Offer at a glance
- Maximum bonus amount: $1,000
- 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 $3,000 with a credit card
- Monthly fees: $6.95, avoidable
- Early account termination fee: None
- Household limit: None
- Expiration date: September 6, 2023
The Offer
- U.S. Bank is offering a $500 bonus when you open a new Smartly checking account and up to $400 when you open a savings account and an additional $100 bonus when you do both using promo code 2023JUL. Requirements are as follows:
- Checking bonus:
- Earn $300 when your direct deposits total $5,000 to $9,999.99.
- Earn $500 when your direct deposits total $10,000 or more
- Savings bonus:
- To earn $200: Deposit at least $25,000 in new money by September 30, 2023. Maintain a minimum total account balance of $25,000 to $49,999.99 until March 31, 2024.
- To earn $400: Deposit at least $50,000 in new money by September 30, 2023. Maintain a minimum total account balance of $50,000 or more until March 31, 2024.
- Checking bonus:
The Fine Print
- U.S. Bank Smartly® Checking bonus: To be eligible, you or any signer on your new Bank Smartly® Checking account cannot have 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. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Smartly® Checking account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must enroll in the U.S. Bank Mobile App or online banking within 90 days of opening your account. You must also complete two or more direct deposits within 90 days of opening your account that total: $5,000 to $9,999.99 to earn the $300 bonus or $10,000 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. Your checking bonus interest will be credited to 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.
- Standard Savings bonus: To be eligible, you or any signer on your new Standard Savings account cannot have an existing U.S. Bank savings account or money market account, had a U.S. Bank consumer savings account or money market account in the last six months or received other U.S. Bank savings account or money market account bonus offers within the past 12 months. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Standard Savings account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must make new money deposit(s) by September 30, 2023 totaling: $25,000 to $49,999.99 to earn the $200 bonus or $50,000 or more to earn the $400 bonus. Then, through March 31, 2024, you must maintain a minimum account balance matching your initial deposit: $25,000 for the $200 bonus or $50,000 for the $400 bonus. New money is considered money that is new to the customer or new to U.S. Bank where funds are coming from outside U.S. Bank. Funds cannot be transferred from another U.S. Bank product. Your savings bonus interest will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS for 1099-INT and recipient is responsible for any applicable taxes. Standard Savings accounts are variable rate accounts. For Standard Savings, the Annual Percentage Yield (APY) is accurate as of July 12, 2023, any balance: 0.01%. Interest rates are determined at the bank’s discretion and can change at any time. Interest will be compounded daily and credited to your savings account quarterly. Fees may reduce earnings on account. Offer may not be combined with any other savings account bonus offers.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
U.S. Bank Smartly 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
Standard savings account has a $4 monthly fee. This is waived if you do any of the following:
- Maintain a $300 minimum daily balance
- Keep a $1,000 average monthly collected balance
- Hold the account jointly with a youth
Early Account Termination Fee
There is no early account termination fee to worry about
Our Verdict
We have seen a $600+ checking bonus in the past. The savings bonus works out to be an APY of 1.6%, given basic savings rates are 4%+ currently this is not competitive at all making both bonuses not very good at all. We won’t add this to our best bank bonuses.
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William Charles
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