Update: Looks to be targeted:
This offer is valid for the intended recipient only and is not transferable. Restrictions may apply. Promotion code may only be used once. Bonus will not be paid if promotion code is retrieved by unintended recipient or if promotion code is retrieved from a deals website
Marking this as expired.
Update 11/28/22: Deal is back and valid until Dec. 31, 2022. Hat tip to Gadget.
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
- Direct deposit required: Yes
- Additional requirements: None
- 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:
- Household limit: None
- Expiration date: November 21, 2022
Contents
The Offer
- U.S. Bank is offering a checking bonus of up to $500 when you open a Smartly Checking account. You need to complete the following requirements:
- Enroll in online banking or the U.S. Bank Mobile App.
- Complete two or more direct deposits.
- The bonus you receive depends on the total of the direct deposits:
- Earn $300 when your direct deposits total $3,000 to $5,999.
- Earn $500 when your direct deposits total $6,000 or more
- Earn $300 when your direct deposits total $3,000 to $5,999.
The Fine Print
- A minimum deposit of $25 is required to open a U.S. Bank consumer checking account. Earn a $300 or $500 bonus by opening a new U.S. Bank Smartly™ Checking account (excluding Safe Debit Account) from October 11 through and including November 21, 2022.
- The checking account must be opened in a branch/online/over the phone. Additionally, you must enroll in online banking or the U.S. Bank Mobile App within 60 days of opening your account. You must also complete two or more direct deposits within 60 days of opening your account that total: $3,000 to $5,999 to earn the $300 bonus, or $6,000 or more to earn the $500 bonus. 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 bonus will be deposited into your new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the U.S. Bank Mobile App 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 year(s), or received other U.S. Bank bonus offers within the past two year(s).
- 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 year(s), or received other U.S. Bank bonus offers within the past two year(s).
- Limit one checking bonus per person
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $6.95 monthly fee, this is waived if you do any of the following:
- Have combined monthly direct deposits totaling $1,000 or more
- Keep a minimum average account balance of $1,500 or more
- Hold an eligible U.S. Bank credit card
- Qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle)
- Be a military member (requires self disclosure)
- Be under the age of 24 or over the age of 65
Early Account Termination Fee
There is no early account termination fee to worry about
Our Verdict
This is the best variation of this bonus, sometimes we see it for $400 or even $300 and I always recommend waiting for this bigger bonus to return. Unfortunately you’re not eligible if you’ve held the account in the last two years. This is very much worth doing and we will add it to the best bank bonuses.
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
