bonus.

Brian
Brian

$50-75 in fees, $60 or so in taxes. Might pass on this one, although I haven’t seen a checking bonus in a while… churning continues to get tougher and US Bank hasn’t done a full-blown nation wide bonus since 2016. I’m torn. Is it worth the $150?

cowsareverywhere
cowsareverywhere

Can you downgrade to the fee free account after getting the bonus?

FLY
FLY

just close

LC
LC

generally yes

Mke
Mke

Yes, their Gold Package is fee free as long as you have as much as any open credit account with the bank, balance or not. Otherwise the Easy Checking has a $6.95 monthly fee without DD.

Burton
Burton

Thanks Mke – this might actually make sense for us with that in mind. Get the $300 bonus and free checks, switch to gold to avoid recurring monthly fees, and come out well ahead even if we have to pay a month or two of fees. We don’t plan on churning it anyway.

MJG
MJG

Just applied, gave the option to fund up to $50 with CC (including Amex). Anyone remember if you get a grace period with no monthly fee charged in the first couple of months?

Mike
Mike

Their Elite Savings account has a 1.75% introductory Apr. It’s not too bad if you can park $25000 in the Savings account for a couple months to avoid the fee.

Chris B
Chris B

Might be worth it. Compared to 2.50% rates, the difference on 25,000 would be $15.45 per month.

Brian
Brian

So is this 2 $1,000+ deposits or 2 $2,000+ deposits?

LC
LC

im thinking the first, but also was curious.

Randy
Randy

Does having a mortgage count as credit balances with them make the account free?

Mike
Mike

Yep

Shawn
Shawn
Randy C
Randy C

Awesome thank you!

Alex
Alex

It said two deposits totaling $2000, I believe. So it sounds like you could have any combination of two deposits totaling $2000 (i.e. a $1 DD and a $1999 DD).

Brian
Brian

That’s what it sounds like to me, too. Looks like the ACH push works from a couple of banks I have accounts with, too.

Stan
Stan

good grief, what a ridiculous minimum balance requirement to avoid fees

LC
LC

at least no early termination fee… makes this worth doing IMO

Jack
Jack

Stan, they automatically waived the fee for me for the first two months w/o meeting the balance requirements.

Gadget
Gadget

FYI, U.S. military, both former and active, can get the platinum checking without the monthly fee.

https://www.usbank.com/military/military-checking.aspx

Reminder: Don’t forget to add the promo code if you got through the military link. “WEB2019”

Another thing with US Bank, always make sure you have enough to cover the monthly fee, because they take the fee out first, then refund it if you qualify, but the fee can cause you to go NSF. They started to charge the fee in 2016 to me when I signed up via the non-military link, I think on the 3rd month, and I had to go into a branch to get it fixed. Luckily I was on a trip in a state with branches. Once I got the military status noted properly, it was no longer the case.

William Charles I am going to wait a few days before jumping on this, as I see there is a discrepancy on the promo code. When you click the DoC link, it shows WEB2019, but when you go to open the account, it says in the URL WEB2018. That’s a little concerning. Probably a bank screw up and they didn’t update the page properly.

LC
LC

yeah i had the issue with WEB2018 vs WEB2019… secure msg’d them to let them know and to see what they say on this. want to make sure the offer is attached to my account.

Cinnabar
Cinnabar

Where do we add the promo code when going through the military link? I didn’t see anywhere obvious, but maybe I didn’t go far enough along in the process. I was hesitant to end up applying without making sure the code was attached.

Gadget
Gadget

On the 1st page of the application… says Hello, and “New to U.S. Bank?”, or “Already bank online with us?” login. Below that there is a link “I’d like to enter a promo code”.

However, until we get confirmation of WEB2018 Vs WEB2019, I would hold off.

Cinnabar
Cinnabar

Thanks! I went ahead with the app anyway and then sent a SM to make sure the promo code is attached to the account. I’ll report back with any further info.

Gadget
Gadget

Ok. Good luck. Prior US Bank relationship? State w branches?

Cinnabar
Cinnabar

No prior relationship. There are branches in my state, but none near me.

Shirley
Shirley

Say Gadget, do you think it is better to apply through the military link and affix the promo code or apply through the promo link on this page and then have them add the military status after the account is setup (I have a branch not far from me so going in to a branch is not a problem).

Just wondering if chances of a successful application is improved doing it one way or the other or would it really matter.

Gadget
Gadget

Honestly, probably better to apply the same way everyone else does, get enrolled in the promo, then go to branch to get military status. I don’t think military status will help with approval, but applying different from everyone else might screw up the promo. If you hold an military ID or dd214, they will grant you mil status in branch.

Approval for an account was not difficult for myself or SO in the past. Good luck!

Shirley
Shirley

Thanks for the response. Applied through the link above and was approved with account number and promo code WEB2019 showing on the confirmation page.

Going into branch this week to get military status attached to my account once they figure out my online access problem, not recognizing me from my old profile.

Gadget
Gadget

I actually decided to use the military link and manually enter the code a few days ago. So far, so good. Final page of app said the correct code, but e-mailed them anyway to confirm the code was attached. Response in 2 days said it was successfully attached, and told me where to look for the promo terms.

Military status showed right away from within online banking. Not a big surprise since I have had a checking account with them before, but I was wondering if they were going to ask for an ID picture or DD214. Went smooth!

Jason_08
Jason_08

“Another thing with US Bank, always make sure you have enough to cover the monthly fee, because they take the fee out first, then refund it if you qualify, but the fee can cause you to go NSF.”

This is not true. I specifically asked about this and they said it does not charge or cause you to go NSF. My account had a 0 balance, and the fee/refund went through fine without a hitch. And this was a few months ago.

Gadget
Gadget

Yeah, sort of… looking back on it, per my experience, for the first 3 months they waived the fee (in 2016). It would not cause you to go NSF, as long as they continue to waive it that same day. But, what happens if they don’t waive/refund it? Now you are calling to get the fee waived, and get the NSF refunded. You do you, but it’s never a good idea to zero an account you are trying to get a bonus on.

Jason_08
Jason_08

except, I had it for 7 months with no NSF fee and as I said before, I specifically asked them about it and they said the charge/refund does not cause a NSF fee at all. So there is no calling in getting it refunded. As long as you fulfilled the terms to keep the account free, you were fine

Gadget
Gadget

Sure… If everything works like it’s supposed to, you will never have to call. You win. Because things always work as they should…

Brian
Brian

Declined… LOL/24

Bob
Bob

Any DPs on whether the monthly fee is waived at all initially, usually with higher fee accounts they give a grace period of 2 months or so.

Proctologist of Credit
Proctologist of Credit

My first 2 months were waived so far.

Chad Lei
Chad Lei

did you just ask them to waive it? or you gave some excuse

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