Update 4/24/23; Extended until June 30, 2023. There is a $750 bonus that we will post about shortly.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
- Direct deposit required:Â None
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Mixed data points
- Credit card funding:Â Can fund up to $3,000 with a credit card
- Monthly fees:Â None with paperless statements
- Early account termination fee:Â None
- Household limit:Â None
- Expiration date: March 31, 2023
Contents
The Offer
- U.S. Bank is offering a bonus of $500 when you open a new Silver, Gold or Platinum Business Checking account and complete the following requirements:
- Use promo code Q1AFL23
- Deposit $3,000 within 30 days of account opening and maintain that for at least 60 days
- Enroll In the U.S. Bank Mobile App or U.S. Bank Online Banking within 60 days of account opening.
The Fine Print
- New Customers: Promo code Q1BUS23 MUST be used when opening the business checking account.
- Limit of one business checking bonus per business.
- A $100 minimum deposit is required to open a U.S. Bank Silver, Gold, Gold with Interest or Platinum Business Checking account.
- Earn your $500 business checking bonus by opening a new U.S. Bank Silver Business Checking, Gold Business Checking, Gold Business Checking with Interest or Platinum Business Checking account between 1/31/2023 and 3/31/2023.
- You must make new money deposit(s) of at least $3,000 (Direct, Mobile Check Deposit, ACH or Wires) and then maintain a balance of at least $3,000 through 60 days after account opening.
- The new money deposit cannot be funds held by U.S. Bank or its affiliates.
- An individual signer on the new checking account must be enrolled in U.S. Bank online banking or the U.S. Bank Mobile App using their business profile within 60 days of account opening.
- The business checking bonus will be deposited into your new U.S. Bank Business Checking account within 45 days of deposit verification, as long as the account is open and has a positive balance.
- Offer may not be combined with any other business checking account bonus offers.
- Offer is not valid if you or any signer on the new business checking account have an existing U.S. Bank Business Checking account or had a U.S. Bank Business Checking account in the last 24 months.
- For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information document. This document 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
Silver account has no monthly fees to worry about as long as you opt in for paperless statements.
Early Account Termination Fee
There is no early account termination fee to worry about
Our Verdict
There is a similar offer for $400 which is available through 12/31/23. This new offer for $500 is around through March 31st and has slightly easier qualifications. You can also get a separate Payment Solutions $600 bonus which we’ve posted about separately.
This is the best business checking offer we’ve seen from U.S. Bank and has fairly easy qualifications. We’ll add this to our list of the best bank account bonuses.
Hat tip to reader jkhuangg
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
Post history:
- Update 4/17/23: Deal is back through 4/23. Hat tip to gargantuo
Data Point:
US Bank sent me two unsolicited “goodwill” checks for the amount of the bonus for P1 and P2.
I had made the mistake of only depositing the $3,000 in each account. The monthly fee hit and took the balances below the minimum to qualify for the bonus. I waited the 60+ days after account opening just incase. I then emptied and closed both accounts. I never mentioned the bonus to anyone at the bank after submitting the application.
P1
8/29/2023 – opened with a $100 deposit
9/20/2023 – transferred $5001 from Chase
11/8/2023 – Adjusted Interest $500 (bonus)
I was charged $6 for not enrolling in paperless. Called them and they said they’ll waive it.
P2
8/27/2023 – opened with a $100 deposit
9/22/2023 – transferred $5001 from Chase
11/8/2023 – Adjusted Interest $500 (bonus)
DPs (P1 and P2):
8/5/23 – opened each account with $100 ACH
8/11/23 – additional $5k deposit (ACH) posted to each account
11/8/23 – received bonus of $500 to each account
DPs (P1 and P2):
8/5/23 – opened each account with $100 ACH
8/11/23 – additional $5k deposit (ACH) posted to each account
11/8/23 – received bonus of $500 to each account
DP:
7/24/23 – opened account for $2900 with Chase Ink cash
7/27/23 – funded account for remainder of amount (transfer from BOA)
10/11/23 received bonus of $500.00
Did anyone who used promo code 2Hbonus get their sign up bonus yet?
07/07 opened account with 2.5k
07/14 transferred 2.5k from Ally
10/11 bonus posted
@Charles Downing For this deal should have used zelle to transfer funds rather than wire transfer.
Opened account 6/22/23. Could not fully fund the account until weeks later when my first statement arrived, which listed the account number. To fund it in time to qualify for the new account promo bonus, I transferred $1500 via EFT and wired $3500 from another domestic bank account, around 7/20/23. The wired funds were sent by another domestic bank account which is also owned by me, and lists the same physical address as my new USB account. I received mailed receipts from the sending bank and from US Bank confirming receipt of the wired funds.
US Bank closed my checking account for “suspicious activity violating the terms of service.” After many hours of phone calls with unhelpful reps I eventually learned that the wire transfer caused them to close my account. When my account was closed, after a lengthy “investigation,” I only received $1500 back (on 9/13/23); the $3500 I had wired was transferred internally to another account. After many more follow-up emails and phone calls, I learned that because I had opened my account online, and my account had been investigated, no branch manager was responsible for dispersing those funds. Eventually a helpful business checking rep connected me with a manager in the midwest who cut me a check and sent it to me on 9/29/23, over two months after I wired the funds.
I am now filing a formal complaint with the Consumer Financial Protection Bureau (https://www.consumerfinance.gov). My experience with US Bank was terrible from start to finish. I would advise steering clear of this bank entirely, despite their lucrative new account bonuses. If you have any issues at all, it will take inordinate time and effort to resolve it.
Does any individual have a screenshot of the Q2AFL23 offer?